Significant pre-tax profits for UTB28/02/2018
United Trust Bank (UTB) has reported a 27pct increase in profits before tax to £26.4million for the year ending 31st December 2017.
The results reflect another year of strong growth in lending and deposits during which the specialist bank exceeded £1billion of assets for the first time, as reported here at the time.
Other highlights include a return on Average Equity of 27pct, while lending to customers grew by 40pct and customer deposits grew by 31pct. Gross income increased by 20pct. 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.
United Trust Bank Chief Executive Officer, Graham Davin, commented, “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 27pct.
“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.”
United Trust Bank’s Annual Report and Accounts for the period ending 31st December 2017 have now been published and placed on UTB’s website.