Distribution Finance Capital Holdings PLC on Monday said profit in 2023 surged on-year.

For 2023, the Manchester, England-based specialist bank expects to report pretax profit of £4.4 million ahead of board’s prior expectations.

In 2022, the company reported pretax profit of £1.3 million.

It said that this is ‘due to prudent forecasting of credit loss provisions at the year-end, unrelated to any provision for its RoyaleLife exposure, and proactive operational cost control by management.’

Distribution Finance said that it is pleased to report a ‘positive’ start to the current year, with its loan book, dealer facilities and credit limits continuing to grow year-to-date.

The company’s financial and operational performance is in line with the board’s expectations for the year.

Distribution Finance expects to announce its audited results for 2023 on April 9.

Shares in Distribution Finance Capital were down 2.0% to 25.00 pence each in London on Monday morning.

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