Specialist bank PCF Group's lending portfolio hits over £300m mark

Specialist bank PCF Group has revealed its trading is in line with expectations.

For the year to September 30, 2019, new business organisations are said to be 51 per cent ahead of 2018, at £223m.

The ‘quality’ of those organisations has supposedly met management targets; 74 per cent are said to be in the group’s ‘prime credit grades’.

PCF Group’s lending portfolio has reached £338m, while it has also continued to build its presence in the retail deposit market. Its deposit base increased to £265m.

Scott Maybury, chief executive of PCF, said: “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.

“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.

“We look forward to reporting our Final Results on December 4, 2019.”

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