DF Capital Bank announces first full year profit after another record performance
19 April 2023
- Bank reports £1.3m pre-tax profit just 2 years after receiving banking licence
- Loan book and new loan originations increase year-on-year by 76% and 45% respectively
- Bank is well-capitalised for further growth, aided by £175m ENABLE Guarantee in place with the British Business Bank
DF Capital Bank, the specialist commercial lending and personal savings bank, today announced that it has achieved its first full year of profitability as it publishes its annual results for the year ending 31 December 2022. The bank which provides working capital solutions to dealers and manufacturers also achieved record new loan origination, exceeding the £1bn milestone for the first time, and loan book growth of 76% year-on-year.
The bank’s commercial lending products are provided either in partnership with manufacturers on a programme basis to offer to their dealer network, or through direct relationships with dealers. During 2022, the bank increased the number of manufacturer and distributor partners to 90 (2021:79) and increased the number of active dealer facilities to almost 1,000 (2021: 805).
Throughout the year, the bank maintained a highly diversified mix of asset lending; achieving double-digit percentage growth in all of the sectors it operates in, namely; motorhome & caravan, lodges & holiday homes, specialist/prestige cars, motorcycles/all-terrain vehicles, marine, agriculture, industrial and transport.
Carl D’Ammassa, CEO, DF Capital Bank, commented: “I’m immensely proud of the whole team for delivering on our ambition to achieve full year profitability, especially given the many global economic and supply chain challenges. Reaching this milestone only two years after receiving our banking licence is remarkable and gives us the solid foundation on which to now scale the bank to deliver further profitable growth.”
D’Ammassa continues: “Scaling the bank by growing our lending remains our priority. Routes to further growth will come from increasing facility utilisation with our active dealers, bringing onboard new dealers, targeting additional manufacturer partnerships and entering new sectors.
In February 2023 the bank was also recognised as one of the UK’s ‘Best Companies’ to work for. It was named in three league tables and achieving a two-star accreditation for demonstrating outstanding levels of workplace engagement and now ranks: 14th in the UK’s top 75 mid-sized companies to work for, 15th in the North West’s top 50 companies to work for, and 5th in the Financial Services’ top 25 best companies to work for.
