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Wednesday, October 16, 2019


UTB loan book exceeds £1bn

Theo Osborn | 12:37 Wednesday 6th March 2019

United Trust Bank (UTB) has reported that its loan book grew by 20% to £1.034bn in 2018.

The specialist bank’s deposit book also grew to more than £1bn for the year ending 31st December 2018.

Its pre-tax profits increased by 19.3% to £31.4m, while its operating income rose by 21.9% to £61.2m.

In 2018, UTB expanded its operations with the launch of a new motor finance division  as well as the addition of first charge loans.

Graham Davin, chief executive officer at UTB (pictured above), said: “The increase in profits was driven by further growth in lending and deposits, with both books exceeding £1bn, combined with good cost management.”

UTB revealed that its cost- income ratio decreased from 45.4% to 43.9%, reflecting increasing scale effects throughout the business, including in the mortgage division.

“We expect this ratio to continue to fall as scale increases further and we invest in systems to improve efficiency.

“Notwithstanding the economic and political headwinds, we are planning for another year of growth and solid returns.

“We operate in large growing markets where the clearing banks are less active. 

“We have experience of developing and building business units and of collecting loans in less benign markets.”

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