The specialist lender said this demonstrated its support for property investors and UK businesses.
More than £285m of property finance was drawn down, the third consecutive year within Cambridge & Counties Bank’s core real estate finance division.
Meanwhile, asset finance drawdowns rose by 39% annually to a record £89m, strengthening its aim to become a leading provider of asset finance in the UK.
Finance for the purchase of classic, vintage and sports cars using hire purchase and finance lease products increased 41% to £72m.
Total customer loan balances were 11% up year-on-year to £1.23bn, while deposits rose 10% to £1.27m.
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Cambridge & Counties Bank reported a profit before tax of £35.8m.
Investing in growth
Donald Kerr, CEO of Cambridge & Counties Bank, said: “Over the past two years, we have invested in our relationship management teams and new technology. 2024 saw the benefits of this investment in the form of increased new business volumes. We also continued to develop our product range with more fixed rate lending and new products such as development finance.
“The UK government wants to stimulate growth; our SMEs and the UK property market are fundamental to this, and both are fully aligned with Cambridge & Counties Bank’s own strategy and products. We play an important role in supporting a broad range of businesses and entrepreneurs, which are often overlooked by larger lenders, and, as such, we have a key role to play in supporting the UK at a critical time for the economy.”
In 2024, Cambridge & Counties Bank continued to invest in its digital capabilities, offices and employees. The bank opened offices in Manchester and Reading, with a focus on asset finance. Staff numbers increased 8% to finish the year at 243.
Rich Hanrahan (pictured), CFO at Cambridge & Counties Bank, said: “In 2024, we continued to invest in our customer journeys, including in our property business, where we have optimised the nCino platform along with the launch of our digital servicing application.
“In asset finance, we streamlined processes for certain customers, significantly reducing the time taken to payout. 2025 will see us build greater flexibility into our technology stack, allowing for faster, safer deployment and more innovation.”
Patrick Newberry, chair of Cambridge & Counties Bank, said: “At the end of 2024, we successfully reached the end of one three-year planning cycle, exceeding our targets. Our next three-year plan is focused on continued growth and a sustainable and vibrant business, which will remain attractive for our people and clients.
“Important elements are further diversification and the continuation of our technology enablement programme – which is already delivering a faster and better client experience – all to ensure we remain the specialist SME bank of choice in our chosen markets.”
