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London based, Gatehouse was nominated for the award by a judging panel, who considered a range of criteria including product offering, customer service, contribution to the Islamic community and commitment to ethical goals. The Shariah-compliant provider was then selected by IFN’s readers in the Best Banks Poll for 2023.
This news follows a strong financial year for Gatehouse Bank, with robust growth and a post-tax profit of £8.1 million in 2022.
Key financial highlights for the year ending 31st December 2022 included:
• Moody’s Investors Service assigned Gatehouse Bank an investment grade credit rating with a long-term stable outlook based on its solid capital base, good liquidity profile and role as a growing Shariah-compliant UK Bank.
• Gatehouse increased its equity stake in leading property management provider, Ascend Estates Limited, to 100%. Ascend Properties manages over 10,000 units and circa 80% of all the institutional single-family homes in the UK. Clients include Carlyle Group, TPG and UK PRS REIT.
• The Gatehouse Build to Rent Group was established in early 2023 to include Gatehouse Investment Management and Ascend. The group consolidates the Bank’s Build to Rent activity under one roof offering a vertically integrated single-family investment platform which includes acquisitions, structuring, lettings and management.
• The Bank continued to deliver on its ESG commitments, aligning to the UK’s goal of achieving net zero by 2050 and remaining operationally carbon neutral.
• Gatehouse Bank surpassed the £1 billion milestone in both total Retail Savings and Residential Property Finance assets.
• The Bank’s home finance offering for UK residents, UK expats and international residents saw robust growth, with total balances increasing by 40% year-on-year to £1,065 billion (2021: £762m).
Charles Haresnape, CEO of Gatehouse Bank, commented: “We are delighted to have been recognised as a leader in the UK’s Shariah-compliant banking sector and would like to thank the team at IFN for their continued consideration, as well as everyone who took the time to vote for us.
“As we move into 2024, we are looking forward to continuing to provide competitive and ethical home finance and savings products for our retail customers. “Our focus remains on delivering our ESG commitments and expanding our growth, especially in the Build to Rent market, a market we are a recognised leader in, to cater to the ever-increasing demand for Shariah-compliant investment opportunities.”
Melissa Economou
Gatehouse Bank
+44 7505 873207
email us here
