TIDMSTB
RNS Number : 4111Y
Secure Trust Bank PLC
14 January 2022
PRESS RELEASE
Secure Trust Bank PLC
LEI: 213800CXIBLC2TMIGI76
14 January 2022
For embargoed release at 07.00 am
SECURE TRUST BANK PLC
Pre Close Trading Update
Record level of new business lending in the quarter
Secure Trust Bank PLC and its subsidiaries ("Secure Trust Bank",
"STB", or the "Group") today issues a pre close trading update (1)
ahead of its annual results announcements for the year ended 31
December 2021 scheduled for 24 March 2022.
New Business Lending
Total new business lending increased by 27.9% in the fourth
quarter, to a record GBP471.1m, which was 51.5% (GBP160.1m) higher
than Q4 2020.
Record levels of new lending were achieved in each of Real
Estate Finance, Vehicle Finance and Retail Finance. In Real Estate
Finance the performance followed strong demand for the Group's
green loan products. The performance of the Consumer Businesses was
driven by strong pre-Christmas trading in Retail Finance and the
continued benefit of expansion into broader market segments in
Vehicle Finance.
Core Net Loan Book (2)
The core net loan book grew strongly in the fourth quarter and
by double digits compared to Q4 2020. Growth in the quarter was
higher than the run-rate required to achieve the Group's medium
term lending book growth target of a 15%+ compounded annual growth
rate (CAGR).
David McCreadie, Chief Executive Officer:
"I am delighted that we delivered a strong increase in net
lending during the final quarter of 2021 with the run-rate of net
loan book growth ahead of our recently announced medium term target
of 15%+ CAGR.
We achieved record levels of new business across a number of our
businesses and, as set out at our recent Capital Markets Day, are
demonstrating that we have considerable potential to scale further
in the years ahead in attractive, specialist lending markets.
Growth opportunities include the recently launched Personal
Contract Purchase product in Vehicle Finance and our planned launch
into Digital Buy Now Pay Later, accelerated by the acquisition of
AppToPay announced in November 2021.
While we remain mindful of the continued impacts of the pandemic
on the macroeconomic environment, our performance has heightened
our confidence in delivering our growth ambitions as we continue
our journey to become the most trusted specialist lender in the
UK.
I would like to thank all of our colleagues for their continued
commitment in helping our customers and supporting each other
during 2021."
(1) The Q4 2021 information in this announcement is
unaudited.
(2) Core excludes the Asset Finance and Consumer Mortgages loan
books which were each disposed of in July 2021.
Enquiries:
Secure Trust Bank PLC
David McCreadie, Chief Executive Officer
Rachel Lawrence, Chief Financial Officer
Tel: 0121 693 9100
Stifel Nicolaus Europe Limited (Joint Broker)
Robin Mann
Gareth Hunt
Stewart Wallace
Tel: 020 7710 7600
Canaccord Genuity Limited (Joint Broker)
Andrew Potts
Tel: 020 7523 8000
Forward looking statements
This document 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 UK
domestic and global economic and business conditions, risks
concerning borrower credit quality, market related risks including
interest rate risk, inherent risks regarding market conditions and
similar contingencies outside STB's control, the COVID-19 pandemic,
expected credit losses in certain scenarios involving forward
looking data, any adverse experience in inherent operational risks,
any unexpected developments in regulation or regulatory, and other
factors. The forward looking statements contained in this document
are made as of the date of this document, and (except as required
by law or regulation) STB undertakes no obligation to update any of
its forward looking statements.
About the Company
Secure Trust Bank is an established, well--funded and
capitalised UK retail bank with a 70-year trading track record.
Secure Trust Bank operates principally from its head office in
Solihull, West Midlands, and had 940 employees (full-- time
equivalent) as at 30 June 2021. The Group's diversified lending
portfolio currently focuses on two sectors:
(i) Business Finance through its Real Estate Finance and Commercial Finance divisions,
(ii) Consumer Finance through its Vehicle Finance, Retail
Finance and Debt Management 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, One Arleston Way, Solihull, B90 4LH.
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