British Business Bank continues to support more than £12.4 billion in finance through its core programs and is achieving its objectives, despite reporting a loss for the 2022/23 financial year due to a decline in market valuations.
The CEO of British Business Bank, Louis Taylor, has expressed positivity regarding the bank’s progress in the past year. Despite the challenging economic climate, the bank has made commitments totaling £1.6 billion. However, it has also experienced a loss of £135.3 million as a result of a decrease in valuations across its portfolio. Taylor remains optimistic, stating that with the majority of their investments being long-term, they expect an overall upward trajectory despite these temporary fluctuations.
Looking towards the future, the bank is focused on driving sustainable growth, supporting innovation, unlocking potential, and building a modern, green economy as part of its new strategic objectives starting from 2023/24. The bank aims to prioritize customers and their needs, investing throughout economic cycles to provide assistance to small businesses in the UK as they establish and expand.
In terms of performance, British Business Bank has met its measured objectives for the 2022/23 financial year. Despite the challenges faced, the bank has successfully supported a significant amount of funding for businesses and remains committed to its core programs and objectives.
Overall, British Business Bank’s commitment to supporting the growth of small businesses in the UK remains strong, even in the face of economic challenges. The bank’s strategic focus on sustainable growth and innovation indicates its dedication to fostering a thriving and resilient business landscape.
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