British Business Investments (BBI), the commercial subsidiary of Sheffield-based British Business Bank plc, the UK’s national economic development bank, has published its annual accounts for 2017-18, its fourth year of operation.

BBI said it generated gross annual income of £76.2 million and delivered a pre-tax profit of £67.9 million – an increase of 23% on 2016-17.

It said it was supporting nearly 27,000 business across the UK as at March 31, 2018, an increase of 51%.

It currently has £1.2 billion invested, alongside £9.1 billion of private sector capital, across 58 investment partners.

BBI invests in challenger banks, non-bank lenders and venture and growth capital funds “to increase the choice of finance for smaller and medium sized businesses.”

It said it generates “an attractive commercial return on investment for the UK taxpayer” while having an economic impact by increasing the supply of capital available for small and medium sized businesses.

BBI CEO Catherine Lewis La Torre said: “Our latest investments have enabled us to increase the supply of capital to a broad range of small and medium-sized businesses, recognising their importance to the success of the UK economy.

“In the 2017/2018 financial year we have again produced tangible results, and I look forward to building on this success further as we address the challenges and opportunities of the year ahead.”

BBI chair Keith Morgan said: “We are pleased to report a strong set of results for the 2017/2018 financial year, a broadening of British Business Investments’ remit, an increase in profits, and an expansion of our network of finance partners.

“As a wholly-owned subsidiary of the British Business Bank, British Business Investments plays a key role in helping achieve the group’s overall objectives – increasing the size and diversity of finance markets and producing positive returns on UK taxpayers’ investments.”