Gatehouse Bank posted a post-tax profit of £3.8m for the year ending 31st December 2024, a 20% increase from the previous year’s £3.2m.
The Shariah-compliant ethical bank has now achieved profitability for five consecutive years.
The Bank’s 2024 performance was supported by managed growth across its core markets.
Total home finance originations reached £148m, with the overall home finance portfolio declining slightly to £1.168bn, in line with strategic objectives.
This included the sale of £109m in assets through a forward flow arrangement.
Gatehouse reintroduced Home Purchase Plans offering up to 95% finance, aimed at first-time buyers, and reinstated top slicing for buy-to-let customers, enabling them to supplement rental income with personal earnings.
Its green home finance offering continued to support the transition to energy-efficient housing, providing reduced rental rates for properties with an A or B energy efficiency rating and offsetting carbon emissions during the fixed term.
Digital transformation was another area of focus in 2024, with significant enhancements to its online systems.
The Bank extended its Decision in Principle (DIP) tool to overseas customers, more than doubling online DIPs to 8,700 compared to 3,974 the previous year.
Retail deposits fell slightly by 2.1% to £1.289bn, reflecting targeted portfolio management.
The Bank’s Woodland Saver accounts remained a strong draw, contributing to a major environmental milestone.
In December, Gatehouse surpassed 50,000 trees planted through its partnership with Forest Carbon, supporting woodland projects certified under the Government’s Woodland Carbon Code.
The Bank’s Build to Rent operations, managed by its subsidiary Gatehouse Living Group, recorded strong performance with high occupancy and rental growth.
The Group completed the sale of an 800-home fund and launched a new strategic venture with a UK-based private equity firm, acquiring over 1,000 homes from leading developers.
In 2024, Gatehouse Bank also marked the fifth anniversary of the UN Principles for Responsible Banking.
As a founding signatory and the first UK Shariah-compliant bank to sign up, it continued to refine its ESG strategy across four core pillars: biodiversity and deforestation, financial education and inclusion, climate change, and community health and wellbeing.
The Bank maintained its operational carbon neutral status for the fourth consecutive year.
Staff engagement in community initiatives also reached a new high, with 78% of colleagues participating in fundraising or volunteering, a 38% increase over 2023.
More than £21,000 was raised for the Bone Cancer Research Trust, and 132 colleagues supported over 40 organisations using their two paid volunteering days.
A newly launched Community Sports Fund saw five local sports teams receive new kits.
Customer satisfaction hit a record high in 2024, with the Bank’s 12-month rolling net promoter score rising to 71+, its best to date.
Charles Haresnape, CEO of Gatehouse Bank, said: “Thanks to the hard work of colleagues across Gatehouse Bank, we continue to challenge in our chosen specialisms while ensuring we put the needs of customers at the heart of everything we do.
“This was reflected in reaching a 12-month rolling net promoter score of 71+, a new milestone within the Bank’s history.
“At Gatehouse Bank, we have appetite for further growth in 2025 and see demand from our specialist markets to achieve this.
“We aim to uphold an excellent customer experience for new and existing customers, while continuing to help more savers, homeowners and landlords achieve their financial goals.”
Danesh Mahadeva, chief financial officer, added: “I am incredibly proud of Gatehouse Bank’s progress in 2024, achieving the fifth consecutive year of profitability.
“I am confident that the Bank is well placed to grow its origination capability further both on and off balance sheet.”
