United Trust Bank (UTB) increased profit before tax by 35% in 2022 to £60.2m, driven by record new lending of over £1.9bn for the year.
Despite various political events impacting the UK’s economy and markets, most notably the sharp rise in inflation and subsequent Base Rate increases, the specialist lender has delivered an excellent financial and operational performance. This includes strong new business lending and balance sheet growth across all business lines and strong growth in overall profits.
UTB’s Annual Report and Accounts for the year ending 31st December 2022 show the Bank’s operating profit increased 22% to £61.9m reflecting loan book growth, a stable net interest margin and careful cost management. Return on Equity was 21.7%.
UTB has continued to invest in its digital strategy, product development and recruitment, with staff numbers increasing 17% in 2022.
United Trust Bank Chief Executive Officer, Harley Kagan, commented: “Consumers and businesses have had a lot to contend with over the last year and the outlook for 2023 looks equally challenging. Higher inflation, energy prices and borrowing costs are putting a lot of pressure on household and corporate finances, and we have to be mindful that the consequences of those pressures are likely to worsen.
“Our people have had to deal with a lot of change in 2022, much of this due to the Bank’s growth, emerging from the pandemic, and the volatile markets. These impressive results would not have been possible without the dedication of our staff who have collectively delivered on every measure. Their resilience and tenacity, together with the skilled leadership of the Bank’s senior management team, have driven this strong performance and we can look to the future confident that we can overcome any challenges which lie ahead.
“I would like to congratulate and thank all our people for their contributions and also thank our customers and broker partners for their continued support.”