Secure Trust Bank PLC Trading Statement (8311E)
12 July 2021 - 4:00PM
UK Regulatory
TIDMSTB
RNS Number : 8311E
Secure Trust Bank PLC
12 July 2021
PRESS RELEASE
Secure Trust Bank PLC
LEI: 213800CXIBLC2TMIGI76
12 July 2021
Embargoed release 07.00am
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018.
SECURE TRUST BANK PLC
Trading Update
Further to the Company's trading update of 12 May 2021, the
positive trends experienced in the first quarter have continued
into the second quarter. There is sufficient evidence of a recovery
that STB's IFRS 9 impairment provisions in the current financial
year are expected to be significantly lower than the preceding
year. As a result, the Board now expects profit before taxation for
the full year ending 31 December 2021 to be materially ahead of
current market expectations (1) and to be above the top end of the
range of those expectations.
The Board remains cautious on the near to medium term UK
economic outlook and will maintain a prudent provisioning policy,
in case economic conditions worsen in the second half. The benefit
arising from reduced provisioning levels is expected to be less
marked in the financial year ending 31 December 2022, given the
increasing lending activity and the IFRS 9 provisioning required on
new lending.
The Group will announce its interim results for the six months
ended 30 June 2021 on 5 August 2021.
Note (1) The Board considers current market expectations for the
financial year ending 31 December 2021 are an average profit before
tax of circa GBP29.5m within a range from circa GBP26.4m to
GBP36.8m.
-- ENDS-
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)
Emma Gabriel
Tel: 020 7523 8000
About STB:
Secure Trust Bank is an established, well--funded and
capitalised UK retail bank with a 69 year trading track record.
Secure Trust Bank operates principally from its head office in
Solihull, West Midlands, and had 1,003 employees (full-- time
equivalent) as at 31 December 2020. 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 Motor Finance, Retail Finance,
Debt Management and Consumer Mortgages divisions.
As at 31 December 2020 the Group's loans and advances to
customers totalled GBP2,358.9 million, customer deposits totalled
GBP1,992.5 million and the Group's total customer base was well
over 1.5 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.
Further information:
This announcement (including any information referred to in this
announcement) contains statements which are, or may be deemed to
be, "forward-looking statements". Forward-looking statements are
prospective in nature and are not based on historical facts, but
rather on current
expectations and projections of STB about future events, and are
therefore subject to risks and uncertainties which could cause
actual results to differ materially from the future results
expressed or implied by the forward-looking statements. STB cannot
give assurance that such expectations will prove to be correct. You
are cautioned not to place any reliance on these forward-looking
statements. Other than in accordance with its legal or regulatory
obligations, STB expressly disclaims any intention or obligation,
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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END
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