Government-owned British Business Bank triples annual profit as valuations rise
The bank generated around £115 million worth of realised gains from the sale of equity in companies it has invested in, up from £84 million the prior year
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Summary
The bank generated around £115 million worth of realised gains from the sale of equity in companies it has invested in, up from £84 million the prior year. Furthermore, costs in relation to the Covid-19 loan schemes reduced last year as they continue to wind down. The bank has been allocated extra funding to support the Government’s industrial strategy and invest in priority sectors such as clean energy (PA) PA Archive Some 87% of newly funded businesses were based outside of London , a higher proportion than the business population more widely, according to the firm.
Furthermore, The Government-owned British Business Bank has revealed its annual profits have tripled after benefiting from a jump in the valuation of its investments. The British Business Bank , which gets funding from the Government’s Department for Business and Trade (DBT), said the increase points to its ability to generate returns for UK taxpayers. But it acknowledged that the wider economic environment was “uncertain with a number of factors both locally and internationally which may impact on valuations in the short term” including from conflict in the Middle East. “The bank is ultimately focused on delivering realised returns at the end of multi-year investment cycles, therefore, year-on-year fluctuations are to be expected,” it insisted.
In addition, The bank’s annual report showed that it deployed £1.5 billion during the latest financial year into a mixture of new and existing investments.
Cross-referenced from 3 sources.
Factual coreconfirmed by several independent voices
The bank generated around £115 million worth of realised gains from the sale of equity in companies it has invested in, up from £84 million the prior year.
reliability low1/2 sourcesFurthermore, costs in relation to the Covid-19 loan schemes reduced last year as they continue to wind down.
reliability low1/2 sourcesThe bank has been allocated extra funding to support the Government’s industrial strategy and invest in priority sectors such as clean energy (PA) PA Archive Some 87% of newly funded businesses were based outside of London , a higher proportion than the business population more widely, according to the firm.
reliability low1/2 sourcesThe Government-owned British Business Bank has revealed its annual profits have tripled after benefiting from a jump in the valuation of its investments.
reliability low1/2 sourcesThe British Business Bank , which gets funding from the Government’s Department for Business and Trade (DBT), said the increase points to its ability to generate returns for UK taxpayers.
reliability low1/2 sourcesMeanwhile, the bank has been allocated extra funding to support the Government’s industrial strategy and invest in priority sectors such as clean energy, defence, life sciences and financial services.
reliability low1/2 sourcesBut it acknowledged that the wider economic environment was “uncertain with a number of factors both locally and internationally which may impact on valuations in the short term” including from conflict in the Middle East. “The bank is ultimately focused on delivering realised returns at the end of multi-year investment cycles, therefore, year-on-year fluctuations are to be expected,” it insisted.
reliability low1/2 sourcesThe bank’s annual report showed that it deployed £1.5 billion during the latest financial year into a mixture of new and existing investments.
reliability low1/2 sources
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