Its profits doubled "in a year characterised by the ongoing challenge of the global pandemic"
Gatehouse Bank has released its full-year results for the calendar year 2021, reporting growth with a record number of customers and a doubling of pre-tax profits.
The challenger bank said its home finance offering for UK residents, expats and international owner-occupiers, and landlords saw robust growth with its portfolio achieving 40% growth to £762 million. The bank added that the growth was driven by the launch of a series of higher finance to value products to assist UK home buyers with smaller deposits, as well as first-time buyers.
Gatehouse also reported that it achieved record levels of profitability, with its total pre-tax profit reaching £3.6 million. Gross assets under management also grew by 24% to £1.03 billion in 2021, from £824.8 million in 2020. The bank’s income increased by 30% to £28.5 million from £22.7 million the previous year.
“In a year characterised by the ongoing challenge of the global pandemic, Gatehouse made strong progress, with the expansion of service lines translating to growth of our customer base and the achievement of a profitable return for the second year in a row,” Charles Haresnape, chief executive at Gatehouse Bank, said.
“Developments in our build-to-rent business have also helped further establish our position as a market leader in this sector.”
In January 2021, Gatehouse Bank agreed to the sale of its Thistle build-to-rent property portfolio to Goldman Sachs for approximately £150 million. The deal comprised a portfolio of 918 units across North-West England in what was then considered the largest transaction of its nature in the UK.
Read more: Gatehouse Bank agrees sale of property portfolio.
Haresnape added that as a founding signatory of the UN Principles for Responsible Banking, Gatehouse Bank will continue to develop its digital-first approach.
“More widely, our mission remains to work continuously to ensure that our success as a business is increasingly synonymous with what is best for society, helping to create a better future for all,” Haresnape said.
