Preliminary Results

December 2019

Disclaimer

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2

Presenters: Scott Maybury, CEO

David Bull, FD

Robert Murray, MD

PCF Bank is a specialist bank listed on the AIM Market

PCF Bank is one of new generation of banks, making successful inroads into the very large lending markets available to us

See Appendices for biographies of the Board of Directors

3

Overview

12

Lending to

£339m asset backed portfolio

  • Consumer Motor Finance

Business Asset Finance

£267m of retail deposits and

Broadcast and Media

over 6,250 savings customers

Property Finance

4

5

£10.75m of new equity

Share price reflects issues in

raised in March 2019

the broader sector rather

than fundamentals

£15m Tier 2 capital facility

£90m market capitalisation

3

Total customer base > 21,250

74% of originations are in our prime credit grades

110 staff. Recent move into larger premises. Offices in the City of London & Berkshire

6

Focus on KPI'S not just scale

Net Interest Margin 7.8%

Return on Equity 12.6%

Return on Assets 2.9%

Impairment charge 0.8%

Cost to Income Ratio 56%

4

Operational Highlights

Year ended 30 September 2019

"Enhanced capital structure provides the headroom for continued growth"

NEW BUSINESS ORIGINATIONS PORTFOLIO GROWTH RETAIL DEPOSITS

86%

55%

6,250 customers

£276m

£339m

£267m

(2018: £148m)

(2018: £219m)

(2018: £191m)

  • New equity of £10.75m and a £15m Tier 2 capital facility
  • New revolving term loan facility of £30m, supporting retail deposit funding
  • Balance sheet diversification through the acquisition of Azule and a new organic bridging property finance division.
  • 74% of new business origination is for prime customers, with a low probability of default and clean credit profiles
  • Impairment charge of 0.8% (2018: 0.5%), including adoption of IFRS 9
  • Competitive deposit rates and an excellent customer experience continues to boost our portfolio of savings customers

5

Financial Highlights

Year ended 30 September 2019

"Profits up 54% , Earnings per share up 35% and Return on Equity over our medium-term target"

PROFIT BEFORE TAX

OPERATING INCOME

NET INTEREST MARGIN

EARNINGS PER SHARE

(NIM)

54%

51%

5%

£8.0m £22.2m 7.8%

(2018: £5.2m)

(2018: £14.7m)

(2018: 8.2%)

COST-TO-INCOME

RETURN ON ASSETS

AVERAGE AFTER TAX

RETURN ON EQUITY

Stable

Stable

22%

56%

2.9%

12.6%

(2018: 57%)

(2018: 3.0%)

(2018: 10.3%)

35%

2.7p

(2018: 2.0p)

CET1 CAPITAL RATIO

18%

(2018: 19.3%)

6

New business volumes

  • Business Finance up 40% to £120million (43%)
  • Consumer Finance up 18% to £73million (27%)
  • Azule Finance up 26% to £69million (25%)
  • Bridging Finance - £14million (5%)
  • 74% in prime credit grades

14

69

120

86

49

31

62

73

37

36

Sept 16*

Sept 17

Sept 18

Sept 19

*12 months comparative

Consumer Finance Division

Business Finance Division

Azule

Bridging

7

Business Finance

  • SME hire purchase / lease finance for vehicles, plant and equipment
  • Market of £26bn in FYE September 2019, with a 7% growth rate (FLA)
  • PCF volumes of £120m represent market share of 0.5%
  • Average deal size of £45k
  • Success in penetrating prime segment of the market
  • 71% of volumes in prime credit grades
  • £178m portfolio at 30 September 2019 with over 5,700 customers
  • Increasing network of broker intermediaries

120

86

49

31

Sept 16*

Sept 17

Sept 18

Sep-19

*12 months comparative

8

Consumer Finance

  • Hire purchase finance for used cars and leisure vehicles
  • Market of £18bn in FYE September 2019, with 6% growth rate (FLA)
  • PCF volumes of £73m represent market share of 0.4%
  • Average deal size of £17k
  • 80% of volumes in prime credit grades
  • Success of long term finance for leisure finance (horseboxes, motorhomes and classic cars)
  • £128m portfolio at 30 September 2019 with over 11,000 customers
  • Scorecards and automated decision making to enable penetration of prime market

