DF Capital – Interim Results
Half-Year Performance Highlights
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Record new loan origination of £1.1bn (H1 2025: £828m), up 31% which drove a 27% increase in the loan book to £932m (30 June 2025: £732m). | |
DFRNT, the Group’s asset finance lending product, continues to gain traction, with balances increasing to £40m at 30 June 2026 (30 June 2025: £6m). Momentum continued to accelerate post period end with balances increasing to c.£65m at 31 August 2026. | |
Structured finance balances increased to c.£174m (30 June 2025: £88m), reflecting strong demand for tailored finance solutions across chosen sectors. | |
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Net interest margin of 7.5% (30 June 2025: 7.8%), falling in line with expectations given the wider range of lending products. | |
The Group maintained strong cost control delivering an improving cost-to-income ratio of 53% (H1 2025: 58%). | |
Credit performance remained resilient, with arrears reducing to 0.7% of the gross loan book (30 June 2025: 1.5%) and annualised cost of risk reducing to 0.49% (H1 2025: 0.63%). | |
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Customer deposits of c.£1bn (30 June 2025: £688m), a CET1 ratio of 17.8% (30 June 2025: 19.7%) and a total capital ratio of 20.8% (30 June 2025: 21.7%). | |
Tangible net asset value1 per share increased to 82.2p (30 June 2025: 70.2p), up 17% and remains consistent with the Group’s target to deliver 10%-15% growth per annum. | |
30 June 2026 6-month | 30 June 2025 6-month | Change | |
Performance | |||
Deposit book (£m) | 999 | 688 | 45% |
Loan book (£m) | 932 | 732 | 27% |
New loans advanced to customers (£m) | 1,083 | 828 | 31% |
Financial | |||
Gross revenue (£m) | 55.0 | 43.7 | 26% |
Net income (£m) | 50.7 | 43.3 | 17% |
Net interest margin (%) | 7.5 | 7.8 | -28bps |
Cost of risk (bps) | 0.49 | 0.63 | -14bps |
Cost to income ratio (%) | 53.0 | 58.1 | -5.1pp |
Profit before tax (£m) | 13.4 | 9.0 | 49% |
CET1 ratio (%) | 17.8 | 19.7 | -1.9pp |
TCR (%) | 20.8 | 21.7 | -0.9pp |
Return on tangible equity (%) | 15.3 | 11.4 | +3.9pp |
Earnings per share (pence) | 6.0 | 3.8 | +2.2p |
Tangible net asset value per share (pence) | 82.2 | 70.2 | 17% |
Carl D’Ammassa, chief executive officer, commented: “I am delighted with the progress we have made in the first half of 2026. These results show the strength of our business as we build a larger and more diversified lending franchise. Our growth story continues with strong and sustainable levels of returns. Our recently launched asset finance proposition, DFRNT, is gaining significant traction, structured finance is growing well, and the investments we have made in our platforms and customer journeys allow us to serve customers more quickly and effectively.”
“Whilst the macro-economic and geo-political environment presents uncertainty, we feel well placed to navigate these over the longer term. We have all the ingredients in place to support our ambitions, with real excitement across the business about the significant opportunity ahead as we look to deliver on our 2028 and 2030 financial targets.”