United Trust Bank (UTB) has reported a 71% increase in pre-tax profits to £9.3m for the year ending the 31st December 2014.
UTB is a specialist bank lending to individuals, SMEs, professionals, and property developers and investors. The Bank provides a range of competitive fixed deposit and notice accounts offering market leading interest rates to ISA and deposit savers, charities and businesses. In 2014 customer deposits grew by 33% to £326.2m and total assets by 35% to £377.8m
During 2014, UTB saw growth in lending across all of its divisions and increased operating income by 54% to £22.6m. Operating profit before tax and provisions, representing the underlying growth in the business, rose 54% to £11.3m.
UTB also achieved a post-tax return on average equity capital of 27%, up from 21% in 2013. UTB’s 2014 performance continues a period of strong balance sheet and earnings growth.
Commenting on the results United Trust Bank Chief Executive Officer, Graham Davin, said:
“2014 was a year of outstanding growth and development for United Trust Bank. We launched new products, continued to invest in our infrastructure and significantly grew our team, recruiting staff in all areas of the business. We have built up a great deal of momentum over the past few years and this can be expected to continue for some considerable period to come.
“The Bank’s performance has been excellent and the results could not have been achieved without the drive and energy of the UTB staff and the support of our many broker partners.”