Folk2Folk, the national marketplace lender for SMEs in regional Britain, has announced a Q1 pre-tax profit of £534k (unaudited accounts for Feb-Apr 2021).
Earlier this year, Folk2Folk announced a 2020 profit of £1.1 million which saw the company surpass its pre-pandemic profit target for the year and was a significant increase from its 2019 profit of £198k.
The quarterly profit announcement reveals a 125% increase on the same quarter in 2020 and provides almost half of last year’s impressive profits in only three months.
The quarter’s biggest month was March which saw Folk2Folk support several multi-million-pound loans across regional Britain and totalled £15.7 million.
MD Roy Warren said: “We were resolute in our determination to remain a stable support for our borrowers and investors last year and so were very proud of our performance in 2020, against all odds. So, to have achieved around half of last year’s profit already this year, in just the first quarter, is quite astounding and spurs us on with even greater enthusiasm.”