16
May 2024
SECURE TRUST BANK
PLC
Q1 2024 Trading
Update
Positive start to 2024 and
economic outlook improving
Secure Trust Bank PLC ("Secure Trust
Bank", "STB" or the "Group"), a leading specialist lender, is
pleased to announce its trading update for the first quarter ended
31 March 2024, with further growth in net lending balances, good
progress on Project Fusion cost savings and trading in line with
management expectations.
Highlights
|
|
Q1'24
|
Q4'23
|
Change
|
Q1'23
|
Change
|
|
Net lending
|
£3,372.6
|
£3,315.3
|
1.7%
|
£3,013.3
|
11.9%
|
|
Deposits
|
£2,921.8
|
£2,871.8
|
1.7%
|
£2,544.6
|
14.8%
|
Net
lending
The net loan book grew by 1.7% in
the quarter and 11.9% compared to Q1 2023. Encouraging growth of
3.8% was achieved by Real Estate Finance in the quarter. Commercial
Finance balances declined in the period reflecting the challenging
market environment. Balances in Vehicle Finance grew by 1.6%
and in Retail Finance by 1.4%.
Deposits
Customer deposits grew by 1.7% in
the quarter to support our lending objectives. Deposit balances
were 14.8% higher compared to Q1 2023.
David McCreadie, Chief Executive Officer,
said:
"The Group continued to grow net
lending in the quarter and is trading in line with management
expectations. I am pleased that the positive momentum from
last year has continued and that we have taken another step towards
our £4 billion net lending ambition.
We have seen improved lending
quality in Retail Finance and continued to enhance our collections
processes in Vehicle Finance. We have identified further
opportunities to streamline our operations and generate additional
cost efficiencies.
With the UK economy returning to
growth and the likelihood of interest rate reductions improving, we
remain confident in delivering on our plans for the full year and
our medium term targets."
Enquiries:
Secure Trust Bank PLC
David McCreadie, Chief Executive
Officer
Rachel Lawrence, Chief Financial
Officer
Phil Clark, Investor
Relations
Tel: 0121 693 9100
Investec Bank plc (Joint Broker)
Bruce Garrow
David Anderson
Maria Gomez de Olea
Tel: +44 (0) 20 7597 5970
Shore Capital Stockbrokers (Joint Broker)
Mark Percy (Corporate
Advisory)
Guy Wiehahn (Corporate
Broking)
Tel: +44 (0)20 7408 4090
Camarco
Ed Gascoigne-Pees,
Geoffrey Pelham-Lane, Sean
Palmer
securetrustbank@camarco.co.uk
Tel: 07591
760844
The person responsible for the
release of this announcement on behalf of STB is Lisa Daniels,
Company Secretary.
Forward looking
statements
This announcement contains
forward-looking statements about the business, strategy and plans
of STB and its current objectives, targets and expectations
relating to its future financial condition and performance.
Statements that are not historical facts, including statements
about STB's or management's beliefs and expectations, are
forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future.
STB's actual future results may differ materially from the results
expressed or implied in these forward-looking statements as a
result of a variety of factors. These include economic and business
conditions, risks from failure of clients,
customers and counterparties, market related risks
including interest rate risk, risks regarding market conditions
outside STB's control, expected credit losses in certain scenarios
involving forward looking data, operational risks, legal,
regulatory, or governmental developments, and
other factors. The forward-looking statements contained in this
announcement are made as of the date of this announcement, and
(except as required by law or regulation) STB undertakes no
obligation to update any of its forward-looking
statements.
About STB
Secure Trust Bank is an established,
well‐funded and capitalised UK retail bank with a 71 year trading
track record. Secure Trust Bank operates principally from its head
office in Solihull, West Midlands, and had 868 employees (full‐
time equivalent) as at 31 December 2023. The Group's diversified
lending portfolio currently focuses on two sectors:
(i)
Business Finance through its Real Estate Finance
and Commercial Finance divisions; and
(ii)
Consumer Finance through its Vehicle Finance and
Retail Finance divisions.
Secure Trust Bank PLC is authorised
by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation
Authority.
Secure Trust Bank PLC, Yorke House,
Arleston Way, Solihull, B90 4LH.
LEI: 213800CXIBLC2TMIGI76