AIM-listed PCF Bank has appointed a non-executive director with immediate effect.

Marian Martin is a chartered accountant with a background in risk management and audit. Most recently, Martin was at Virgin Money for 11 years and was chief risk officer throughout a period of significant growth and strategic development of Virgin Money and its risk function, including the listing of Virgin Money on the London Stock Exchange.

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Tim Franklin, chairman of PCF, said: “I am delighted to welcome Marian Martin to PCF Bank. Her extensive experience in financial services and deep knowledge and understanding of retail banking will be invaluable and will complement the skills we already have in our boardroom. We are pleased to have attracted Marian and greatly look forward to working with her over the months and years ahead.”

Martin said: “I am pleased to have the opportunity to join the PCF Board at a time of significant growth for the business. I look forward to working with the Board and the PCF team more widely to take PCF onto the next stage of its development as a specialist, diversified bank.”

PCF Bank’s half yearly results have shown profit before tax for the period up 57% to £3.3m.

Operating income was up 51% year-on-year to £10.1m. According to the bank, founded in 1993 and headquartered in London, adoption of IFRS 9 from October 2018 resulted in a 13.8% increase to balance sheet impairment allowances.

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On 11 March 2019 the bank raised £10.75m of new equity to support its next phase of growth. There was portfolio growth in the period of 54% to £276m.

In 2018 Code Investing and PCF Bank entered a partnership to provide vehicle and asset finance to the UK SME sector.

PCF will gain direct lending access to qualified SMEs that require hire purchase and leasing finance. The focus will be on SMEs whose investment plans meet pre-determined criteria set by PCF.