Equipment Finance News

DF Capital Bank announces first full-year profit after another record performance

DAmmassa carl NEW 2021

DF Capital Bank, the specialist commercial lending and personal savings bank, has announced that it has achieved its first full year of profitability as it publishes its annual results for the year ending 31st December 2022. The bank which provides working capital solutions to dealer and manufacturers also achieved record new loan origination, exceeding the £1bn milestone for the first time, and loan book growth of 76% year-on-year.

The bank’s commercial lending products are provided either in partnership with manufacturers on a programme basis to offer to their dealer network, or through direct relationships with dealers. During 2022, the bank increased the number of manufacturer and distributor partners to 90 (2021: 79) and increased the number of active dealer facilities to almost 1,000 (2021: 805).

Throughout the year, the bank maintained a highly diversified mix of asset lending; achieving double-digit percentage growth in all of the sectors it operates in, namely motorhome & caravan, lodges & holiday homes, specialist/prestige cars, motorcycles/all-terrain vehicles, marine, agriculture, industrial and transport.

Carl D’Ammassa (pictured), CEO, DF Capital Bank, commented: “I’m immensely proud of the whole team for delivering on our ambition to achieve full year profitability, especially given the many global economic and supply chain challenges. Reaching this milestone only two years after receiving our banking licence is remarkable and gives us the solid foundation on which to now scale the bank to deliver further profitable growth.”

D’Ammassa continues: “Scaling the bank by growing our lending remains our priority. Routes to further growth will come from increasing facility utilisation with our active dealers, bringing onboard new dealers, targeting additional manufacturer partnerships and entering new sectors.”