A SKIPTON-BASED lender has announced record profits – with an increase of over 50 per cent from 2020 to last year.
Skipton Business Finance (SBF) recorded pre-tax profits of £ 5.4m in 2021, up 53 per cent from £ 3.6m in the previous year.
The Invoice Finance provider, part of the Skipton Building Society group, also said that it has seen a 40 per cent growth in loans and had advanced £ 120.5m to its client portfolio in 2021, up from £ 86.0m in 2020.
Greg Bell, Managing Director, said: “The profit we have made means we can continue to invest in our people, customers and proposition, which remains committed across all spectrums of the Invoice Finance market.”
SBF, who have offices across Yorkshire, say that their strategic aim is to continue to grow by developing their existing business model.
Mr Bell added: “We are proud to be one of the leading providers of Invoice Finance products in the UK with a committed approach to helping both our clients and new UK SME businesses in the post-pandemic era.
“By being part of the Skipton Building Society, our business model is unique in that we have no expensive shareholder dividends and can therefore focus on understanding our clients’ businesses.”