The report also noted that the firm had increased gross new lending by 47%, breaking Allica’s £1bn annual new lending milestone for first time since its launch.
While gross revenue increased 68% to £293.1m, customer deposits also increased by 68% to over £4bn.
Allica went on to set a 10% target for market penetration in the established SME banking market in the next three years.
The results follow on from Allica’s acquisition of Tuscan Capital last year, which saw the firm launch into the bridging market.
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Commenting on the results Richard Davies, CEO at Allica Bank (pictured above), said: “2024 has been our best year yet, with significant growth in revenue, lending and deposits.
“We are pleased to have almost doubled our pre-tax profit to £29.9m too, as we continue to grow sustainably.
“Allica have invested heavily in our proprietary technology capabilities to ensure we have the foundations in place to continue to scale at pace, in terms of the amount of established SMEs we're supporting and the ways we're supporting them.
“We are determined to continue championing the needs of SMEs across the country, and hopefully change business banking for good.”
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