United Trust Bank (UTB) has announced that its Asset Finance division has exceeded £1bn in lending.
The milestone was achieved at the end of March, following a robust performance in 2022. Last year, the asset finance funder recorded its third consecutive year of record-breaking originations, increasing new asset finance lending by 42% year-on-year and growing its loan book by 55%.
UTB’s impressive performance was accomplished while integrating a new technology platform into its Asset Finance operations and maintaining high volumes of new lending.
Nathan Mollett (pictured), head of asset finance at United Trust Bank, said: “This is a significant milestone for UTB’s Asset Finance business achieved by supporting SMEs as they overcome the challenges of an unpredictable economy shaken by high inflation and the war in Ukraine.”
He added that the bank’s outstanding team has helped thousands of businesses seize opportunities and invest in their futures.
Mollett also praised the bank’s ’boutique’ approach to lending, highlighting communication with brokers as a key differentiator. He thanked brokers for their continued support and expressed optimism about the future: “With ambitious plans for the future, our new technology platform already delivering real benefits, and the best Asset Finance team in the business, I don’t think it will be long before we lend our next billion.”
