This was compared to a loss of £5.8m the previous year, and the lender said the performance was due to growth in its lending and treasury asset portfolio.
The lender also saw a significant jump in lending, with the value of its book rising from £86m to £464m year-on-year. GB Bank attributed this to growing demand for specialist bridging and buy-to-let (BTL) loans, as well as confidence in its proposition and a growing distribution network.
The lender saw customer deposits increase from £1.2bn to £2.3bn, which it said would support its asset growth and maintain stable and diversified funding. Over the year, the value of its assets rose from £1.2bn to £2.6bn, a growth of more than double.
Mike Says (pictured), CEO at GB Bank, said: “Delivering our first full year of profitability while achieving such significant growth across the balance sheet is a major milestone for the bank. These results demonstrate the strength of our strategy, the scalability of our platform and the confidence our customers and shareholders place in the business. We’ve built strong momentum across lending and deposits, while maintaining discipline around capital, risk and costs.
“With these foundations in place, we are well-positioned to continue scaling the bank, growing our lending and building our deposit base.”
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
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In November, the bank announced three promotions to support its growth plans.
