Secure Trust Bank PLC Pre-Close Trading Update (0038C)
January 17 2018 - 1:00AM
UK Regulatory
TIDMSTB
RNS Number : 0038C
Secure Trust Bank PLC
17 January 2018
Secure Trust Bank PLC
17 January 2018
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 2017 scheduled for 22 March
2018.
Trading in the final period of the year has been in line with
management's expectations and as a result the full year results are
expected to be in line with market expectations.
The Group continued to reposition its lending portfolios away
from higher risk consumer lending during the final quarter of 2017,
culminating in the profitable sale of the residual unsecured
personal loan book in the final quarter (as announced on 21
December 2017). Overall customer numbers and the associated Retail
Finance, Motor Finance, Mortgages and SME lending balances have
continued to grow, in a carefully controlled manner, during the
period.
The Group has also made further progress during the period with
its preparation for the implementation of IFRS9 as the regulatory
and transitionary treatments have been clarified. The Group will
provide further guidance on IFRS9 implementation in due course.
The changes to the capital regulations that have now been
announced by the Basel Committee on Banking Supervision are
welcomed by the Group and once fully implemented should go a long
way to levelling the regulatory capital playing field especially in
the owner occupied residential mortgage market, which is the
largest of the UK lending markets.
Following a year of very significant transition and new
proposition development, STB enters 2018 well placed to pursue its
strategic priorities through developing its business model
organically and pursuing M&A opportunities.
Enquiries:
Secure Trust Bank PLC
Paul Lynam, Chief Executive Officer
Neeraj Kapur, Chief Financial Officer
Alan Karter, Company Secretary
Tel: 0121 693 9100
About the Company:
Secure Trust Bank is an established, well--funded and
capitalised UK retail bank with a 65 year trading track record.
Secure
Trust Bank operates principally from its head office in
Solihull, West Midlands, and had 743 employees (full-- time
equivalent) as at 30 June 2017. The Group's diversified lending
portfolio currently focuses on three sectors (i) Business Finance
through its Real Estate Finance, Asset Finance and Commercial
Finance divisions, (ii) Consumer Finance through its Motor Finance
and Retail Finance divisions and (iii) Consumer Mortgages.
As at 30 June 2017 the Group's loans and advances to customers
totalled GBP1,509.6 million, customer deposits totalled GBP1,325.8
million and the Group's total customer base exceeded 800,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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