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PCF Bank Interim Results

05 Jul 2018

Banking

PCF group recently released its results for the six months ended 31 March 2018. The Board is pleased to report that trading is strong, results are in line with market expectations and the strategy for the business is on track.

What the Company are saying:

“Profit before tax for the six months ended 31 March 2018 was up 20% to £2.1 million (2017: £1.7 million). Our strong growth in new business origination has been focused on the prime market and the higher end of the credit spectrum.” Tim Franklin, Chairman

“This has been a rewarding period. We set ourselves ambitious targets for our first year as a bank and have made excellent progress towards achieving those objectives. We came into this financial year with a significantly higher cost base but have still delivered good growth in profitability. We expect this to accelerate through operational gearing, as we scale our portfolio and continue to put the new capital and infrastructure to work.” Scott Maybury, CEO

What the stock brokers are saying:

Comments from stockbrokers have been positive, with Stockdale saying “Strong H1 2018 helps underpin targets” while Panmure Gordon and Company stated “1H18 Results: Banking model delivering strong growth”

For further information about PCF Bank please contact

020 7222 2426