GB Bank has passed a major financial milestone, with its balance sheet surpassing £2 billion at the end of March — just months after the challenger lender reached profitability for the first time.
The Teesside-headquartered bank, which operates as a funding partner for small- and medium-sized businesses and non-bank lenders, reached profitability in October 2024 following a £90 million investment drive launched in May that year.
That round brought new capital from its majority shareholder Hera Holdings Ltd and the Teesside Pension Fund.
The lender’s paid-up share capital has now reached approximately £145 million, as the bank continues to scale its operations across the UK’s specialist lending markets.
RAPID GROWTH
GB Bank’s chief executive, Mike Says (main picture), described the figures as a mark of “rapid yet sustainable growth” and noted that hitting profitability within months of the capital injection was an equally significant achievement.
“While we are undoubtedly proud of hitting landmark figures, such as £2 billion on our balance sheet, we are even prouder of reaching sustainable profitability in such a short time since securing our growth capital,” said Says. “This provides us with a robust platform for sustained future success.”
The bank has grown its property lending portfolio to over £200 million in the last six months alone, and in February it raised its single-loan cap to £20 million in response to growing demand. Further increases are expected following the latest capital injection.
LENDING SOLUTIONS
Founded with a mission to address gaps in SME and property finance, GB Bank provides a range of lending solutions including buy-to-let mortgages, bridging finance, and commercial and residential property loans. It also operates forward-flow funding arrangements with non-bank lenders and works both directly and through intermediaries.
The bank said its strategic aim is to become the lender of choice for the UK’s underserved SME market and for the specialist lenders that serve them.
Says added: “At the heart of this success is our incredible, experienced team, driven by our collective mission to be the bank helping the people and businesses that drive our economy to fulfil their ambition, grow, unlock new opportunities, and make a lasting impact.”
