The lender said this was down to the launch of higher finance to value products in Q3 which generated more home buyer activity at the bank.
It also reported a record number of home finance originations during the year. During the year, the bank generated £267m in home finance loans, made up of £181m in buy-to-let lending and £86m in home purchase plans.
Looking ahead, Gatehouse intends to broaden its home finance offering with the development of new products in 2022.
Gatehouse also strengthened and formed relationships with intermediaries during the year, “with more active brokers registered to introduce clients to the bank”. It also continued its work with the Commercial Bank of Kuwait and Warba Bank as introducers for clients wanting to buy and finance property in the UK.
The bank’s pre-tax profit rose to £3.6m, up from £2.1m in 2020 and its income increased by 30 per cent to £28.5m.
Charles Haresnape (pictured), CEO of Gatehouse Bank, said: “In a year characterised by the ongoing challenge of the global pandemic, Gatehouse made strong progress, with the expansion of service lines translating to growth of our customer base and the achievement of a profitable return for the second year in a row.
“Product innovation was a key driver of growth in 2021 – with the introduction of our award winning Woodland Saver on the savings side of the business, as well as a series of higher finance to value products, resulting in us welcoming a record number of new Home Finance customers to the bank.”
He added: “More widely, our mission remains to work continuously to ensure that our success as a business is increasingly synonymous with what is best for society, helping to create a better future for all.”
