United Trust Bank (UTB) has reported a 36% increase in profits before tax to £20.7m for the year ending the 31st December 2016.
The specialist bank increased its loan book by 42% to £617m, operating income rose 29% to £40.8m and customer deposits grew by 46% to £664m. Gross income was £56.3m and return on equity was 29%.
United Trust Bank is an expanding specialist bank providing a wide range of secured funding facilities for individuals and businesses, and deposit accounts for individuals, businesses and charities.
In 2016 UTB was named ‘Specialist Bank of the Year’ in the prestigious Bridging and Commercial Awards and was placed 25th in the annual Sunday Times BDO Profit Track 100 league table which ranks Britain’s fastest growing private companies.
The Bank is well known for its experienced and knowledgeable staff and has dedicated divisions providing asset finance, bridging finance, development finance, structured finance and professional loans and in late 2015 UTB launched into the specialist mortgage sector with a range of second charge loan products.
In September 2016, the Bank appointed Richard Murley as Chairman to replace Nicholas Clegg CBE who retired from the role following a successful 15 year tenure. Richard is an experienced investment banker and Executive Vice Chairman at NM Rothschild & Son. He is also the Chairman of University College London Hospitals Foundation Trust and was Director General of the Takeover Panel between 2003 and 2005.
United Trust Bank Chief Executive Officer, Graham Davin, commented:
“United Trust bank produced yet another outstanding set of results for the year. Our strategy of organic growth has delivered a strong performance and our lending and deposit books have both passed major milestones. Our return on equity was 29% which is class leading.
“Set against a trading environment rife with Brexit uncertainty, increasing competition and industry regulation, the management and staff have performed with great energy, skill and dedication to achieve these excellent results. I would like to thank the team, our customers and our broker partners for their valued support.”
“We will continue to explore opportunities to accelerate our organic growth strategy with new product developments and by considering suitable acquisitions.”