Gatehouse Bank reported a strong period of growth in 2022, with post-tax profits of £8.1m for the year ending 31st December.
The bank achieved a milestone of over £1bn in home finance, while its gross assets grew by 30% to £1.3bn.
Total regulatory capital increased by 8% to £112m, and total deposits grew by 28% to £1.2bn.
Its home finance offering for UK residents, UK expats and international residents saw total balances increasing by 40% year-on-year to £1.065bn.
In 2022 the bank launched green home finance products and an online decision in principle (DIP) tool with the aim of streamlining the home finance customer journey.
Gatehouse also increased its equity stake in Ascend Estates Limited, while its fundraising efforts for its charity of the year, FareShare, resulted in over a contribution of £11,000.
Charles Haresnape, CEO of Gatehouse Bank, said: “2022 was a significant year for Gatehouse Bank as we further developed our product offering, enhanced our digital first approach and surpassed the £1bn milestone in both Retail Savings and Residential Property Finance assets.
“Our competitive savings products remained popular with new and existing customers, particularly our award-winning Woodland Saver accounts.
“We also relaunched our Easy Access products with a minimum deposit of £1 to encourage people to build healthy savings habits.”
He added: “The Bank enhanced its home finance offering through its green home finance range and advanced its customer centric strategy by launching an online Decision in Principle facility to streamline our home finance customer journey.
“Developments in our Build to Rent business and majority shareholding of Ascend have also helped further establish our position as a market leader in this sector.
“As a founding signatory to the UN Principles for Responsible Banking, we look forward to continuing to meet our sustainability targets and helping to bring our customers’ financial goals into closer alignment with the values they hold.”
Haresnape said: “More widely, our mission remains to ensure that our success as a business is increasingly synonymous with what is best for society, operating within the Shariah principles of fairness and transparency and helping to create a better future for all.”
