United Trust Bank reported a 36% rise in pre-tax profit to £20.7m (€17.8m) at the end of the year in 2016.

The bank’s loan book increased by 42% to £617m, and it saw operating income increase by 29% to £40.8m. Customer deposits rose to £664m for a 46% increase, and return on equity was 29%.

United Trust Bank chief executive officer Graham Davin said that the bank had performed well despite the uncertain business climate.

Davin said: “Set against a trading environment rife with Brexit uncertainty, increasing competition and industry regulation, the management and staff have performed with great energy, skill and dedication to achieve these excellent results.”

Davin added that United Trust would seek to continue to grow, and indicated that new products and acquisitions could be on the horizon.

He said: “We will continue to explore opportunities to accelerate our organic growth strategy with new product developments and by considering suitable acquisitions.”