“We are on track to deliver a profit before tax in 2022 which is more than treble last year’s.”
The Bank says the new platform will transform how it brings its specialist UK property proposition to intermediaries and facilitate entry into the regulated bridge market.
Its annual accounts for the latest financial year (ending 30 Sept 2021), show profit before tax of £3.6m, up from £0.8m in the previous year.
In the first five months of the financial year (1 Oct 2021 to 28 Feb 22) Castle Trust Bank has already delivered pre-tax profits of £4.1m (unaudited), which exceeds the PBT for the whole of 2021.
Property lending has continued to build momentum and is expected to originate more than £120m over the second half of the year.
Martin Bischoff, CEO at Castle Trust Bank, said: “Our strong end-of-year results and the fact that we have already delivered more profit in the current financial year than the whole of last year, demonstrate our ability to scale whilst remaining profitable.
“We are on track to deliver a profit before tax in 2022 which is more than treble last year’s. This is all down to the continuous investment we are making in the latest digital technologies and our deep fintech expertise that enables us to provide our customers with seamless journeys.”
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