Mortgage News
UTB reports 52% uplift in gross lending amid hints of future market expansion
United Trust Bank (UTB) reported a 52% increase in gross new lending in 2015 advancing £521m in loans, amid hints of greater expansion into the specialist lending market.
Its full year results, ended 31 December, revealed its loan book grew by 48% to £434m while profit after tax leapt up by 67% to £12.3m.
In its report the lender said: “Second charge mortgages represent a new style of product for UTB in terms of the contract tenor and market segment.
“The new department opens up the possibility to launch additional specialist mortgages products and further improve diversification during 2016.”
UTB offers commercial finance, bridging loans and more recently second charges which launched in June last year.
United Trust Bank chief executive officer Graham Davin 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.
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“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.”