Latest news with #GatehouseBank
Zawya
08-07-2025
- Business
- Zawya
Gatehouse Bank achieves fifth consecutive year of profitability
The Bank's 12-month rolling net promoter score reached 71+, the highest in its history. Gatehouse Bank surpassed the milestone of 50,000 trees planted through its Woodland Saver Accounts. 2024 marked the five-year anniversary of the UN Principles for Responsible Banking, of which Gatehouse Bank was a founding signatory. The Bank has refined its ESG strategy across four key pillars. London – Gatehouse Bank, a Shariah-compliant ethical bank, majority owned by Kuwait shareholders, has published its annual results for the year ending 31 December 2024. The Bank reported a post-tax profit for 2024 amounting to £3.8 million (up 20% from £3.2 million in 2023), marking its fifth year of profitability. In line with its business strategy for the year, the Bank managed growth across its core markets, with total home finance originations amounting to £148 million. 2024 Key Highlights Home Finance The Bank completed a forward flow arrangement to originate £650 million of home financing to a third party, in addition to originating for the Bank's balance sheet. The Bank reintroduced its range of Home Purchase Plans* offering finance up to 95% of the property value, to support those taking their first step on the property ladder. For Buy-to-Let customers, the Bank reintroduced 'top slicing', allowing landlords to use their personal income to top up the shortfall if their tenant's rent does not achieve the required threshold. Gatehouse Bank continued to support customers financing a more energy efficient property through its green home finance products. These offer a reduced rental rate** for customers acquiring or refinancing a property with an energy efficiency rating of A or B. In addition, the Bank also offsets the carbon emissions generated by the average UK property for the product's initial fixed term. The Bank enhanced the customer journey for home finance customers by investing in technology, contributing to a milestone all-bank net promoter score of +71. In 2024, Gatehouse Bank extended its online Decision in Principle (DIP) facility to also include overseas customers, with 8,700 DIPs successfully competed online, more than double compared to the previous year. Savings In line with business strategy and the Bank's targets for the year, total retail deposits reduced by 2.1% in 2024 to £1.289 billion. Gatehouse Bank's range of fixed-term deposit and cash ISA Woodland Saver accounts remained popular with customers. For every account opened or renewed, Gatehouse partners with Forest Carbon, a leader in developing woodland creation, to plant a tree on behalf of the customer across nine woodland projects certified by the government's Woodland Carbon Code. In December 2024, the Bank surpassed the milestone of 50,000 trees planted. Build to Rent The Bank's Build to Rent activity is consolidated under one roof by subsidiary, Gatehouse Build to Rent Group, trading as Gatehouse Living Group. The Group is a vertically integrated, residential investment and management platform, comprising of Gatehouse Investment Management and the UK's largest manager of single family rental homes, Ascend. Gatehouse Living Group continued its expansion of new home developments, with properties under management now in excess of 11,500 in the UK. Performance of the Build to Rent portfolios remained favourable in 2024, with strong year-on-year rental growth and high occupancy. In 2024, Gatehouse Living Group sold an 800-home single-family housing fund on behalf of investors and launched a new strategic venture with a UK-based private equity business, acquiring over 1,000 homes from leading housebuilders. ESG Gatehouse Bank refined its ESG strategy across four pillars: biodiversity and deforestation, financial education and inclusion, climate change and community health and wellbeing. 2024 marked the five-year anniversary of the UN Principles for Responsible Banking, of which Gatehouse Bank is a founding signatory and the first Shariah-compliant bank in the UK to sign up. Gatehouse Bank has now been certified as operationally carbon neutral for four consecutive years. Colleagues across the Bank raised over £21,000 for its 2024 charity partner, the Bone Cancer Research Trust. The funds raised will help the charity continue its vital work of supporting those affected by primary bone cancer. Having continued to provide opportunities for colleagues to take two paid days of volunteering leave per year, the Bank saw its highest uptake on this policy, with 132 colleagues supporting over 40 organisations. Overall, 78% of Gatehouse Bank colleagues took part in fundraising or volunteering in 2024, marking a 38% increase compared to 2023. During the year, the Bank launched a Community Sports Fund and has partnered with five local sports teams. Through this initiative, the teams received new sports kits. Fahed Boodai, Chairman of Gatehouse Bank, added: 'I remain incredibly proud of Gatehouse Bank's progress in 2024, which marked the milestone of five consecutive years of profitability. 'We continue to have a strong track record in the retail savings, home finance and institutional Build to Rent markets, and I am confident that the Bank is well primed to deliver robust growth while upholding an excellent experience for our customers in the year ahead.' Charles Haresnape, CEO of Gatehouse Bank, commented: 'Thanks to the hard work of colleagues across Gatehouse Bank, we continue to challenge in our chosen specialisms while ensuring we put the needs of customers at the heart of everything we do. This was reflected in reaching a 12-month rolling net promoter score of 71+, a new milestone within the Bank's history. 'At Gatehouse Bank, we have appetite for further growth in 2025 and see demand from our specialist markets to achieve this. We aim to uphold an excellent customer experience for new and existing customers, while continuing to help more savers, homeowners and landlords achieve their financial goals.' To read the full 2024 Annual Report, please click here. *A Home Purchase Plan is a Shariah-compliant alternative to a mortgage. **As a Shariah-compliant bank, Gatehouse charges rental rates rather than interest rates, which reflect the share the customer owns of the property. For more information contact: H/Advisors Dubai | E: GatehouseBank@ Ashleigh Clark | E: Melissa Economou | E: About Gatehouse Bank: Gatehouse Bank is a Shariah compliant ethical bank, headquartered in London and with offices in Birmingham, Milton Keynes and Wilmslow. Majority owned by Kuwait shareholders, Gatehouse Bank offers a range of ethical savings products for UK customers, as well as residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. A founding signatory to the UN Principles for Responsible Banking, Gatehouse is committed to playing its part in creating a sustainable future for all. @gatehousebank
