This is Leicestershire --A bank set up to fill the funding gap suffered by small firms has made its first profit, 14 months after its launch.
Cambridge & Counties Bank, of Leicester, has announced it made a small surplus in July and August.
Since its launch in June 2012, the bank has lent £70 million to 180 small and medium-sized companies (SMEs), the majority of which are based in Leicestershire. It is on course to increase this to more than £100 million by the end of the year.
The bank would not say exactly how much profit it had made, but it is understood to only be a small figure.
It has taken similar banks a lot longer to become profitable after launch as they wait for interest payments to exceed outgoings.
Chief executive Gary Wilkinson said it was the fastest growing of the so-called "challenger" banks, which have been set up to compete with traditional high street lenders.
"This is the result of the recruitment of experienced, high calibre staff, who live and breathe the brand values and ethos of this bank on a daily basis," he said.
"It is also due to the establishment of a lean, efficient cost base."
The company also looks after 1,500 SME deposit accounts.
Cambridge & Counties is jointly owned by Cambridgeshire Local Government Pension Fund and Trinity Hall. Reported by This is 2 days ago.