Intelligent Finance reported impressive growth in its first full year figures today. Th...
Intelligent Finance reported impressive growth in its first full year figures today.
The group delivered a record performance for a new entrant bank in the mortgage market, winning 9.2% of the UK net mortgage market.
As at 31 December 2001 the bank had £9.5bn in new business made up of £7.5bn completed balances and £2bn of pipeline business. Intelligent Finance said its results place it as the fastest growing new generation bank in terms of overall balances attracted.
The bank took over £2bn in combined balances in the current account and savings market. It secured over 70,000 current accounts with an average balance of £4,500, which it believes is 'well above the industry average'. Savings inflow exceeded £1.7bn, with average balances of almost £15,000, again ahead of the industry average of £5,226.
The bank reported an average mortgage balance of £100,000, compared to the industry average of £77,000 with an average loan to value of 63% compared to an industry average of 70% -which it said outlined its good credit quality. Total mortgage completions for the year amounted to £5.2bn, almost one third of HBOS Group's total net lending.
The bank noted almost one in ten of its customers who have both savings and borrowings are subject to 0% on all their borrowings. These include 0% mortgages, which the bank says is a UK first.
Jim Spowart, Chief Executive, Intelligent Finance said: "I believe our straightforward, competitive pricing and our fairer principle of offsetting balances for interest purposes, will help us to continue to grow strongly in the year ahead."
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