Gatehouse Bank has reported a doubling of pre-tax profits to £3.6m in 2021.

During the past year, the bank’s home finance offering for UK residents, UK expat and international owner-occupiers and landlords saw robust growth with portfolio achieving 40% growth to £762m.

This growth was driven by the launch of a series of higher finance to value products to assist UK home buyers with smaller deposits, as well as first time buyers.

Meanwhile, total deposits grew 28% to £897m.

Charles Haresnape (pictured), CEO of Gatehouse Bank, said: “In a year characterised by the ongoing challenge of the global pandemic, Gatehouse made strong progress, with the expansion of service lines translating to growth of our customer base and the achievement of a profitable return for the second year in a row.

“Product innovation was a key driver of growth in 2021 – with the introduction of our award winning Woodland Saver on the savings side of the business, as well as a series of higher finance to value products, resulting in us welcoming a record number of new Home Finance customers to the bank.

“Developments in our Build to Rent business have also helped further establish our position as a market leader in this sector.

“As a founding signatory of the UN Principles for Responsible Banking, we look forward to continuing to develop our digital-first approach, expanding our offering to enable customers to bring their financial goals into ever closer alignment with the ethical and sustainable values they hold.

“More widely, our mission remains to work continuously to ensure that our success as a business is increasingly synonymous with what is best for society, helping to create a better future for all.”