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STB reports 25.9% loan book growth

Tom Belger | 17:00 Wednesday 8th August 2018

Secure Trust Bank PLC has announced that its overall loan book has increased to £1.84bn during the six months to 30th June 2018, up 25.9% on the £1.46bn reported in 2017.

The specialist bank saw customer numbers rise by 30.7% during H1 2018, reaching 1,096,854.

The group also revealed a 31.3% year-on-year increase in profit before tax to £15.1m.

It stated that the repositioning of its business model towards lower-risk lending in attractive market segments, and continued growth in both business and consumer finance, had led to income growth and reduced impairment losses.

Secure Trust Bank saw retail finance lending balances exceed £500m, while real estate finance lending was up 30.2% year-on-year.

Meanwhile, its invoice finance business has funded over £2bn of customer invoices since inception in 2014.

"I am pleased to report very good progress over the last six months, including signing up our one millionth customer and improved profitability,” said Lord Forsyth, chairman at Secure Trust Bank.

“This reflects well on the hard work and dedication of all our staff and their commitment to the business.”

Paul Lynam, chief executive at Secure Trust Bank (pictured above), added: “Balance sheet and customer numbers have grown strongly in the first six months of 2018 as we have invested our capital.

“We remain well positioned to continue developing our business model in line with our ambitions, creating sustainable value for our consumer and SME customers, our people and our shareholders."

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