logo-loader
viewPCF Group Plc

PCF Group's retail bank hits £100mln retail deposits milestone sooner than expected

For PCF, the growing amount of retail deposits allows it to continue to replace more expensive wholesale bank debt, support its growth strategy and allow it to scale the lending portfolio more rapidly

Gold piggy bank
PCF's savings portfolio has an average account balance outstanding of around £45,000

PCF Group Plc (LON:PCF), the specialist bank, said the total value of deposits it has accepted from retail customers has surpassed the £100mln mark.

The milestone has been reached sooner than expected, with the retail bank having only started operations in July of last year.

WATCH: PCF Bank sees retail deposits exceed £100mln

PFC, which set up the bank to access a cheaper source of funds than the wholesale debt market, has seen around 2,500 new retail customers sign up since the bank commenced operations.

The group's strategy is to grow the lending portfolio to £350mln by September 2020 and £750mln by 2022. PCF announced last month that the lending portfolio had grown to £172mln already.

 

Quick facts: PCF Group Plc

Price: 33.5 GBX

AIM:PCF
Market: AIM
Market Cap: £83.82 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of PCF Group Plc named herein, including the promotion by the Company of PCF Group Plc in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

James Dolman discusses PCF Group's Interim results to end of March '18

James Dolman financial analyst at Capital Network is reporting significant progress across the business as PCF continues to grow according to its strategic plan.

on 05/31/2018

2 min read