Secure Trust Bank PLC Pre-close Trading Update (2025C)
15 January 2015 - 6:00PM
UK Regulatory
TIDMSTB TIDMARBB
RNS Number : 2025C
Secure Trust Bank PLC
15 January 2015
SECURE TRUST BANK PLC
PRE-CLOSE TRADING UPDATE
Secure Trust Bank PLC ("STB" or the "Group") today issues a
pre-close trading update ahead of its annual results announcement
for the year ended 31 December 2014 scheduled for 19 March
2015.
The Group has traded well during the final quarter, consistent
with the trends disclosed in respect of the previous quarters of
2014. The total loan book closed the year in excess of GBP600m.
As a result of the carefully managed growth in lending balances
coupled with continuing lower levels of impairments and firm
operational cost control STB anticipates full year results to be at
or above the upper end of market expectations.
Growth in consumer lending, especially in Retail Finance and
Motor, remained strong and overall new consumer lending business
volumes are materially higher than for the same period in 2013. It
is noteworthy that 'Black Friday' saw a 1300% increase in Retail
Finance applications and a 600% increase in new business written
compared to 'Black Friday' in 2013. This highlights how our
proposition supports the growing numbers of retailers we work with
in the finance and sale of their products both in store and
online.
STB has continued to make significant progress with the
development of its SME lending activities. The Group is now
providing Asset Finance, Invoice Finance and Real Estate Finance
and is seeing very strong demand for these services from a wide
variety of business customers. The growth in this area is being
carefully managed. This is reflected by continuing sizeable
investment in the Audit, Compliance, Finance, Relationship
Management and Risk Management capabilities of the Group during the
final quarter of 2014.
The Group's total new lending volumes written during 2014 are
over 75% higher than the prior year. The loan book has performed in
line with the trends reported in the first nine months of 2014.
Impairment levels remain below the level expected when the loans
were originated.
The Group's capital and funding levels remain very strong.
Conditions in the savings market continue to be favourable and
support the ongoing strategy of funding customer lending with
customer deposits of similar tenor thereby minimising the Group's
exposure to interest rate risk.
STB continues to work on a range of organic and external
business opportunities.
The Group enters 2015 with increased momentum, much broader
lending and risk management capabilities and strong capital and
funding positions. The UK economy continues to recover with
employment levels at record highs. Against this background STB
believes it is well positioned to sustain its positive progress
over the coming period.
-ENDS-
Enquiries:
Secure Trust Bank PLC Tel: 020 7012 2400
Henry Angest, Non-Executive Chairman Andrew
Salmon, Non-Executive Director
Paul Lynam, Chief Executive Officer Neeraj Tel: 0121 693 9100
Kapur, Chief Financial Officer
David Marshall, Director of Communications Tel: 020 7012 2400
Canaccord Genuity Limited (Nominated Adviser)
Sunil Duggal Tel: 020 7665 4500
Canaccord Genuity Limited (Broker) Tel: 020 7523 8000
Roger Lambert Lucy Tilley
Oriel Securities Limited (Broker)
Robin Mann Gareth Hunt Tel: 020 7710 7600
Bell Pottinger (Financial PR)
Ben Woodford Dan de Belder Tel: 020 3772 2566
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTUSRWRVBAAAAR
Arbuthnot Banking (LSE:ARBB)
Historical Stock Chart
From Apr 2024 to May 2024
Arbuthnot Banking (LSE:ARBB)
Historical Stock Chart
From May 2023 to May 2024