73

62

3736

Sept 16*

Sept 17

Sept 18

Sep-19

*12 months comparative

9

Azule Finance

  • SME hire purchase / lease finance for broadcast and media sector
  • Direct manufacturer, distributor and customer relationships
  • "Hybrid" model of writing business on balance sheet and introducing to third party banks for a fee
  • £15m on balance sheet; £54m off balance sheet
  • Average deal size of £44k
  • 76% of volumes in prime credit grades
  • £20m portfolio at 30 September 2019 with over 800 customers

69

55

Sept 18 *

11 months Sept 19

*12 months comparative

10

Bridging Property Finance

  • First charge property finance for bridging purposes to professional investors and developers
  • Market of £4bn in FYE September 2019 (EY &

Mintel)

  • PCF volumes of £14m represent market share of 0.4%
  • Average deal size of £636k
  • Average LTV of 59%
  • 62% of volumes in prime credit grades
  • £13m portfolio at 30 September 2019
  • Successful completion of "pilot scheme" and objective to write £60million of business in 2020

14

Sept 18

Sept 19

11

2019 Achievements

"Sustainable growth delivering increased profitability"

  • Grow the core businesses of asset finance and consumer motor finance by increased lending into the prime market
  • Diversify the balance sheet with new asset classes; both through acquisition and organically
  • Develop a much-improved proposition to the broker-introduced consumer motor finance market by automating credit decision making and proposal acceptance
  • Capital planning to prepare for the next stage of growth, while continuing to deliver improving Return on Equity.
  • Continue to invest in people, systems and infrastructure to build a bank that can support a £1bn portfolio

12

Future Operating Model

"Putting the building blocks in place for greater digitalisation"

  • Launch our new streamlined system for consumer motor finance
  • Trial direct to consumer products on our new platform
  • Develop a market leading portal for SME lending
  • Build out our Property Finance division beyond the pilot initiative
  • Evaluate how Azule's European capabilities can enhance our revenues
  • Complete the Azule integration and monetise synergies
  • Improve our customer journey for savers and borrowers with additional online functionality
  • Optimise technology across the organisation to support scale and deliver efficiencies

13

Investment Case

"A resilient operating model provides confidence for now and the future"

  • £63m of future operating income, already to hand on the balance sheet provides almost 65% of next years operating income expectation
  • A management team with over 25 years experience, over several credit cycles understand the need for prudent underwriting, sensible terms and correctly pricing for risk
  • A banking licence provides a competitive advantage compared to debt financed competitors
  • Investment in systems is delivering class leading service levels
  • A robust business model and sustainable growth due to:
    • our relatively small market share
    • our diversified income streams
    • adequate capital headroom
    • access to the retail deposit market; and
    • the existing infrastructure is delivering operational gearing

14

Outlook

"PCF Bank has a substantial opportunity to grow its business and shareholder value in the coming years"

1

Record originations of £27m in September demonstrates continued momentum

Strong e.p.s growth through low impairment and by targeting superior NIM and RoE

2

  1. medium-termtarget of a £750m portfolio by September 2022

Sustainable growth with aspirations to build a £1bn portfolio

3

Build a diversified balance sheet of:

Asset Finance

£350m

Motor finance

£250m

Property finance

£150m

New asset class

£150m

New asset class

£100m

4

Continued investment in new business lines, talent, our operating platform and the governance structure

Digitalise more of the business to enable scale and deliver efficiencies

5

Retain a cautious risk appetite, so we remain best placed when market sentiment improves

Take opportunities as acquisitions and sector consolidation presents itself

6

RoA target of 2.75% RoE target of 15% NIM target > 7%

A dividend policy that balances return with the capital requirements of a strongly growing bank

15

Appendices

Income Statement

12 months ended

12 months ended

30 September

30 September

(£000's)

2019

2018

Comments

Interest income and similar income

34,517

25,494

Interest Expense and similar income

(12,901)

(10,492)

Net interest income

21,616

15,002

NIM reducing due to 75% of new business in

NIM %

7.8%

8.2%

prime

Broker commission income

1,023

0

Azule commission income

Other Fees and commission income

792

492

Fees and commission expense

(1,154)

(844)

Net fee and commission income /(expense)

661

(352)

Net operating income

22,277

14,650

52% increase in income

Net loss on financial instruments at fair value

through P&L

(64)

0

Increased expense as we further build for a bigger

Administration expenses

(12,020)

(8,562)

business

Impairment losses on financial assets

(2,175)

(915)

Profit before tax

8,018

5,173

Income tax expense

(1,624)

(981)

