Bank made £60m investment across Northern businesses in 2018
One of the newest banks to open in Leeds has reported a growth across its Northern locations.
Across the North, Secure Trust Bank Commercial Finance provided £60m to business in Yorkshire, the North West, North East and Scotland in 2018.
It increased its overall lending balances by 54%, with a total of £194.7m invested in businesses across the country over the course of the 2018 financial year.
Just last year, the alternative finance provider announced it had funded more than £2bn of client invoices since its inception in 2014. The firm has revealed in its annual financial report that the figure now stands at nearly £3bn, an increase of almost 50%.
John Gribbon, Regional Managing Director at Secure Trust Bank Commercial Finance, said: “Expanding our geographical reach has played a significant part in the exceptional growth we’ve achieved over the course of the year. It has enabled us to make connections with businesses and intermediaries in the local area, and the effort put into building our national footprint has certainly bore fruit.
“Our impressive performance is also down to the experience and expertise of our sales teams. We boast an impressive track record, having worked with some exciting and well-known brands across a multitude of sectors, and this strong reputation in the market has positioned us as a credible lender of choice.”
Listed on the London Stock Exchange since 2011 and added to the main market in 2016, the wider Secure Trust Bank Group has also seen strong growth. Pre-tax profits rose to £34.7m in the last 12 months – an increase of 39% on 2017 figures.