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Peer2Peer Finance News | November 21, 2017

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Assetz reports continued profitability in half-year results

Assetz reports continued profitability in half-year results
Suzie Neuwirth

ASSETZ Capital has announced that it has recorded a “seven-figure pre-tax profit” in its latest half-year results.

The secured business and property peer-to-peer lender said on Tuesday that it remained in the black in the six months to September 2017, in-keeping with the profitability recorded for the entire 2016/17 financial year.

From April to September 2017, more than £110m was lent through the platform, Assetz said.

Read more: A quarter of Assetz Capital loans end up on the aftermarket

“We have reported considerable growth and stability over the past four years, and now that profitably has been consistently achieved in parallel to that strong growth, we continue to go from strength to strength,” said Stuart Law, chief executive of Assetz Capital.

“While many in this market are obsessed purely by lending totals, we believe there are other strong measurements of success that must be achieved to have a sustainable company that is a solid and large-scale institution of the future. Two of these are profitability and strong net returns for investors, and we continue to post strongly in both of these areas.”

Assetz Capital gained full Financial Conduct Authority authorisation in September and is set to launch its Innovative Finance ISA by the end of the year.

The platform recently added a new, lower interest rate to cater for lower-risk borrowers looking for commercial mortgages, to attract a broader range of customers.