Cambridge & Counties reports record 2016

Cambridge & Counties reports record 2016

The bank offers loans for business owner occupiers and commercial property investment, as well as to businesses for residential property investment.

In 2016, lending rose 41% to £588m while deposits reached £685m, an increase of 45%. The bank declared a profit before tax of £18.1m, 77% higher than the £10.2m reported the previous year. It also increased the size of its team from 94 to 121.

Mike Kirsopp (pictured, left), chief executive at Cambridge & Counties Bank, said: “Despite growing competition from traditional banks and new entrants, demand for our product range and the service we offer has remained strong.

“With increasing profits providing the capital to fund our balance sheet growth and our expectation of a relatively stable interest rate environment, we are optimistic for further strong growth in 2017.”

The number of depositing customers increased from 4,000 to 6,000 last year and customer service scores for those joining the bank in 2016 were rated at over 99%. The same score was also given by customers who have been with the bank for up to five years.

Simon Moore (pictured, right), non-executive chairman, Cambridge & Counties Bank, added: “In many ways, 2016 was a tumultuous year, but our business continued to enjoy strong growth. The strength of our product line and the quality of our staff means that we can continue to offer some of the best and most customised service levels in the industry. This, coupled with plans to expand our workforce, means we remain optimistic that we can continue on our journey of strong growth.”

The bank is jointly owned by Trinity Hall, a College of the University of Cambridge, and Cambridgeshire Local Government Pension Fund.