PCF Group makes 'excellent progress' against 'ambitious' targets

(Sharecast News) - Specialist banking outfit PCF Group told investors on Thursday that it had made "excellent progress" against some "ambitious targets" in the year ended 30 September.
PCF witnessed a 54% increase in its lending portfolio to reach £338m in the year, putting it well on track to hit its £350m target a year ahead of plan.

The AIM-listed group said new business originations rose 51% to £223m, with 74% of those falling into its "prime" credit grades, up from 70% a year earlier.

Deposits also shot up 38.7% to £265m and PCF's net interest margin dipped only slightly from 8.2% to 7.9%.

Chief executive Scott Maybury said: "The strategy to diversify our asset classes and income streams is proving a great success and playing an important role in growing our lending portfolio.

"We have made excellent progress against ambitious targets and we continue to deliver strong growth despite the challenging economic and political backdrop."

As of 1040 BST, PCF shares were up 3.33% at 31p.