UK challenger bank Cambridge & Counties saw its loan book grow by 126% in 2014 compared to the previous year, reaching £253 million.
The bank reported an annual pre-tax profit of £4.1m, a significant increase from the £99,000 loss witnessed in 2013.
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Cambridge & Counties, launched in 2012, provides loans to small and medium sized businesses (SMEs). It is jointly owned by the University of Cambridge’s Trinity Hall and Cambridgeshire Local Government Pension Fund.
Mike Kirsopp, chief executive at Cambridge & Counties Bank, said: "Trading conditions during 2014 continued to improve, and whilst a number of new competitors entered into the SME deposit and lending arenas, our strong proposition enabled us to exceed all of our growth targets.
"The quality of our lending business continues to meet our credit appetite, and we continue to lend against assets providing good yield and strong cash flow."
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