Niche bank Cambridge and Counties hits record lending levels after launch of classic car loans
Niche property bank Cambridge and Counties reported a profit rise and assets of more than £1bn after the successful launch of its classic car loans arm.
The business-focused bank said pre-tax profit increased 14 per cent to £27.9m last year and loans and deposit levels reached record highs.
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The bank’s new classic car finance arm exceeded expectations and has lent more than £5m since its launch in April last year.
In total lending increased from £690m to £769m as it grew its property developer and investor client base.
Deposits also rose to £901m from £798m the previous year.
The bank has lent £5.3m to help customers buy classic cars since launching its new vintage car arm in April.
The business provides loan for classic cars, vintage models, racing cars and modern classics.
It has also become the official finance partner of the Federation of British Historic Vehicle Clubs, supporting its heritage engineering apprenticeship scheme with £10,000 student bursaries.
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“Notwithstanding increased uncertainty in the UK, due to factors such as Brexit and weakening in some markets, we have delivered a 14 per cent increase in pre-tax profit,” chief executive Mike Kirsopp said.
“Our established SME product offering, and competitive rates have delivered excellent balance sheet growth,” he added.