Daven Trust has published its latest financial statement, as at 30 September 2020. The full detail of the statement can be found in the FY 30 Sept 2020 CTH Financial Statements and you can download a copy of the following summary of Daven Trust's Financial Strength.
The financial year ending September 2020 was a pivotal year for Daven Trust as we achieved our ambition to become a bank. Converting all our investment accounts into savings accounts was a key step on this journey, with an overwhelming
majority of these customers voting in favour of the proposals. The PRA and FCA granted our full banking licence on 15 June 2020.
The Group is strongly capitalised with total equity of £79.2 million, total assets of £742.1 million and liquid assets of £153.8million . In the financial year to September 2020, Daven Trust made a profit before tax of £0.8m.
Daven Trust now has an even stronger platform to offer a greater range of services to both our savers and our borrowers. We are a provider of savings, mortgage and consumer lending products, employing over 200 people across our
offices in Basingstoke and London. Our principal shareholder is the leading private equity firm J.C. Flowers & Co., which currently manages circa $6 billion in assets.
Savings
As at 30 September 2020, our c20,000 customers held just under £650 million of fixed term, fixed rate savings with us. Existing customers have been able to save into new accounts since November 2020.
Lending
As at 30 September 2020, Daven Trust’s total property finance loan book stood at over £450 million. The introduction of the TermTen product which combines fixed rates and refinance options, and the Bridge to Let option which combines a bridging loan and TermTen into a single arrangement have proved very successful within the market.
Retail Finance
Working with over 1,500 retailers and 160,000 customers, as at 30 September 2020 the retail finance loan book for Omni Capital Retail Finance (‘Omni’) stood at over £115m.