Sky News
21-05-2025
- Business
- Sky News
Why high street banks may not be the best place for your regular savings
Why you can trust Sky News Several banks have announced rate reductions on their savings accounts since 8 May when the Bank of England cut the base rate to 4.25%. HSBC, for example, will cut the rate on its flexible saver account from 1.35% to 1.30% AER on 21 July, while Barclays will cut the rate on its everyday saver from 1.16% to 1.11% AER on 4 August. It's not only high-street providers that have cut rates. At the beginning of the year, before the Bank of England made its first rate cut in February, the top unrestricted easy access account available was with Gatehouse Bank and was paying 4.75%. Today, after two base rate cuts amounting to 0.5%, this account is now paying 4.15% - so has fallen at the same rate. "The difference, of course, is that the Gatehouse account is still fairly competitive - paying just a little less than base rate - and importantly more than CPI inflation," says Bowes. So, although high street banks are cutting rates by a smaller amount, they are still very uncompetitive. For those who are willing to shop around, there are still good rates to be found, with the top easy access accounts changing very little since January. "At the beginning of the year, the average of the top five easy access accounts was 4.79% - at the time of writing it's 4.66% with the top rate from Chip paying 4.77% AER," Bowes adds. "So, for those with cash in their high street bank's easy access account, don't wait for the rates to be cut - you are likely to already be getting a raw deal, so switch today to get your cash working harder." And for a £50,000 balance... Taking a wider look at the savings market, we saw the average rate for one-year and two-year bonds fall slightly. But those willing to lock their cash away for three or five years could benefit more as the average rates on these accounts increased. "This now means that the rates for all terms are very similar, which could mean that locking in for the longer term is more appealing to those people who were put off by the fact that the rates were much lower in the past," Bowes says. "Of course, there is a possibility that with inflation expected to increase again, certainly in the short term, further rate cuts may not happen immediately, but the trajectory is still downwards. "Therefore, if you're locking some of your cash up for the long-term you might be pleased you have done so in one or two years' time when your bond comes up from maturity, if the rates available then are lower." Here's a look at the best rates available... We saw similar movement in fixed-rate ISAs, which have been very resistant to the recent base rate cut. The top one-year rate is slightly higher than it was a week ago, as is the five-year rate. "Remember, although the ISA rates look like they're lower than that of the equivalent fixed-term bonds, after tax is deducted from the bond often a cash ISA will provide a better return to those people who are paying tax on their savings now," Bowes points out. "Of course, it's also important to shop around to earn as much interest as you can." Here's a look at the best rates available...
Finextra
16-05-2025
- Business
- Finextra
Algbra partners with Gatehouse Bank
Algbra Group and its Fintech-as-a-Service division, Algbra Labs, have today announced a new partnership with Gatehouse Bank to deliver the next stage of the Bank's digital transformation strategy. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Gatehouse Bank is a Shariah-compliant, UK Bank offering ethical savings products for UK customers and residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Algbra Labs is a UK-headquartered financial technology company that offers its full-stack proprietary technology as a turnkey digital banking solution, having previously built Algbra's UK B2C proposition and more recently Shoal, a UK sustainable finance platform incubated out of Standard Chartered Ventures. The partnership between Gatehouse Bank and Algbra will involve creating a new digital account for overseas residents looking to invest in UK property, aiming to deliver an improved customer experience and facilitating greater investment in the UK's growing Islamic finance sector. According to Gatehouse Bank's latest research*, the UK is a leading Western hub for Islamic finance, with the sector projected to grow from an estimated US$7.5 billion in 2024 to US$9 billion by 2030. However, previous research conducted by the Bank in 2024 also revealed the prevailing untapped opportunities in the market, as over half of UK consumers of the Muslim faith have never taken out a Home Purchase Plan.** Algbra has a proven track record of building regulated digital banking platforms in the UK, including Algbra's own proposition and, more recently, the successful launch of Shoal, which partners with the Standard Chartered sustainable finance division. 'Algbra was founded with the mission of building exceptional technology, specifically designed to serve underrepresented communities. Partnering with Gatehouse Bank, an established and growing Islamic Finance provider, is a significant milestone in advancing that mission and we are excited to support their work and bring innovative, ethical financial solutions to more people', said Zeiad Idris, CEO of Algbra. Charles Haresnape, CEO of Gatehouse Bank, commented: 'While there are many vendors in the market, Algbra Labs stands out due to their strong track record of building Shariah-compliant technology. 'Their expertise and innovation align perfectly with our vision for growth and we look forward to working together to deliver our common goal: to help more people seeking Shariah-compliant finance achieve their aspirations.'
