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.
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“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.”