Profits cut by half at bank after ‘challenging’ year

Birmingham-based Secure Trust Bank has seen profits shrink by almost 50% for the full-year 2020.

The bank saw its surplus down to £20.1m last year, against £38.7m for 2019.

The company called this figures “resilient” and says revenue was roughly the same as 2019.

Lord Forsyth, chairman, said: “A profit before tax of £20.1 million in such a challenging year is an excellent result and a tribute to our employees. Our determination to preserve Capital and maintain a prudent approach to lending has enabled us to pay a dividend of 44p. I am confident we are now well placed to take advantage of recovery.”