Profits and lending up at AMC
© Tim Scrivener AMC lent 9% more money to farmers and landowners in the year ended December 2019 than in the previous year.
The organisation, which is owned by Lloyds Banking Group, lent an additional £345m in 2019, bringing its total loans and advances very close to £4bn, compared with £3.651bn in 2018.
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Pre-tax profits for 2019 rose to £56.8m from £44.7m the previous year, with the increase attributed to the growth in loans and advances.
AMC’s directors said they were confident of securing new business through the current year.
As required by accounting rules, principal risks and uncertainties for the business are listed in the accounts. Under this heading AMC includes commodity price volatility, the UK’s exit from the EU and the introduction of a new domestic support policy.
The loan to value rate across AMC’s business is 35%. It lends for business purposes only, with a minimum standard loan of £25,001.