Specialist lender, United Trust Bank (UTB), has announced a record profit before tax of £60.2m for the year 2022, an increase of 35%.
The performance was driven by the bank’s new lending, which totalled over £1.9bn for the year.
UTB’s Annual Report & Accounts for the year ending 31st December 2022 showed that the bank’s operating profit increased by 22% to £61.9m.
The return on equity was 21.7%. The bank continued to invest in its digital strategy, product development, and recruitment, with staff numbers increasing by 17% in 2022. UTB and its people collectively won 21 awards last year, including Specialist Lender of the Year.
UTB’s CEO, Harley Kagan (pictured): “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.”
The bank’s staff had to deal with a lot of change in 2022, much of which was due to the bank’s growth, emerging from the pandemic, and the volatile markets. He also thanked the bank’s customers and broker partners for their continued support.
UTB’s Annual Report and Accounts for the year ending 31st December 2022 have been published and are available on UTB’s website. The bank’s gross new lending for the year was £1.9bn, the profit before tax was £60.2m, the loan book at year end was £2.4bn, and the deposits book at year end was £2.2bn.
