Since the end of the financial year, the Bank has continued to grow and make progress towards its urgent mission. As of 24 November 2022, the Bank has announced 10 deals, accelerating progress towards the Government’s net-zero goals and supporting growth in all regions and nations of the United Kingdom.

In its first year, the Bank closed five deals across a range of sectors including digital, clean energy and transport. It also established its core governance procedures. Since then, it has appointed a gender-balanced permanent Executive team as well as a suite of eminent non-executive directors. The senior team will create a culture of learning and innovation by drawing on the best of private and public sectors, as the Bank accelerates its permanent recruitment. In its first year, the Bank’s headcount increased to over 130. Recruitment continues at pace, with 90%of staff expected to be based outside of London, the vast majority of who will be based at its Leeds headquarters.

The accounts also show that in the Bank’s first year, a £104m profit (after tax) was achieved. This was largely driven by the sale of a legacy asset from within one of the Bank’s funds relating to electric vehicle charging facilities. When the Bank was created in 2021 it was seeded with two third-party managed funds, established by the government’s Infrastructure and Projects Authority; the Digital Infrastructure Investment Fund (DIIF) and the Charging Infrastructure Investment Fund (CIIF). In early 2022, an underlying investment in the CIIF was sold at a substantial gain.

Chris Grigg, Chair of the UK Infrastructure Bank, said:

The Bank has achieved a great deal in its first year, though we know there’s more to do. In the coming year I look forward to the Bank growing further, being put on a statutory footing, continuing to forge strong links with a wide range of stakeholders and seeing the Bank mature into an enduring institution.

John Flint, CEO of the UK Infrastructure Bank:

I’m pleased the Bank is making good progress, as we continue to scale up and build our capabilities to move into our next phase of development.

"Now in our second year, we are building on strong foundations and see plenty of opportunity to deliver real impact against the urgent mission set by our shareholder.

"I am confident that with the right people on board, we can have a long-term, positive impact on the future of infrastructure across the UK.

Annie Ropar, Chief Financial Officer, said:

The Annual Report and Accounts show that the Bank made a profit after tax of over £100 million in its first year, representing a 30% return on equity. It is of course unusual for a new start up bank to make a profit in its first year. This shows the benefit of making equity investments in a variety of ways, including through third-party fund managers.

"As the Bank transitions into its next phase of development, we continue to build on what we have achieved in the first year. We cannot underestimate the size of the challenge ahead in reaching net zero and reducing regional inequality in the UK, but I am confident we can have real impact, and we look forward to playing a key part in helping to put in place the necessary infrastructure to see these ambitions become a reality.

You can read the Annual Reports, including a video where the CEO and Chief Financial Officer set out their thoughts on the first-year accounts.

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