"The strategy to diversify our asset classes and income streams is proving a great success"
Scott Maybury, Chief executive
What it does:
It lends to consumers and small and medium-sized companies wanting to buy cars, commercial vehicles, engineering equipment, motorhomes and horse boxes.
The bank recently extended its reach to the broadcast and media industry by agreeing to buy Azule Limited for up to £5.6mln.
How it's doing
Loans outstanding rose 55% to £339mln with profits for the twelve months to September climbing by 54% to £8mln.
The bank said of its £276mln new loans during the year almost three-quarters were in its top four credit grades, which was up four percentage points on the year before.
Broadcast and media specialist Azule, acquired at the end of 2018, chipped in £54mln of new business and more than expected.
Retail deposits totalled £267mln (2018: £191mln) with over 6,250 retail deposit customers (2018: 4,500)
Dividend for the year rose by 33% to 0.4p.
What the boss says: Tim Franklin, chairman
"We are close to our £350mln portfolio target a year ahead of plan," Franklin said in December.
“Our lending portfolio is performing well, however, we acknowledge that there may well be some worsening of credit conditions over the next 12 to 24 months and we will maintain a cautious outlook."
- Target of £350mln on the loan book set to be passed soon
- PCF want loans of £750mln by 2022 and £1bn in the 'medium-term'.
- More acquisitions similar to Azule
- Economic backdrop improves if Brexit is resolved