"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 such items as 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’s it doing:
In October, PCF reported its loan book had grown to £338mln, up 54% from £219mln a year earlier, and well on the way to the group's £350mln target, a year ahead of plan.
The group said its new business originations rose 51% to £223mln, up from £148mln in the same period 12-month period a year ago, with 74% of those in the group's prime credit grades, up from 70% in the corresponding period of last year.
Net interest margin held up well in the year at 7.9% (2018: 8.2%), while the deposit base rose to £265mln from £191mln a year earlier.
The acquisition of Azule, completed about this time last year, has proved to be a successful one with the provider of specialist funding services to the broadcast and media industry originating £77mln of new business in the 11 months it has been part of PCF Group.
What the boss says: Scott Maybury, chief executive
"The strategy to diversify our asset classes and income streams is proving a great success and playing an important role in growing our lending portfolio,” said Scott Maybury, the chief executive officer of PCF.
“We have made excellent progress against ambitious targets and we continue to deliver strong growth despite the challenging economic and political backdrop. While there may well be some tightening of the economic cycle over the next 12 to 24 months, given the small market share we currently enjoy, we remain confident that we can continue to grow as planned whilst maintaining our prudent appetite for risk.”
- Target of £350mln on the loan book set to be passed soon
- More acquisitions similar to Azule
- Economic backdrop improves if Brexit is resolved