DF Capital, the Manchester-based early-stage bank, has announced another record year of financial performance as it publishes its audited annual results for the year ending 31 December 2023.
The specialist bank which provides working capital solutions to dealers and manufacturers reported a pre-tax profit of £4.6m (up from £1.3m in FY2022) and achieved another record for new loan originations which equated to £1.2bn (up almost 20% year-on-year).
The bank’s commercial lending products are provided either in partnership with manufacturers on a programme basis to their dealer network, or through direct relationships with dealers. During 2023, the group added 330 new dealer facilities taking the number of active dealer facilities to 1,182.
Throughout the year, the bank maintained a highly diversified mix of asset lending; achieving double-digit percentage growth in almost every sector it operates in. Notably, the bank more than doubled its lending in the specialist automotive market in 2023 compared to the prior year.
Carl D’Ammassa (pictured), CEO, DF Capital Bank, commented: “We are delighted to have delivered another year of significant financial momentum and sustainable profitable growth, culminating in more than a threefold increase in profit. 2023 has been a year of significant progress for us.
“We have started 2024 well and see opportunities for further growth in our core lending product as well as new product adjacencies. Becoming a multi-product lender underpins our strategy to scale the bank and achieve mid-to-high teen returns over the medium term.”
The bank also reported a positive start to Q1 2024, with loan origination up c.22% on prior year at c.£337m (Q1 2023: £270m), loan book increased to more than £610m, up over £100m on prior year (Q1 2023: £505m); which marks eleven consecutive quarters of loan book growth.