Profit after tax

6,394

4,192

Earnings per share - basic & diluted

2.7p

2.0p

E.P.S. increased 35% period on period

Annualised ROA

2.9%

2.8%

Slight increase in ROA

Average assets employed

275,601

182,520

17

Balance Sheet

30 September

30 September

(£000's)

2019

2018

Comments

Assets

Cash and balances at central banks

7,371

21,338

Loans and advances to customers

338,503

219,322

Available for sale financial investments

19,638

39,902

Property Plant and Equipment

579

224

Goodwill and other Intangible assets

5,941

2,957

Includes goodwill for Azule

Deferred tax assets

1,169

1,185

Trade and other assets

4,932

1,543

Increase relating to Azule and growing book

Total assets

378,133

286,471

Liabilities

Due to banks

44,412

48,881

Includes £25m of TFS funding

Due to customers

267,070

191,139

Trade and other liabilities

7,896

3,899

Total liabilities

319,378

243,919

Net assets

58,755

42,552

Annualised ROE

12.6%

10.3%

CET1 Ratio

18.0%

19.3%

Liquid Coverage Ratio (LCR)

553%

499%

18

Portfolio Analysis

30 September 2019

Combined Summary-Assets

Consumer Finance

Business Finance

Financed

Division-Assets Financed

Division-Assets Financed

Motor Cars 36%

Light Commercial Vehicles 13%

Heavy Commercial Vehicles 9%

Motor & Touring Caravan 8%

Contractors Plant 6%

EPOS/Visual/Audio/Lighting 6%

Buses 3%

Touring Caravan 3%

Bridging 3%

Miscellaneous 13%

350

300

Motor Cars 59%

Motor Caravan / Home 21%

Touring Caravan 8%

Light Commercial Vehicle 6%

Horsebox 3%

Miscellaneous 2%

Portfolio split

Motor Cars 25%

Light Commercial Vehicles 17%

Heavy Commercial Vehicles 15%

Contractors Plant 10%

EPOS/Visual/Audio/Lighting 10%

Buses 5%

Other 3%

Trailers 3%

Miscellaneous 15%

13

MILLIONS

250

196.7

200

150

120.8

100

70.6

64.0

52.0

73.4

46.0

31.6

36.2

40.2

128.9

34.1

50

98.5

63.9

57.9

56.0

51.4

52.4

59.7

70.0

72.3

0

45.9

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CFD

BFD including Azule

Bridging

19

Credit Quality

Loan Book - Gross (£m)

Prescriptive underwriting criteria for risk, asset quality

420.0

and valuation

400.0

3.9%

Detailed

assessment

of

customer's

ability

to

380.0

4.6%

service debt

360.0

74% of all new business originations fall within our top

340.0

four credit grades (2018: 70%)

320.0

Over 60 days portfolio is stable in relative terms

300.0

Small average transaction size provides a wide spread

280.0

260.0

3.9%

of risk

3.3%

240.0

220.0

200.0

Bad debt charge off rate

180.0

91.5%

5.0%

160.0

3.3%

6.0%

6.00%

140.0

6.5%

3.3%

5.00%

120.0

8.2%

3.5%

92.8%

11.8%

2.3%

4.00%

100.0

3.4%

3.00%

80.0

90.7%

91.7%

2.00%

60.0

90.0%

89.5%

84.8%

1.00%

40.0

0.00%

20.0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

0.0

Bad debt charge off rate

Mar 2014

Mar 2015

Mar 2016 Sept 2016 Sept 2017 Sept 2018 Sept 2019

Not past due

Up to 60 days

Over 60 days

20

History

2018

Record profits of £5.2m

Retail deposits of £191m

Portfolio of £219m

2019

Acquire Azule Limited

1993

Formed through buyout of McDonnell Douglas Bank

1995

Started a car finance operation and acquired the original Private and Commercial Finance Company Limited

1998

Ordinary shares admitted to AIM

2011

Acquisition of North

2005

Herts Credit

2017

Company Limited

Commenced

2000

Failed

Portfolio

operations as a

Acquisition of

diversification into

Bank

car supermarket

TMV Finance Ltd

business

and United Motor

2015

Finance Limited

Surpassed previous

profits high point of

£2.1m

2014

2007

Application for deposit-

taking licence commenced

Global Financial

2013

2002

Crisis

Portfolio growth

Acquisition of DFS

recommenced

1999

2012

Leasing portfolio

Started Business

Raised £10m through

Finance Division

convertible loan

notes

Commence

Property

Finance

21

The Board

Tim Franklin

Non-Executive Chairman

Appointed on 06 December 2016

Tim has a financial services background and has worked in banking for a number of organisations for over 30 years. He is currently a non-executive director of the Post Office which is the UK's largest financial services retailer by number of outlets and is a member of its Audit Committee. He is also Chairman of Post Office Insurance and a non-executive director of Computershare Lending Services. Tim is an Institute of Leadership & Management Level 7 Coach and works extensively with senior executives across many industries both in the UK and internationally.

