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March 24, 2017updated 14 Dec 2017 12:55pm

Secure Trust sees asset finance rise 66% year-on-year to £117.2m

Secure Trust Bank’s asset finance business increased by 66% year-on-year to £117.2m (€135.4m) in 2016, according to the bank’s full year results for 2016, accounting for 8.9% of total loans and advances.

By Saad Ahmed

Secure Trust Bank’s asset finance business increased by 66% year-on-year to £117.2m (€135.4m) in 2016, according to the bank’s full year results for 2016, accounting for 8.9% of total loans and advances.

The bank’s asset finance division saw £84.7m of new business volumes in 2016, with asset finance customer lending originated by Haydock Finance but written by Secure Trust.

Commercial finance, which includes invoice finance and invoice factoring, rose 4.8% to £62.8m, and saw new business volumes of £39.5m.

Secure Trust’s loan book increased to £1.32bn, up 38% year-on-year from £960.6m, and customer numbers increased 42% on 2015’s figure, to a total of 754,968 customers.

Total profit after tax at Secure Trust Bank increased to £137.5m year-on-year in 2016, according to the bank’s 2016 results.

The bank achieved £32.9m (€38m) in underlying pre-tax profit, and operating income rose 28% year-on-year to reach £118.2m.

The bank said: “Secure Trust Commercial Finance, the invoice finance division of the bank, has continued to build out a profitable business.

“We have continued to successfully foster the asset finance strategic partnership with Haydock Finance during 2016. The full year profit contribution and loan impairments have been in line with expectations.”

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