Secure Trust announces strong profits in milestone year
SOLIHULL-based Secure Trust Bank has announced pre-tax profits of £9.6m in what it defined as a “milestone year” for the business.
The bank completed its flotation on the Alternative Investment Market (AIM) in November and is now charting growth in the year ahead.
Annual results show the bank achieved an operating income of £28.5m, with adjusted earnings per share coming in at 55.6p.
It said capital, liquidity and its balance sheet remained strong, with a pre-tax return on average equity at 52.2%.
Lending volumes increased to £135.9m, up 51% on 2010, while customer deposits increased to £272.1m, a 77% increase on 2010. Fee based current accounts grew to 17,178, a 79% increase on 2010.
It said the underlying growth potential of the business had been enhanced by the successful IPO, through which STB raised new capital to support significant growth in its lending businesses.
It said as it entered its 60th year, it was well positioned to take advantage of the many opportunities available to it. Looking forward, it said its stance was consistent with its well defined strategy of providing customers with “simple, straightforward banking”.
Paul Lynam, the bank’s chief executive officer, said “2011 has been a milestone year for the development of Secure Trust Bank. We have delivered a strong underlying financial performance whilst putting in place the foundations necessary to control our ambitious growth plans across a diversified portfolio of products.
“With strong organic business volumes written in the early months of 2012 and good work continuing on a large pipeline of significant organic and external business opportunities we are in a cautiously confident mood.”
