Secure Trust Bank posts rise in net loan book in Q1

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  • 16/05/2024
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Secure Trust Bank posts rise in net loan book in Q1
Secure Trust Bank has reported an 11% annual increase in its net loan book to £3.4bn in a trading update covering the Q1 period.

Compared to the preceding quarter for Secure Trust Bank, this was up by 1.7%. 

The bank said its real estate finance division saw “encouraging” 3.8% growth during the quarter, but commercial finance balances declined, “reflecting the challenging market environment”. 

Balances in its retail finance division increased by 1.4%, while vehicle finance balances saw a 1.6% growth. 

The lender said customer deposits rose by 1.7% to £2.9bn in Q1, which would support its lending objectives. Compared to the same period last year, deposit balances were 14.8% higher. 

 

Closer to £4bn net lending goal 

David McCreadie, chief executive of Secure Trust Bank, said its performance brought the lender closer to its future ambitions. 

He added: “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 £4bn 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.”

He added: “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.” 

In January, it was reported that Secure Trust Bank’s new lending had jumped by 30% in Q4.

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