"The sustained organic growth of the Bank is particularly pleasing, given it was achieved in a fluid trading environment."
United Trust Bank (UTB) has announced that, for the year ending 31st December 2017, there was a significant growth in pre-tax profits to £26.4m.
The bank reported that the 27% increase in profits reflected another year of strong growth in lending and deposits during which they exceeded £1billion of assets for the first time.
Highlights of the year end figures included the return on Average Equity was 27%, lending to customers grew by 40%, customer deposits increased by 31% and gross income increased by 20%.
In October 2017 the Bank signed a ground-breaking agreement with the British Business Bank for a product known as the Enable Guarantee which will allow UTB to significantly increase its lending to SME house builders.
UTB also increased market share in the second charge mortgage sector becoming a top three lender of secured loans within 2 years of launching and winning three ‘Best Provider’ industry awards in 2017 alone. The new Structured Finance division, formed in 2016 to provide bespoke solutions to clients with more complex corporate structures or requirements, doubled in size over the course of the year and also exceeded its targets for new business volumes and income. The development finance, bridging finance and asset finance businesses also continued to perform very well.
Graham Davin, United Trust Bank CEO (pictured), had this to say: “United Trust Bank delivered another strong performance in 2017 and I am delighted to report an excellent set of results. Our significant growth in lending and deposits enabled us to exceed £1billion of total assets for the first time which marked an exciting milestone in the Bank’s evolution. The key measure of Return on Average Equity also remains class leading at 27%.
The momentum we have gathered over the last few years has continued and the markets in which we operate support our products while customers welcome the level of service we provide. The sustained organic growth of the Bank is particularly pleasing, given it was achieved in a fluid trading environment.
Although we expect the Bank to be largely insulated from the direct effects of Brexit, the next 12 months are bound to produce challenges and opportunities. I have every confidence that our talented and dedicated staff will meet both with enthusiasm and drive, and on behalf of the shareholders and directors, I would like to thank them for their vital contribution to the Bank’s success.”