Financial Information
Our strategy is focused on the long term. We aim to build strong, lasting relationships with our customers and broker partners and grow sustainable and profitable businesses in underserved sectors of the finance market
2024 Key Performance Indicators
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£165m
Operating income
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£86.4m
Profit before tax
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46.6%
Cost income ratio
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£1,851m
Gross new lending
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435
Staff numbers
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£3,487m
Loan book
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£3,468m
Funding 1
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20.1%
Return on equity 2
1 Includes Bank of England funding schemes
2 Return on Equity is calculated net of the coupon paid on contingent convertible securities
“Notwithstanding the uncertainty in H1 2024, United Trust Bank (“UTB”, “the Bank”) made significant progress, achieving a number of its strategic objectives. UTB’s financial performance continues to demonstrate the resilience of its business and the strength of its team, with the Bank reporting a Return on Equity of 20.1% in the year. UTB has been successfully building its business and brand for over 20 years with a strong focus on recruiting the best people, developing the Bank’s product range, and adopting a disciplined approach to growth. It continues to focus on these factors.”
Richard Murley – Chair
Business Overview
UTB operates within the UK and its primary activity is the provision of a range of secured funding facilities for individuals and businesses and fixed and notice deposit accounts for individuals, businesses and charities.
The Bank provides short to medium-term property loans supporting SME housebuilders in the development of residential and residential led mixed use housing schemes, bridging and structured finance facilities for individuals, companies and property investors and regulated first and second charge mortgage products.
UTB also provides UK SMEs with a variety of funding options for the acquisition and refinance of assets including wheeled and tracked vehicles and plant, haulage tractors and trailers, CNC machinery and high value and classic cars. All UTB’s lending is funded by the Bank’s capital base and deposits.
Pillar 3 disclosure
The purpose of the Pillar 3 document is to provide information and disclosure to the Bank’s stakeholders in relation to the internal procedures and policies adopted by the Bank to manage and mitigate its key risks.