Secure Trust Bank predicts profits in line with expectations
SOLIHULL-based Secure Trust Bank said its strong pattern throughout last year continued into the final quarter to ensure profits remain in line with expectations.
In a pre-close trading update ahead of its preliminary full year results the bank, which celebrated its 60th anniversary in 2012, said: “The good trading performance previously disclosed for the quarter ending September 30, 2012 continued during the last quarter of 2012, with growth in all the lending portfolios and the current account product.
“As a result the company expects to report profit before tax for 2012 in line with market expectations.”
The bank said it continued to work on a diverse pipeline of organic and inorganic business opportunities, while fresh hopes for growth revolve around the acquisition of the V12 Finance Group, which completed earlier this month, and that of Debt Managers, which was announced this month.
The costs arising from the acquisitions of approximately £0.8m will be included in the 2012 accounts as an exceptional item.
Looking ahead, the bank said: “The profitable trading coupled with the successful equity placing in the fourth quarter resulted in STB ending the year with robust capital and funding positions. STB enters 2013 in a strong and confident position and will continue to call on Government and the regulators to do more to enable challenger banks, such as itself, to compete on a like for like basis with the larger, state supported and subsidised banks.”
The bank’s preliminary results for the year ended December 31, 2012 are scheduled to be released on March 21, 2013.
