Announcing its annual results, UTB confirmed that its loan book reached £1.8bn by year end, while its profit after tax jumped by 42 per cent to £35.4m.

UTB said its results were a reflection of the lender’s continued support of SME businesses, housebuilders, property developers, homeowners and specialist brokers.

It noted that throughout the year it focused on recruiting experienced and knowledgeable new staff, invested in technology which it believes can accelerate and simplify how borrowers and brokers alike deal with UTB, and developed new products across its specialist lending divisions. UTB said there are a number of new product launches planned for this year.

Harley Kagan (pictured), chief executive officer at UTB, praised his staff for dealing with the pandemic with “resilience, tenacity and a positive outlook to meet the needs of our customers, brokers and their colleagues”. He also highlighted the funds that UTB provided through the Coronavirus Business Interruption Loan Scheme and the Recovery Loan Scheme, as well as its new five-year alliance with Homes England as particular successes.

Kagan concluded: “We owe a great debt of gratitude to our staff who continue to drive the growth and development of the bank, and our broker partners, borrowers, and depositors who support us. Although we continue to live in uncertain times, I look to the future with confidence and the strong belief that United Trust Bank will make the most of the substantial opportunities that lie ahead.”

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