Gatehouse Bank has recorded a pre-tax profits figure of £3.6m for 2021.

The bank revealed that its gross assets under management also grew by 24% to £1.03bn last year, up from £824.8m in 2020, while its total income increased by 30% to £28.5m, up from £22.7m a year earlier.

Gatehouse stated that its focus on the expansion of its ethical product offering to assist homebuyers, landlords and savers had resulted in a record number of people choosing the bank last year.

Its home finance offering for UK residents, UK expat and international owner-occupiers and landlords saw robust growth, with the bank’s portfolio achieving 40% growth to £762m. Gatehouse suggested that this growth was driven by the launch of a series of higher finance to value products to assist home buyers with smaller deposits, as well as first-time buyers.

Furthermore, last year also saw Gatehouse establish itself in the build to rent sector. The firm’ first PRS fund sold to Goldman Sacs for £150m in the first sale of its kind, and the bank also confirmed its third PRS fund launched in a £500m joint venture with Texas Pacific Group Real Estate, which is set to deliver 2,500 houses for rental to families across the UK.

“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,” said Gatehouse CEO, Charles Haresnape.

“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.”

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