United Trust Bank hits £1bn of assets

United Trust Bank hits £1bn of assets

Specialised lender United Trust Bank (UTB) has reported a 27 per cent increase in profits before tax to £26.4m for 2017.

The lender said that income increased by 20 per cent, and that it exceeded £1bn of assets for the first time, which chief executive Graham Davin said was "an exciting milestone in the bank's evolution".

Mr Davin said: "Although we expect the bank to be largely insulated from the direct effects of Brexit, the next 12 months are bound to produce challenges and opportunities.

"I have every confidence that our talented and dedicated staff will meet both with enthusiasm and drive, and on behalf of the shareholders and directors, I would like to thank them for their vital contribution to the bank's success."

The bank, which provides asset finance, mortgages, bridging finance, development finance, professional loans and structured finance, has signed an agreement with the British Business Bank for a product known as the Enable Guarantee, which will allow United Trust Bank to significantly increase its lending to small and medium-sized house builders.

United Trust Bank recently revamped its underwriting team to deal with rising business volumes.

Mr Davin said that move also increased market share in the second charge mortgage sector, while the new structured finance division, formed in 2016 to provide bespoke solutions to clients with more complex corporate structures or requirements, doubled in size over the course of the year and also exceeded its targets for new business volumes and income.