Commercial asset and non-prime vehicle finance provider Private & Commercial Finance Group (PCFG) saw its profit before tax rise to £2.1m (2.87m) for the year ended March 31 2015, up by 69% year-on-year.
Profit after tax at the London-based independent AIM-listed lender increased by 120% compared to the previous financial year, reaching £1.6m.
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The company witnessed a 10% increase in new business volumes, which stood at £56m, while its total portfolio grew by 13% to £100m.
PCFG has submitted a business plan for a banking licence.
Chief executive of PCFG, Scott Maybury said: "We are very pleased to deliver another strong set of results, with our total portfolio growing by 13% to £100 million.
"Margins and profitability have increased even more significantly as a result of further improvements in portfolio quality and the positive effect of our overall operational gearing.
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By GlobalData"We are continuing to progress our banking licence application and, in the meantime, we have significant headroom in our funding lines which will enable us to continue growing profitably for the foreseeable future. The current financial year has started well and we look forward with considerable optimism to the year ahead."
