Clydesdale Bank, which runs two financial centres in Kent, has pledged to lend south east businesses an extra billion pounds.

The bank, owned by National Australia Bank Group, reported interim pre-tax profits up 17 per cent to £81m in the six months to March 31. Underlying profits jumped more than 11 per cent to £264m.

Clydesdale, with centres in Maidstone and Tunbridge Wells, said that business and personal customers in the south east would benefit from new money worth £1bn, out of a nationwide total of £10bn.

Clydesdale - sponsor of the new 40-over county cricket competition - and its stablemate Yorkshire Bank are investing the money with the aim of stimulating business growth. The new package aims to free up cashflow. The banks have advanced £2.2bn across the region in the past six months.

Will Lindsay, regional director, said: "Investing for growth underlines our commitment to helping UK businesses grow by easing the pressure on their cashflow.

"Following every recession, there comes a point when businesses feel confident enough to start investing again. The challenge for trading businesses is to identify when this point is and what to do about it. As customer confidence increases, we will be there to support and help develop their business growth plans."

Chief executive Lynne Peacock added: "While there are now consistent signs of economic recovery, our sensible and cautious approach will remain until longer term trends are evident. Our clear focus remains on maintaining our strong capital position and supporting customers."