Tim is a member of the Nomination Committee and Remuneration Committee

David Morgan

Non-Executive Director

Appointed 09 July 2012

David has over 35 year's experience in international banking, building his career at Standard Chartered Bank in Europe and the Far East. Since leaving Standard Chartered in 2003, he has been involved in a range of business advisory and non- executive roles. He is currently a non-executive director of Somers Limited, Bermuda Commercial Bank Limited and Waverton Investment Management Limited. He is also Chairman of Harlequin FC, the Premiership rugby club.

David is a member of the Audit & Risk Committee, the Nomination and Remuneration Committee.

Christine Higgins

Independent Non-Executive Director

Appointed 13 June 2017

Christine is a Chartered Accountant with over 25 year's experience in asset finance, for UK and international banks. Over the last 9 years, she has served as a non- executive director on a number of boards in the health, housing, leisure and finance sectors, including as chair of the audit committee. She is currently a non-executive director of Buckinghamshire Building Society and chairs its audit committee.

Christine is the chair of the Audit & Risk Committee and a member of the Nomination and Remuneration Committee.

Mark Brown

Non-Executive Director

Appointed on 01 December 2015

Mark was Chairman of Stockdale Securities from November 2014 until it was bought by Shore Capital in April 2019. He was previously Chief Executive of Collins Stewart Hawkpoint and brings a wealth of experience and leadership in both small and large financial services business. Having worked as Global Head of Research for ABN AMRO and HSBC and as Chief Executive of ABN's UK equities business, Mark led the successful turnaround of Arbuthnot Securities followed by Collins Stewart Hawkpoint.

Mark is a member of the Nomination Committee and the Remuneration Committee.

22

The Board

David Titmuss

Independent Non-Executive Director

Appointed on 11 July 2017

David has over 25 years' experience in both large and small financial services organisations, with a particular emphasis on customer acquisition and database management. His corporate background includes working at a senior level in public and privately backed businesses. He has also led companies both as CEO and as a board director. Latterly David headed the marketing function of webuyanycar.comand is recognised as an expert in digital marketing and advises businesses on cost effective customer acquisition.

David is the chairman of the Nomination Committee and Remuneration Committee.

Marian Martin

Non-Executive Director

Appointed on 25 July 2019

Marian Martin is a chartered accountant with a background in risk management and audit. Most recently, Marian was at Virgin Money for 11 year's and was Chief Risk Officer throughout a period of significant growth and strategic development of Virgin Money and its risk function, including the successful listing of Virgin Money on the London Stock Exchange. Marian was an Executive Director of the main trading companies of the Virgin Money group during this period. In addition, Marian is a non-executive director at Castletrust and Starling Bank.

Scott Maybury

Chief Executive ('CEO')

Appointed on 12 January 1994

Scott holds a degree in business studies and is a qualified accountant. He spent six years with BHP-Billiton, Australia's largest multi-national corporation, and five years with McDonnell Douglas Bank. He is one of the founding directors of PCF Group plc and was previously Finance Director until October 2008.

Robert Murray

Managing Director ('MD')

Appointed on 19 October 1993

Robert holds the ACIB Banking Diploma and has over 40 year's banking and finance experience. He has extensive experience in both lending to personal, corporate and international customers. He is one of the founding directors of PCF Group plc.

David Bull

Finance Director ('FD')

Appointed on 03 August 2015

David holds a first class degree in Mathematics and Statistics and

is a qualified chartered accountant. After qualifying in 1996 he has worked in the Banking sector across a number of institutions including KPMG, Deutsche Bank and was interim Chief Financial Accountant at the Bank of England. Before joining PCF Group, David was a Director of Finance and Company Secretary at Hampshire Trust Bank plc, the specialist challenger bank where he was instrumental in setting up their banking operations.

23

Competitive Environment

Consumer Finance

Business Finance

24

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PCF Group plc published this content on 04 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2019 17:59:05 UTC