AIM-listed 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, 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 October last year PCF Bank agreed to acquire media equipment lessor Azule Finance for £5.6m (€6.3m). According to the lastest results, Azule is ‘performing to management expectations’.

Total new business origination was up 75% year-on-year to £121m. New business origination increased by 39% to £96m, and there was also £25m of new business origination generating broker commission income. PCF’s total customer base is now 19,000, compared to 15,000 in 2018.

Chief executive officer Scott Maybury said: “This has been another highly successful period for the Group. We set ourselves ambitious targets and are on track to deliver these ahead of schedule. Profit before tax is up 57%, with a similar increase in earnings per share. An acquisition and a new property lending initiative were announced in the period and organic growth in our established markets remains strong.

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“Prudent capital management led us to increase the capital base and diversify the capital structure. This mitigates the potential risk of market volatility that may arise in these uncertain times and provides a strong base to support ongoing growth.”

In February this year PCF Bank raised £10m on the Alternative Investments Market (AIM), plus an open offer to retail shareholders to raise £750,000.

The fundraise is intended to be used to fund growth in vehicle and asset finance, particularly in the prime market. PCF will also look to grow the recently acquired Azule business, and enable the group’s new property bridging finance to expand beyond its initial pilot scheme.