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Performance Summary

For the period ending 31 December 2021

Performance summary

Business Review

2021 was a pivotal year for Redwood Bank as we:

Continued to build a stronger business. In 2021 despite the impact of the COVID-19 pandemic, we remained very much open for business throughout and successfully navigated the unprecedented challenges, we grew our balance sheet, delivered record financial results, and achieved profitability in fewer than four years.

We made a profit before tax for the 2021 financial year of £2.2m (2020 loss: £1.7m).

Bolstered our board to support our next phase of growth, with the appointment of a Starling Bank founding director, Mark Winlow, as Chairman alongside other recent board appointments who all bring extensive board experience of financial institutions and financial regulation.

Invested to support growth by increasing resources to support both lending and savings customers, but also in specialist areas such as IT, Risk and Compliance.

Planned for the future by investigating expanding into adjacent asset classes that leverage existing relationships to ensure we continue to demonstrate strong growth.

Remained committed to doing the right thing so in addition to supporting numerous initiatives and charities we appointed a Director of ESG to ensure we have the resources to truly make a difference.

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