Bank expects to generate over £120 million in property lending for second half of 2022
In less than half a year, fintech bank Castle Trust has made a pre-tax profit larger than that it achieved during the entirety of the previous financial year.
For the first five months of the current financial year, from October 01, 2021, to February 28, 2022, the bank has already delivered a profit before tax of £4.1 million, which exceeds the PBT for the whole of 2021 (£3.6 million).
Castle Trust Bank said property lending had continued to build momentum for the bank and is expected to bring in more than £120 million over the second half of the year.
It has also announced plans to implement a modern SaaS-based property originations platform. This significant investment will transform how it brings its specialist UK Property proposition to intermediaries and facilitates entry into the regulated bridge market.
“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 while remaining profitable,” Martin Bischoff, chief executive at Castle Trust Bank, said.
“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,” Bischoff added.
Castle Trust Bank was launched as Castle Trust in October 2012, initially offering investment products and specialist mortgage finance. It expanded its lending operations with the acquisition of Omni Capital Retail Finance in 2017, and in June 2020, it became a fully authorised bank. Its Basingstoke hub and London office currently serves over 200,000 customers across its savings, specialist mortgage finance, and retail finance arms.
