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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData