Secure Trust Bank PLC Trading Statement (4278Y)
May 12 2021 - 10:14AM
UK Regulatory
TIDMSTB
RNS Number : 4278Y
Secure Trust Bank PLC
12 May 2021
PRESS RELEASE
Secure Trust Bank PLC
LEI: 213800CXIBLC2TMIGI76
12 May 2021
For immediate release
SECURE TRUST BANK PLC
2021 Annual General Meeting Trading Update
Following the Annual General Meeting of Secure Trust Bank PLC
(the 'Bank' or 'STB' or 'Group') held earlier today, the Board of
STB provides the following update on trading for Quarter 1,
2021.
Highlights
Q1'21 Q4'20 Change Q1'20 Change
New business lending GBP318.5m GBP311.0m 2.4% GBP297.5m 7.1%
------------- ------------- ------- ------------ -------
Loans GBP2,334.7m GBP2,358.9m -1.0% GBP2,500.0m -6.6%
------------- ------------- ------- ------------ -------
Deposits GBP1,917.4m GBP1,992.5m -3.8% GBP2,089.2m -8.2%
------------- ------------- ------- ------------ -------
New Business
Total new business lending increased by 2.4% in the quarter and
7.1% compared to Q1 2020. Volumes reflected a combination of lower
activity due to the continuation of lockdowns and the commencement
of a phased return to pre-pandemic lending criteria in Motor
Finance.
Lending
The loan book contracted by 1%. Business Finance and Consumer
Finance combined lending remained static, with the reduction
predominately a result of the amortisation of the closed Asset
Finance and Consumer Mortgage books. Credit performance remained
benign.
Deposits
Customer deposits continue to be managed in line with funding
requirements and effective management of the product mix
contributed to a further reduction in the cost of funds.
David McCreadie, Chief Executive Officer:
"New business lending grew in the first quarter despite the
continuation of the national lockdown suppressing the rate of
growth. Our operational and financial performance remained strong,
continuing the momentum seen at the end of last year. The progress
of the UK vaccination rollout provides confidence that activity
levels across the Group's businesses will increase as the year
progresses. An improvement in volume was already evident during
April when restrictions started to ease. With improved funding
costs we are confident in our ability to support our customers and
grow our lending through the year."
-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
Tulchan Communications
Tom Murray
Sheebani Chothani
Tel: 020 7353 4200
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 68 year trading track record.
Secure Trust Bank operates principally from its head office in
Solihull, West Midlands, and had 972 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, Asset
Finance and Commercial Finance divisions,
(ii) (ii) Consumer Finance through its Motor Finance, Retail
Finance, Debt Collection 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 1.6 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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