Secure Trust plan working as customer numbers increase by nearly a quarter in a year

SOLIHULL-based challenger bank Secure Trust has filed an imporessive set of annual results with profit before tax, customer numbers and customer deposits all on the increase.

The results, for the year to December 31, reveal an increase in customer lending balances of 59% and growth in overall customer numbers of 22% reflecting, the bank suggests, its success in gaining customers who are attracted by the straightforward transparent banking solutions offered.

Customer numbers now stand at 429,507.
 
A new record statutory profit before tax figure of £26.1m, is an increase of 53% from 2013.

Customer lending balances increased by 59% to £622.5m while customer deposits increased by 39% to £608.4m. Funding for Lending Scheme (FLS) usage remained unchanged at £16m.

The bank’s net assets have nearly doubled since its £50m capital raise in July 2014.

During the period in question, am SME division was established in asset finance, invoice finance and real estate finance sectors with a “substantial pipeline of lending opportunities” being progressed.
 
Chief executive officer Paul Lynam said: “The 60th anniversary of Secure Trust Bank’s incorporation represented a record year of profits for the company.

“The stated 2014 strategic objectives have been delivered with the controlled growth of the consumer finance businesses and the creation of a new SME lending division, continuing our prudent approach to capital and liquidity.

“Our current momentum and the continuing UK economic recovery give us confidence for the current year and beyond.”

Paul Marston, managing director of business and commercial at Secure Trust Bank, added:  “Secure Trust Bank has continued to make significant progress with the development of our SME lending facilities, demonstrated by the record 53% growth in profits achieved by the group.

“The launch of the Invoice Finance division in September has been extremely well received in the marketplace, while the addition of our Asset Finance and Real Estate Finance businesses have further enhanced our offering.

“Our customers benefit from fast decision-making and transfer of funds, along with local advisors. As a result, we continue to see very strong demand for SME lending facilities from a wide variety of business customers, and we are confident that volumes will continue to grow during the coming months.”