United Trust Bank (UTB) increased profit before tax by 35% in 2022 to £60.2m, driven by record new lending of over £1.9bn for the year.
Despite various political events impacting the United Kingdom’s economy and markets, most notably the sharp rise in inflation and subsequent Base Rate increases, UTB reached a record year.
UTB’s Annual Report & Accounts for the year ending 31st December 2022 show the Bank’s operating profit increased 22% to £61.9m reflecting loan book growth, a stable net interest margin and careful cost management. Return on Equity was 21.7%.
UTB has continued to invest in its digital strategy, product development and recruitment, with staff numbers increasing 17% in 2022. The bank collectively won 21 awards last year, including Specialist Lender of the Year.
2022 highlights include:
- Gross new lending: £1.9bn
- Profit before Tax: £60.2m
- Loan book at year end: £2.4bn
- Deposits book at year end: £2.2bn
- Return on Equity: 21.7%
United Trust Bank Chief Executive Officer, Harley Kagan, commented: “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.”
Read More: Majority of SME owners ‘anxious about economic prospects’