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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
SECURE TRUST BANK PLC | AQSE:STB.GB | Aquis Stock Exchange | Ordinary Share | GB00B6TKHP66 | Common Stock 40p |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 695.00 | 670.00 | 720.00 | 695.00 | 695.00 | 695.00 | 0.00 | 06:56:11 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTB
RNS Number : 7043S
Secure Trust Bank PLC
08 November 2023
PRESS RELEASE
Secure Trust Bank PLC
LEI: 213800CXIBLC2TMIGI76
8 November 2023
For immediate release
SECURE TRUST BANK PLC
Q3 2023 Trading Update
Positive momentum continues
Secure Trust Bank PLC ("Secure Trust Bank", "STB" or the "Group"), a leading specialist lender, is pleased to announce its trading update for the third quarter ended 30 September 2023, with ongoing momentum from the Group's Optimising for Growth strategic priorities.
The net loan book continued to grow and the Group continues to trade in line with management's expectations on an underlying basis. Management has increased the expected annualised savings to be delivered from Project Fusion, the Group's cost optimisation programme, to GBP5m by the end of 2024.
Highlights
Q3 2023 Q2 2023 Change Q3 2022 Change Net lending GBP3,212.2m GBP3,158.5m 1.7% GBP2,813.4m 14.2% ------------- ------------- ------- ------------ ------- New business lending GBP578.7m GBP624.0m -7.3% GBP502.1m 15.3% ------------- ------------- ------- ------------ ------- Deposits GBP2,717.1m GBP2,648.9m 2.6% GBP2,349.2m 15.7% ------------- ------------- ------- ------------ -------
Net lending
The customer loan book grew by 1.7% in the quarter and 14.2% compared to Q3 2022. Strong growth in the quarter of 16.4% was delivered by Commercial Finance as leads were converted to new facilities. Real Estate Finance lending was consistent with Q2 2023. Consumer Lending grew by 1.1% in the quarter and 23.2% compared to Q3 2022.
New business
Total new business lending decreased by 7.3% in the quarter and increased by 15.3% compared to Q3 2022. Business Finance delivered 29.8% growth on Q2 2023 and 62.5% growth on Q3 2022. Following a record Q2 2023, Consumer Finance recorded reduced new business lending volumes in the quarter as spending by consumers softened.
Deposits
The Group has continued to raise deposits in a market that has seen a rise in the cost of retail funding. Customer deposits were 2.6% higher at the end of the quarter and 15.7% higher than Q3 2022.
David McCreadie, Chief Executive Officer, said:
"The Group has continued to grow in the third quarter and demonstrated the diversity of its business model with Business Finance contributing its highest quarterly new business volumes in over a year. Our positive momentum continues, given our strength in specialist markets and we remain on track to achieve our medium term targets, including our plan to deliver GBP4m in annualised cost savings this year rising to GBP5m in 2024.
The continuing fall in inflation is welcome. We may have seen the high point of interest rates as a result, although the current rate environment has resulted in demand softening more recently. The impacts of the recent high inflationary environment may not have materialised fully yet and so we continue to monitor our markets and customer portfolios closely. We will continue to support our customers and trading partners as required.
We are holding our second Capital Markets Day today which will focus on the strengths of our V12 Retail Finance business and demonstrate the pathway to delivery of the Group's medium term targets."
The Group has released a separate announcement relating to the Capital Markets Day.
Enquiries:
Secure Trust Bank PLC
David McCreadie, Chief Executive Officer
Rachel Lawrence, Chief Financial Officer
Phil Clark, Investor Relations
Tel: 0121 693 9100
Investec Bank plc (Joint Broker)
Bruce Garrow
David Anderson
Maria Gomez de Olea
Tel: +44 (0)20 7597 5970
Shore Capital Stockbrokers (Joint Broker)
Mark Percy / Angus Murphy (Corporate Advisory)
Guy Wiehahn (Corporate Broking)
Tel: +44 (0)20 7408 4090
Camarco
Ed Gascoigne-Pees
Geoffrey Pelham-Lane
Sean Palmer
securetrustbank@camarco.co.uk
Tel: +44 (0)7591 760844
The person responsible for the release of this announcement on behalf of STB is Mark Stevens, Company Secretary.
Forward looking statements
This announcement contains forward-looking statements about the business, strategy and plans of STB and its current objectives, targets and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about STB's or management's beliefs and expectations, are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. STB's actual future results may differ materially from the results expressed or implied in these forward-looking statements as a result of a variety of factors. These include economic and business conditions, risks from failure of clients, customers and counterparties, market related risks including interest rate risk, risks regarding market conditions outside STB's control, expected credit losses in certain scenarios involving forward looking data, operational risks, legal, regulatory, or governmental developments, and other factors. The forward-looking statements contained in this announcement are made as of the date of this announcement, and (except as required by law or regulation) STB undertakes no obligation to update any of its forward-looking statements.
About STB
Secure Trust Bank is an established, well--funded and capitalised UK retail bank with a 71 year trading track record. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had 858 employees (full--time equivalent) as at 30 September 2023. The Group's diversified lending portfolio currently focuses on two sectors:
(i) Business Finance through its Real Estate Finance and Commercial Finance divisions, (ii) Consumer Finance through its Vehicle Finance and Retail Finance divisions.
Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Secure Trust Bank PLC, Yorke House, One Arleston Way, Solihull, B90 4LH.
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November 08, 2023 02:00 ET (07:00 GMT)
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