PCF Bank delivers improved profits

The price of shares in AIM-listed specialist bank PCF Group (LON:PCF) has climbed by 4.85% to 34.60p (as of 13:15 BST) following reports that operating income rose by 51% during the six months ended 31st March. Profits before taxation climbed by 57% despite a drop in net interest margins as it moved towards a better quality but lower yield portfolio.

CEO Scott Maybury said: “This has been another highly successful period for the Group. We set ourselves ambitious targets and are on track to deliver these ahead of schedule. Profit before tax is up 57% to £3.3 million, with a similar increase in earnings per share. An acquisition and a new property lending initiative were announced in the period and organic growth in our established markets remains strong.

“Prudent capital management led us to increase the capital base and diversify the capital structure. This mitigates the potential risk of market volatility that may arise in these uncertain times and provides a strong base to support ongoing growth.

“We remain on track to meet market expectations and with the enhanced capital structure in place, we are well set to implement our 2019 objectives and medium-term plans. We look forward to reporting continued success as the year progresses“.