United Trust Bank (UTB) reported strong financial performance for 2024, with a profit before tax of £86.4m.
The bank’s operating income rose by 7% to £165m, while the return on equity stayed above 20%.
UTB expanded its loan book by 12%, with gross new lending reaching £1.9bn, bringing the total loan book to £3.5bn.
This growth was supported by a 22% rise in customer deposits, bolstered by the bank’s range of fixed and notice deposit accounts and ISAs.
The year also saw UTB refresh its brand with a new identity, focusing on unity with the tagline ‘United, we go further.’
At the end of 2024, UTB’s majority shareholders agreed to sell a minority equity interest to Warburg Pincus, which endorsed UTB’s strategy and prospects.
In February 2025, UTB issued £50m in additional tier one capital to institutional investors, supporting further growth and strengthening relations with investors.
Harley Kagan (pictured), CEO of UTB, said: “2024 has been an exciting year for UTB with the launch of our refreshed brand; successfully agreeing a deal with Warburg Pincus and making continued progress with the Bank’s strategic priorities.
“It was a year of significant investment as well as strengthening UTB’s capital position to facilitate future growth, whilst supporting the Bank’s customers, people, suppliers, and communities.
“I am pleased that this has continued into 2025 with our recent issue of a £50m Additional Tier 1 capital to institutional investors.”
Kagan added: “The macroeconomic environment over recent years has been uncertain and UTB has worked hard to remain flexible and to support its customers and build the business.
“The Bank’s underlying results reflect the strength of our business model and the development of our digital proposition.
“UTB’s performance also highlights the exceptional skills, dedication, and commitment of its employees, who are key to the Bank’s continued success.”
