United Trust Bank delivers £87.5m operating profit for 2023


Harley Kagan UTB

United Trust Bank (UTB) successfully navigated a challenging economic environment to deliver an impressive financial performance in 2023.

The specialist lender’s Annual Report & Accounts for the year ending 31st December 2023 show the Bank’s Operating Profit increased by 41% to £87.5m in 2023, Operating Income increased by 34% to £154.1m, and Return on Equity increased to 23.9%.

Although the UK continued to face economic headwinds and considerable market uncertainty, UTB supported SMEs, housebuilders and individuals with £1.8bn of new lending in 2023, increasing its loan book to over £3bn for the first time.

The Bank has continued to expand, increasing staff numbers by 13%. It also continued to increase investment in its digital strategy with several significant technology projects implemented.

Pleasingly, UTB and its people also won 26 industry awards reflecting the team’s dedication, hard work and commitment to delivering competitive specialist lending solutions and deposits products with outstanding customer service.

2023 highlights include:

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

United Trust Bank Chief Executive Officer, Harley Kagan, commented: 

“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.”

United Trust Bank’s Annual Report and Accounts for the year ending 31st December 2023 have now been published and are available on UTB’s website at: