Secure Trust Bank PLC 3rd Quarter Trading Update (9873P)
16 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSTB
RNS Number : 9873P
Secure Trust Bank PLC
16 October 2019
PRESS RELEASE
Secure Trust Bank PLC
LEI: 213800CXIBLC2TMIGI76
16 October 2019
For immediate release
SECURE TRUST BANK PLC
Q3 2019 Trading Update
Secure Trust Bank PLC and its subsidiaries ("Secure Trust Bank",
"STB" or the "Group") provide a trading update in relation to the
third quarter ended 30 September 2019.
The Group has traded well during the third quarter with business
trends consistent with those highlighted in the interim report. The
overall results for the period are in line with management
expectations.
Whilst demand for the Group's lending products remained healthy,
the Group saw a general slowing in demand in September. This
appears consistent with the recent economic data and is considered
by the Group to be a function of consumers and businesses becoming
more cautious ahead of the 31st October 2019 Brexit date. Given the
strong performance over the first three quarters of 2019, the Group
remains comfortable with its guidance in respect of the outlook for
the full year, although political developments in the coming weeks
could impact the UK economy and the Group's results in the final
quarter. The Group remains well capitalised and funded.
The introduction of ISAs to the deposit product offering has
also introduced further diversity into the deposit base at a lower
cost to non ISA deposit products.
On 15 October 2019 the Financial Conduct Authority (FCA)
announced plans to ban the way in which some car retailers, and
other brokers in the motor finance sector, receive commission. The
Group has reviewed the consultation paper issued by the FCA in this
respect and does not expect any negative impact on the Group's
motor finance business arising from the FCA's planned changes.
The Group considers that its lending portfolio is appropriately
positioned for current economic conditions and the short duration
nature of the asset portfolio means that the Group can react
quickly to both market opportunities and threats. The Group remains
selective in respect of new lending activities which are biased
towards shorter duration lower risk lending in attractive market
segments. This continues to drive profit growth and improve the
credit quality of new customer loan originations.
Enquiries:
Secure Trust Bank PLC
Paul Lynam, Chief Executive Officer
Neeraj Kapur, Chief Financial Officer
Tel: 0121 693 9100
Stifel Nicolaus Europe Limited (Joint Broker)
Robin Mann
Gareth Hunt
Tel: 020 7710 7600
Canaccord Genuity Limited (Joint Broker)
David Tyrell
Tel: 020 7523 8000
Forward looking statements
This document contains forward looking statements with respect
to the business, strategy and plans of Secure Trust Bank PLC
("Secure Trust Bank", "STB" or the "Group") and its current goals
and expectations relating to its future financial condition and
performance. Statements that are not historical facts, including
statements about Secure Trust Bank 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. Secure Trust Bank'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 Secure Trust Bank's
control, 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 hereof, and Secure Trust Bank 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 67 year trading track record.
Secure
Trust Bank operates principally from its head office in
Solihull, West Midlands, and had 956 employees (full-- time
equivalent) as at 30 June 2019. The Group's diversified lending
portfolio currently focuses on two sectors:
(i) Business Finance through its Real Estate Finance, Asset
Finance and Commercial Finance divisions,
(ii) Consumer Finance through its Motor Finance, Retail Finance
and Debt Management divisions
As at 30 June 2019 the Group's loans and advances to customers
totalled GBP2,278.3 million, customer deposits totalled
GBP2,001.5million and the Group's total customer base was well
over 1.4 million.
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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END
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