TIDMSTB
RNS Number : 7966Z
Secure Trust Bank PLC
18 May 2023
PRESS RELEASE
Secure Trust Bank PLC
LEI: 213800CXIBLC2TMIGI76
18 May 2023
For immediate release
SECURE TRUST BANK PLC
Q1 2023 Trading Update
Net Lending exceeds GBP3bn, well-placed for further growth
Secure Trust Bank PLC ("Secure Trust Bank", "STB" or the
"Group"), a leading specialist lender, is pleased to announce its
trading update for the first quarter ended 31 March 2023. Loan book
growth momentum has continued, net lending exceeded GBP3bn and our
cost optimisation programme remains on track to deliver GBP4m
annualised savings by end of 2023. Arrears across Consumer Finance
have remained stable at low levels.
Highlights
Q1'23 Q4'22 Change Q1'22 Change
New business lending(1) GBP523.5m GBP444.6m 17.7% GBP488.2m 7.2%
------------- ------------- ------- ------------ -------
Net lending(1) GBP3,013.3m GBP2,919.5m 3.2% GBP2,569.3m 17.3%
------------- ------------- ------- ------------ -------
Deposits GBP2,544.6m GBP2,514.6m 1.2% GBP2,190.1m 16.2%
------------- ------------- ------- ------------ -------
(1) Performance metrics relate to continuing operations as
described on pages 2 and 130 of the 2022 Annual Report and
Accounts
New business
Total new business lending increased by 17.7% in the quarter and
7.2% compared to Q1'22 demonstrating sustained growth momentum,
despite tightened lending criteria. Business Finance delivered its
strongest quarterly lending result since Q2'22 and Consumer Finance
maintained a strong lending performance for the fourth successive
quarter. Further market share gains were achieved in Retail
Finance, rising to 11.9% from 11.4% as at December 2022 and Vehicle
Finance remained stable at 1.1%.
Net lending
GBP3bn of net lending was achieved in the quarter, a significant
milestone for the Group. The customer loan book grew by 3.2% in the
quarter and 17.3% compared to Q1'22. Lending in Real Estate Finance
grew by 4.3% as the pipeline from Q4'22 converted to new business.
Commercial Finance balances marginally declined in the period.
Vehicle Finance lending grew by 7.3% and Retail Finance by 3.5% in
the quarter reflecting strong new business levels.
Deposits
We attracted GBP343m of customer deposits in the quarter.
Deposit balances were 1.2% higher at the end of the quarter, and
16.2% higher than Q1'22.
Capital
On 28 February 2023, the Group issued GBP90 million 13.0% Fixed
Rate Callable Subordinated Notes due 2033 which qualify as Tier 2
regulatory capital, and at the same time GBP25 million of Fixed
Rate Callable Subordinated Notes due 2028 were repurchased and
cancelled. On 20 March 2023, the Group repurchased and cancelled
the remaining GBP25 million of Fixed Rate Callable Subordinated
Notes due 2028. This enlarged capital position provides significant
opportunity for the Group to deliver further high-quality loan book
growth.
David McCreadie, Chief Executive Officer, said:
"The Group has made a strong start to the year and is trading in
line with management expectations. I am delighted that we completed
the issuance of GBP90m of new Tier 2 capital and subsequent
buy-back of our existing GBP50m Tier 2 capital due 2028. We see
significant opportunity for sustainable growth in our focused
market segments and are well positioned to help consumers and
businesses fulfil their ambitions and to continue to grow our net
lending and scale our business as we strengthen our distribution
networks and relationships. I am pleased to confirm that we
launched our AppToPay pilot at the end of April.
We continued to focus on delivering cost initiatives to help
mitigate the impacts of inflation and expect to deliver a further
improvement in the cost income ratio in 2023.
Although the economic environment remains uncertain, we have
started the year positively and are confident in delivering on our
plans for the full year and our medium term targets.
Enquiries:
Secure Trust Bank PLC
David McCreadie, Chief Executive Officer
Rachel Lawrence, Chief Financial Officer
Phil Clark, Investor Relations
Tel: 0121 693 9100
Stifel Nicolaus Europe Limited (Joint Broker)
Robin Mann
Akshman Ori
Tom Marsh
Nicholas Harland
Tel: 020 7710 7600
Canaccord Genuity Limited (Joint Broker)
Emma Gabriel
Harry Rees
Tel: 020 7523 8309
The person responsible for the release of this announcement on
behalf of STB is Mark Stevens, Company Secretary.
Forward looking statements
This announcement contains forward looking statements about the
business, strategy and plans of STB and its current objectives,
targets and expectations relating to its future financial condition
and performance. Statements that are not historical facts,
including statements about STB's 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. STB'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 STB's control, the COVID-19 pandemic,
expected credit losses in certain scenarios involving forward
looking data, any adverse experience in inherent operational risks,
any unexpected developments in regulation or regulatory, and other
factors. The forward looking statements contained in this
announcement are made as of the date of this announcement, and
(except as required by law or regulation) STB 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 70 year trading track record.
Secure Trust Bank operates principally from its head office in
Solihull, West Midlands, and had 855 employees (full-- time
equivalent) as at 31 December 2022. The Group's diversified lending
portfolio currently focuses on two sectors:
(i) Business Finance through its Real Estate Finance and
Commercial Finance divisions, and
(ii) Consumer Finance through its Vehicle Finance and Retail Finance divisions.
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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