Bank tops £1 billion in residential property finance assets
Gatehouse Bank has announced that it performed well in 2022, as it posted post-tax profits amounting to £8.1 million.
The bank’s gross assets grew by 30% to £1.3 billion last year compared to the previous year’s £1.03 billion.
The challenger bank also surpassed £1 billion in residential property finance assets as its home finance offering for UK residents, UK expats, and international residents saw robust growth, with total balances increasing by 40% year-on-year.
Gatehouse Bank also further established itself in the build to rent sector, increasing its equity stake in Ascend Estates Limited, a leading property management provider that now manages over 8,000 properties for rent.
Institutional build to rent funds also showed strong performance, with second PRS fund, DifRent, holding an average tenant occupancy of 98%, and third PRS fund, Start Living, forward funding the construction of 622 homes around the UK as of December 2022.
We have published our Annual Report and Financial Statements for 2022.
— Gatehouse Bank (@gatehousebank) June 19, 2023
The full report is available on our website here: https://t.co/9QLvOCfCxD#AnnualReport #GatehouseBank pic.twitter.com/nb2pDobm7u
“2022 was a significant year for Gatehouse Bank as we further developed our product offering, enhanced our digital first approach, and surpassed the £1 billion milestone in both retail savings and residential property finance assets,” Charles Haresnape (pictured), chief executive at Gatehouse Bank, commented on the bank’s financial report for the year ending December 31, 2022.
“The bank enhanced its home finance offering through its green home finance range and advanced its customer centric strategy by launching an online decision in principle facility to streamline our home finance customer journey. Developments in our build to rent business and majority shareholding of Ascend have also helped further establish our position as a market leader in this sector.”
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