DF Capital, the Manchester-based early-stage bank, has announced another record year of financial performance as it publishes its audited annual results for the year ending 31 December 2023.

The specialist bank which provides working capital solutions to dealers and manufacturers reported a pre-tax profit of £4.6m (up from £1.3m versus the prior year) and achieved another record for new loan originations which equated to £1.2bn.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The bank’s commercial lending products are provided either in partnership with manufacturers on a programme basis to their dealer network, or through direct relationships with dealers. During 2023, the group added 330 new dealer facilities taking the number of active dealer facilities to 1,182.

Throughout the year, the bank maintained a highly diversified mix of asset lending; achieving double-digit percentage growth in almost every sector it operates in. Notably, the bank more than doubled its lending in the specialist automotive market in 2023 compared to the prior year.

Carl D’Ammassa, CEO, DF Capital Bank, said: “We are delighted to have delivered another year of significant financial momentum and sustainable profitable growth, culminating in more than a threefold increase in profit. 2023 has been a year of significant progress for us.”

“We have started 2024 well and see opportunities for further growth in our core lending product as well as new product adjacencies. Becoming a multi-product lender underpins our strategy to scale the bank and achieve mid-to-high teen returns over the medium term.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The bank is also pleased to report a positive start to Q1 2024, with loan origination up c.22% on the prior year at c.£337m (Q1 2023: £270m), loan book increased to more than £610m, up over £100m on the prior year (Q1 2023: £505m); which marks eleven consecutive quarters of loan book growth.

BBI announces £20m Tier 2 facility with DF Capital

DF Capital helps motorcycle distributor bring icon to the UK