Secure Trust Bank deposits strong set of results

SOLIHULL’S Secure Trust Bank has seen its profits increase by 52% on a year on year basis.

Posting its annual results for the year ending December 31, it recorded underlying profit before tax of £25.2m compared to £16.6m in 2012.

Secure Trust – which emphasises its “simple, straightforward banking philosophy” –  has seen an increase in overall customer numbers of 51% to 350,861 and an increase in customer lending balances of 31% to £391m.

Its operating income increased by 68% to £79m (2012: £47m) and customer deposits increased by 9% to £436.6m.

The bank said it has seen a strong contribution from Everyday Loans following its acquisition in June 2012 while Secure Trust Bank Real Estate Finance is operational with a “substantial pipeline of opportunities”.

Secure Trust Bank Invoice Finance is progressing, the bank says, and it expects it to begin writing business in H1 2014.
 
Paul Lynam, the bank’s chief executive officer, said: “2013 was another excellent year for Secure Trust Bank.

“We have generated strong returns from the existing core businesses whilst achieving high levels of customer satisfaction as evidenced by a number of external awards and Feefo ratings in the range of 90 – 95%.

“The current momentum and the creation of a new SME lending division give us confidence for the current year and beyond.”