Wyelands Bank, set up to help small and medium-sized businesses, reveals it is profitable on a run rate basis as it celebrates its first birthday.
Since opening its doors on 21 December 2016, the bank has grown rapidly with total assets rising from £24 million to in excess of £600 million. What’s more, the bank’s interest earning asset book is growing on average by around £30 million per month since April.
Set up to provide industrial, trading and manufacturing businesses with greater access to working capital, the business now has more than 375 business customers and debtors.
The bank opened retail savings products in Germany in April and in August in the UK and now has some 15,000 customers, helping to provide the finance for its business loans.
Iain Hunter, CEO of Wyelands Bank, said: “We launched Wyelands Bank to help small and medium sized business to trade, grow and create jobs. A year on, I’m delighted that we are supporting this vision and providing much needed business finance to companies across the UK.
“We’ve had a positive first year and we have achieved profitability on a run rate basis, we are going to keep our foot on the gas. We have plans to accelerate the bank balance sheet in 2018 as part of the bank’s commitment to supporting growth, job creation and the UK economy.”
Wyelands Bank was created a year ago by international industrialist Sanjeev Gupta and it is a member of his GFG Alliance of companies (www.gfgalliance.com).