United Trust Bank (UTB) has reported a strong financial performance for 2024, with a 7% increase in operating income to £165m and profit before tax of £86.4m, according to its annual report and accounts for the year ending 31 December 2024. The specialist lender also maintained a return on equity (ROE) above 20%.
UTB expanded its support for SMEs, housebuilders, property investors, and mortgage borrowers, increasing gross new lending to £1.9bn. This contributed to a 12% growth in the bank’s loan book, which reached a record £3.5bn by year-end. The growth was underpinned by a 22% rise in customer deposits across its fixed and notice deposit accounts and ISAs.
Go deeper with GlobalData
The year also saw the unveiling of UTB’s refreshed brand identity, aimed at reinforcing its strategic direction. The rebrand introduced the tagline “United, we go further” to reflect the bank’s collaborative approach to finance.
In December 2024, UTB announced that its majority shareholders had agreed to a deal with private equity firm Warburg Pincus, which acquired a minority stake in the bank. The investment valued UTB at £520m. According to a Bloomberg report, Warburg Pincus was looking to acquire a 20% stake in the bank.
Further strengthening its capital base, UTB issued a £50m Additional Tier 1 (AT1) capital instrument to institutional investors in February 2025. The issuance enhances the bank’s financial flexibility and positions it among the few specialist lenders to have completed an AT1 issuance in recent years.
2024 Financial Highlights:
- Gross new lending: £1.9bn
- Operating income: £165m
- Profit before tax: £86.4m
- Loan book at year-end: £3.5bn
- Total funding at year-end: £3.5bn
- Return on equity: 20.1%
Harley Kagan, CEO of United Trust Bank, said: “2024 was a year of significant investment and strategic progress for UTB. Our refreshed brand, the agreement with Warburg Pincus, and our continued growth demonstrate the strength of our business model. The recent £50m AT1 issuance further reinforces our position and our ability to support customers, partners, and communities.
“Despite macroeconomic uncertainties, UTB has remained agile, continuing to grow and develop our digital proposition. Our strong financial results are a testament to the commitment and expertise of our team.”
