In a trading statement to be delivered at the group's annual general meeting today, PCF's chief executive Scott Maybury said that “new business originations in the five-month period to 28 February 2018 were 93% ahead of the comparative period last year at £54.5mln (2017: £28.2mln).”
He added: “The lending portfolio has grown to approximately £172mln compared to £127mln at this time last year.”
Maybury said: "Following our success in achieving the Savings Champion Award for 2018 Best New Provider, we have seen retail deposits increase to £81mln at 28 February 2018.”
In terms of outlook, he said: “Our medium-term targets for the Group remain unchanged at 12.5% return on equity and a lending portfolio of £350mln by September 2020, while asset diversification remains a goal and will follow in due course.”
The chief executive added: "Our first full year as a bank has commenced well. We have made encouraging progress against ambitious targets and our focus on expanding our addressable lending market with a proven product range will underpin our continued operational success and deliver increasing profitability."
He concluded: "We look forward to providing a further update on 23 May 2018 when we will release our interim accounts for the six-month period ending 31 March 2018."