PCF Group Plc (LON:PCG) has its sights set on a £1bn loan book after the specialist lender posted record numbers in its latest year.
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.
In its statement, Tim Franklin, PCF's chairman, said: "We are close to our £350mln portfolio target a year ahead of plan," though he added PCF was adopting a wary stance in the current uncertain economic and political climate.
“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", he added.
Targets for a loan book of £750mln and a return on equity of 15% by 30 September 2022 remain in place, said Franklin, but ‘progress to date suggests an aspiration of a £1 billion portfolio should not be beyond our reach in the medium-term’.
The dividend for the year rises by a third to 0.4p.