The CEO of Manchester-based specialist bank DF Capital has praised the city as a great place for finance – as he prepares to move into one of its landmark buildings.
Distribution Finance (DF) Capital specialises in providing working capital to dealers and manufacturers across the Ƶ. It secured its banking licence in 2020 – a tough year to start – but has seen consistent growth. Later this year it will move into two floors in the landmark Express Building in Ancoats.
In its interim results last week, DF Capital announced record new lending – up 17% to £828m – and reported half-year profit before tax of £9m, up 20% on 2024. And it added: “we expect full year profit to materially exceed current market expectations with an improvement in market expectations for FY26 also anticipated”.
Its CEO Carl D’Ammassa was in buoyant mood when he spoke to BusinessLive after the results. Asked for his highlight of the year, he said: “We've been smashing records left, right and centre”.
And he added: “The profitability in the first half of this year hitting £9m which is up 20% on an adjusted basis and record new lending at almost £830m… I'm just very excited about what we've delivered and the road map ahead.
“We've been growing the book the right way, lending money, getting the money back, which is always handy, managing costs really, really well and generating really good returns.
“We are an early stage bank, we're only just coming up to five years old as a bank. And I think what's been really great to remind people is… it's pretty unknown for early stage banks to be quickly profitable, and we have been. And over the last five years, this will be the fourth year of profitability. So that's something really to be excited and pleased and proud of.
“And we've upgraded as well – we've told the market that this year's numbers are going to be even better than we laid out at the start of the year.”
Mr D’Ammassa said the bank’s focus on its core markets had helped drive its growth. He said: “We're a specialty lender. We're not lending in random places. So we've stuck to the knitting. “Our reason for being is to support the growth and the sales of manufacturers, dealers, and distributors across a whole array of different sectors. We're allowing them to put stock on their forecourts, in their warehouses. Having that stock allows them to sell.
“I wake up every morning worrying about and thinking about my manufacturer relationships, my dealer relationships. I'm not a big bank that's got a whole array of different opportunities to lend. That commitment is something that really differentiates us, has built us loyalty and we've been able to scale off the back of that.”
Despite the turbulent economic climate – Mr D’Ammassa says there are “pockets of excellence” and other areas where things are “bleak” – he remains upbeat about DF Capital’s prospects, and about the performance of its clients.
Boss says Manchester has helped drive DF Capital’s growth
Manchester remains at the heart of DF Capital’s operations. Mr D’Ammassa said: “Well, there's something about Manchester, and those that want to be in Manchester and make this their home, that resonates with our customers, that relationship side of things.
“I do put an awful lot of our success down to us having that Mancunian spirit really. That's why we're committed to developing the business here. We've got no plans to set up offices elsewhere.
“We're moving over to the Express building, which is really exciting. Taking two floors there gives us an awful lot more space to provide a great working environment for our colleagues, but also underpins the growth ambitions of the firm.
And he said the company’s proudly Mancunian staff also helped the bank meet its customer service commitments.
“But I can't underestimate that when our, when our depositors ring up, get through to somebody in two or three rings, and talk to a friendly individual that's loving being in this part of the world… you can sense they've got a smile on their face. And they get them off the phone, you know, within minutes. Whereas in most organisations, you'd probably still be sitting on the phone half an hour later.
“Honestly, it really is something that our customers praise us for.”
