A prominent UK-based financial institution, known for its focus on working capital solutions for dealers and manufacturers, has unveiled a remarkable set of financial results for the fiscal year that concluded at the end of December 2024. The organization celebrated three successive years of profitability, showcasing an impressive pre-tax income that surged to £19.1 million, marking a fourfold increase from the previous year's figures. This significant rise was partly attributed to a substantial adjustment involving the reversal of provisions established in earlier periods.
The bank's core business activities experienced notable expansion, particularly in areas related to inventory financing and associated asset finance products. New loan initiations soared by almost £250 million, reaching a total of £1.44 billion. Such robust growth contributed to a 15% enhancement in the overall size of the bank's loan portfolio, which culminated at a record-breaking £666 million by the close of the reporting period. Additionally, credit risk management remained commendably stable, with only a marginal rise in overdue cases from 30 in 2023 to 33 in 2024.
Beyond operational achievements, the company also demonstrated strength in customer engagement and retention. Retail deposits climbed by £75 million, bringing the total to £650 million, bolstered by contributions from over 15,600 active savings accounts. Furthermore, tangible net asset value per share exhibited a healthy 15% increase, settling at 63.8p. These developments underscored the firm's commitment to disciplined growth while expanding its product offerings to cater to diverse market segments without resorting to equity dilution. Carl D’Ammassa, the CEO of the company, emphasized the importance of scaling their primary inventory finance operations alongside investments in emerging product lines and services.
Innovation and resilience define the essence of DF Capital's journey. As they continue to enhance their service spectrum and support client requirements, their success serves as a testament to the power of strategic planning combined with adaptive leadership. Their achievements not only reflect financial prosperity but also highlight the potential for sustained growth within specialized banking sectors, offering valuable lessons for others in the industry.