United Trust Bank (UTB) has published its financial results for 2023, recording an operating profit of £87.5m.
The bank’s operating income increased by 34% to £154.1m throughout the year, and its return on equity increased to 23.9%.
UTB supported small to medium enterprises (SMEs), housebuilders and individuals with £1.8bn of new lending in 2023, increasing its loan book to over £3bn for the first time.
The bank increased staff numbers by 13% and increased investment in its digital strategy with several technology projects.
Harley Kagan, chief executive officer at UTB, said: “During 2023, the UK economy was buffeted by one crisis after another with higher inflation requiring interest rates to be increased to levels not seen since before 2009.
“At UTB, we responded well to these challenges, and this is reflected in our strong performance.”
“These excellent results are due to the dedication of our skilled and hardworking staff and senior management team, and the continued support of our broker partners and customers. They show that when times are tough, resilience, tenacity and strong relationships make a huge difference.”
Kagan concluded: “Economic headwinds in the UK now appear to be easing, and UTB is well placed to continue to develop and grow its business with a fantastic team of people. I am confident the Bank will go further on delivering its purpose.”