Zawya
15-05-2025
- Business
- Zawya
Algbra Group announces new partnership with Gatehouse Bank
LONDON – Algbra Group and its Fintech-as-a-Service division, Algbra Labs, have today announced a new partnership with Gatehouse Bank to deliver the next stage of the Bank's digital transformation strategy. Gatehouse Bank is a Shariah-compliant, UK Bank offering ethical savings products for UK customers and residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Algbra Labs is a UK-headquartered financial technology company that offers its full-stack proprietary technology as a turnkey digital banking solution, having previously built Algbra's UK B2C proposition and more recently Shoal, a UK sustainable finance platform incubated out of Standard Chartered Ventures. The partnership between Gatehouse Bank and Algbra will involve creating a new digital account for overseas residents looking to invest in UK property, aiming to deliver an improved customer experience and facilitating greater investment in the UK's growing Islamic finance sector. According to Gatehouse Bank's latest research*, the UK is a leading Western hub for Islamic finance, with the sector projected to grow from an estimated US$7.5 billion in 2024 to US$9 billion by 2030. However, previous research conducted by the Bank in 2024 also revealed the prevailing untapped opportunities in the market, as over half of UK consumers of the Muslim faith have never taken out a Home Purchase Plan.** Algbra has a proven track record of building regulated digital banking platforms in the UK, including Algbra's own proposition and, more recently, the successful launch of Shoal, which partners with the Standard Chartered sustainable finance division. 'Algbra was founded with the mission of building exceptional technology, specifically designed to serve underrepresented communities. Partnering with Gatehouse Bank, an established and growing Islamic Finance provider, is a significant milestone in advancing that mission and we are excited to support their work and bring innovative, ethical financial solutions to more people', said Zeiad Idris, CEO of Algbra. Charles Haresnape, CEO of Gatehouse Bank, commented: 'While there are many vendors in the market, Algbra Labs stands out due to their strong track record of building Shariah-compliant technology. 'Their expertise and innovation align perfectly with our vision for growth and we look forward to working together to deliver our common goal: to help more people seeking Shariah-compliant finance achieve their aspirations.' *This report was commissioned by Gatehouse Bank and written by Gatehouse Bank and H/Advisors Cicero. The primary research mentioned throughout anonymously surveyed 1,002 Muslim respondents and 1,004 non-Muslim respondents living in the UK between 17th and 24th May 2024. The research assessed respondents' awareness of Islamic, ethical and green finance, alongside barriers to adoption and usage. **A Home Purchase Plan is a Shariah-compliant alternative to a mortgage. About Algbra Algbra is a UK-based financial technology company fully authorised and regulated by the Financial Conduct Authority (FCA). Algbra offers its full-stack proprietary technology, including its core banking platform, through its Algbra Labs division as a Fintech-as-a-Service (FaaS) solution, helping institutions build turnkey digital banking propositions. Algbra is backed by New World Group (NWG), Standard Chartered Ventures, Beacon Ventures, the British Business Bank, and other strategic investors. Algbra's commitment to ethical, inclusive, and sustainable finance is further underscored by its B-Corp certification and its pioneering work in the ethical finance ecosystem For more information, please contact press@ visit and follow Algbra on LinkedIn and Instagram. For Algbra media enquiries please contact: press@ About Gatehouse Bank Gatehouse Bank is a Shariah-compliant ethical bank, based in London, Birmingham, Milton Keynes and Wilmslow. Gatehouse Bank offers a range of ethical savings products for UK customers, as well as residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. A founding signatory to the UN Principles for Responsible Banking, Gatehouse is committed to playing its part in creating a sustainable future for all. @gatehousebank Gatehouse Bank Media Contacts Ashleigh Clark | E: Melissa Economou | E:
Bloomberg
15-05-2025
- Business
- Bloomberg
StanChart-Backed Algbra Partners With Gatehouse for UK Accounts
The UK banking arm of Kuwait's Gatehouse Financial Group Ltd. is partnering with London-based financial technology firm Algbra Group to provide new digital accounts for overseas residents looking to invest in the UK property market. Gatehouse Bank will integrate Algbra Labs' technology infrastructure into its online banking platform as part of a digital overhaul, allowing wider access to the UK Islamic finance sector, which the firm estimates is set to jump 20% to $9 billion in the six years through 2030. The tie-up also means offerings such as home-purchase plans will be made available to international homebuyers.
