2 weeks Ago By Lauren Towner
GB Bank, one of the UK’s fastest-growing challenger banks, today announced that its balance sheet surpassed £2 billion. The news comes after it received its most recent tranche of £90 million in growth capital since May last year before hitting profitability just a few months later in October. The figures demonstrate the bank’s continued success as it looks to become the go-to funding partner of choice for UK SMEs, which are the engine room for growth in our economy.
It intends to continue broadening its suite of solution-driven lending over the coming time horizon, as well as strengthen its partnerships with the specialist non-bank lending community that also serves the market. The end of Q1 (31 March) capped off a significant period of sustained growth for the bank, having grown its property loan portfolio to over £200 million over the last 6 months. At the same time, the bank’s paid-up share capital has reached approximately £145 million, putting the bank in a robust position for further sustainable growth.
GB Bank provides its customers with flexible, solution-driven funding, including buy-to-let mortgages, specialist residential and commercial lending, and bridging loans both directly and via its broker network. The bank also provides loans to SMEs and forward-flow arrangements to non-bank lenders. In February, the bank increased its loan limit to £20 million per borrower in response to high demand from its clients.
With the latest capital injection, this is set to increase, enabling the bank to further expand its client base and collaborate with customers on even more ambitious projects. Mike Says, CEO of GB Bank, said: “This has been a period of rapid yet sustainable growth for the bank as we continue to tap significant demand for our fast, flexible financing solutions. “While we are undoubtedly proud of hitting landmark figures, such as £2 billion on our balance sheet, we are even prouder of reaching sustainable profitability in such a short time since securing our growth capital.
This provides us with a robust platform for sustained future success – and we look forward to continuing our momentum over the coming months. “At the heart of this success is our incredible, experienced team, driven by our collective mission to be the bank helping the people and businesses that drive our economy to fulfil their ambition, grow, unlock new opportunities, and make a lasting impact. “We are grateful to our shareholders for their continued support and for providing the fuel that powers our growth, and our customers who continually put their faith in us to provide them with the funding solutions that meet their business needs.
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