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United Trust Bank profits up 67%

United Trust Bank profits up 67%

United Trust Bank has reported a 67 per cent increase in profits after tax to £12.3m in 2015.

The bank saw lending increase by 48 per cent to £434m, with operating income rising 34 per cent to £31.6m and customer deposits increasing by 46 per cent to £476m.

Return on equity was 32 per cent.

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During 2015 the bank saw growth in lending across all divisions and launched a retail mortgage proposition offering second charge secured loans, and an innovative technology finance product.

Graham Davin, chief executive officer at United Trust Bank, said: “2015 was yet another outstanding year for United Trust Bank.

“We recorded significant growth in lending, deposits, income and profits, with all reaching milestone levels, and we continued to invest in talented people and new product development.

“Completing a move to new headquarters in the City of London gave us much needed extra space for additional staff and we successfully raised new capital to support UTB’s future growth.

“In the last 12 months we have also made senior appointments in finance, credit and risk which allows us to maintain and manage our growth trajectory in 2016 and beyond.

“United Trust Bank is guided by a talented management team and driven by its dedicated staff. Their energy and the support of our customers and broker partners has enabled the Bank to achieve these excellent results.”

United Trust is a specialist bank that provides a range of secured funding facilities and deposit accounts for individuals, businesses and charities.