United Trust Bank (UTB) showcased robust financial results for the year 2023, defying economic challenges and uncertainties.

UTB’s annual report & accounts for the year ending December 31, 2023, unveiled a noteworthy 41% increase in operating profit, reaching an impressive £87.5 million. Operating Income also saw a substantial surge of 34%, totalling £154.1 million, while Return on Equity (ROE) climbed to an admirable 23.9%.

Despite the prevailing economic headwinds and market uncertainties in the UK, UTB demonstrated its commitment to supporting SMEs, housebuilders, and individuals by extending £1.8 billion in new lending throughout 2023. This propelled the Bank’s loan book to surpass £3 billion for the first time.

UTB’s growth was not limited to financial figures; the bank expanded its workforce by 13%, emphasising its commitment to strengthening its team.

Additionally, the institution continued to invest in its digital strategy, implementing several significant technology projects to enhance its services.

The dedication and hard work of UTB’s team were duly recognised, with the bank and its personnel securing 26 industry awards, underscoring their commitment to delivering competitive specialist lending solutions and deposit products with outstanding customer service.

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Key highlights of UTB’s 2023 performance include:

  • Gross new lending: £1.8 billion
  • Operating income: £154.1 million
  • Profit before Tax: £82.7 million
  • Loan book at year-end: £3.1 billion
  • Total Funding at year-end: £3.1 billion
  • Return on Equity: 23.9%

United Trust Bank CEO Harley Kagan said: “During 2023, the UK economy was buffeted by one crisis after another with higher inflation requiring interest rates to be increased to levels not seen since before 2009. At UTB, we responded well to these challenges, and this is reflected in our strong performance.

“These excellent results are due to the dedication of our skilled and hardworking staff and senior management team, and the continued support of our broker partners and customers. They show that when times are tough, resilience, tenacity and strong relationships make a huge difference.

“Economic headwinds in the UK now appear to be easing, and UTB is well placed to continue to develop and grow its business with a fantastic team of people. I am confident the Bank will go further on delivering its purpose.”