Intelligent Finance says it is close to reaching its target of break-even after three years in business with net lending hitting £2bn in the first half of this year.
Launched in November 2000, the tele-net bank saw losses of £38m in the first half of this year but this was an improvement on the £147m loss for the whole of 2002.
Chief executive Grenville Turner says: “No other business has managed to achieve such scale so quickly. Bradford & Bingley's net lending for 2002 was £1.8bn versus £2bn for Intelligent Finance in the first six months of this year alone. Gross lending at Alliance & Leicester between January and May of this year was £2.5bn, against £3.7bn in gross lending at Intelligent Finance. If all goes to plan, we should reach break-even by the end of 2003.”
Chadney Bulgin partner Tom Chadney says: “I am not surprised that Intelligent Finance is approaching break even. It is an excellent lender and has shown great determination in increasing market share. And its telephone service is unique – it is there when advisers need it.”