Operating income for the year was £64.9m and the bank’s loan book increased to £1.24bn. Furthermore, operating profit reached £32.7m for the 12 months to 31 December 2019.
United Trust Bank chief executive, Graham Davin, said almost reaching £1bn in new lending was an “extraordinary performance” amid the political and economic uncertainty. He also said he expected the bank to surpass that figure in 2020.
Davin (pictured) added: “2019 was complex from a profitability perspective as our investment in additional people and systems and costs of higher liquidity and risk offset the headline 20 per cent growth in new business and loans.
“Nonetheless the bank begins 2020 highly profitable, well capitalised and liquid and is currently writing record levels of new business.”