British Business Bank returns to profit with 144m gain and expanded investment role

"The British Business Bank has reported a pre-tax gain of £144 million, returning to profitability after two years of losses, amidst an increased investment portfolio."

"In the past year, the bank supported £6.8 billion in finance to smaller UK businesses, reaching 24,000 first-time recipient businesses and 4,000 repeat beneficiaries."

"Louis Taylor stated that the financing efforts are projected to generate 38,000 new jobs and £8 billion in gross value added for the UK economy."

"The bank's significant turnaround includes an increased financial capacity of £25.6 billion as part of the government's industrial strategy."

The British Business Bank achieved a pre-tax profit of £144 million, reversing two years of losses. The increase in profitability follows a 19% rise in its investment portfolio to £4.7 billion, fueled by strong performance in equity and debt holdings. Established in 2014 to assist SMEs, the bank has received £6.6 billion in new capital, expanding its financial capacity to £25.6 billion. In supporting £6.8 billion of finance to small businesses, the bank aims to create 38,000 new jobs and add £8 billion in economic value.

Read at Business Matters