United Trust Bank posts £35.4 million profit for 2021

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Harley Kagan United Trust Bank 300920

United Trust Bank (UTB) increased new lending to a record £1.5bn in 2021, increasing Operating Income by 20% to £95.2m and Profit after Tax by 42% to £35.4m.

The strong results, delivered during Harley Kagan’s first year as Chief Executive Officer, reflect UTB’s continued support of SME businesses, housebuilders, property developers, homeowners, specialist finance brokers and savers.

The Bank’s Annual Report & Accounts for 2021 also highlight the huge contribution of its staff and their resilience and tenacity in the face of additional difficulty and uncertainty created by the Covid-19 pandemic.

Throughout the year the Bank continued to recruit experienced and knowledgeable people; to invest in innovative technology to further accelerate and simplify customer and broker journeys; and to develop new products across its specialist lending divisions.

There are a number of new product launches planned for 2022.

The Bank also won a record number of industry awards with its divisions and individual staff winning 18 awards throughout 2021 including the coveted Specialist Bank of the Year title for the fourth time in five years.

2021 highlights include:

  • Gross new lending: £1.5bn
  • Operating Income: £95.2m
  • Profit after Tax: £35.4m
  • Loan book at year end: £1.8bn
  • Deposits book at year end: £1.7bn
  • Return on Equity: 20.2%
  • UTB and staff won eighteen industry awards including Specialist Bank of the Year 2021

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

“2021 continued to present challenges from the Covid-19 pandemic. However, our continued investment in talented people, innovative technology and a commitment to supporting customers and brokers helped us deliver a strong set of results.

The UTB team responded to the pandemic with resilience, tenacity and a positive outlook to meet the needs of our customers, brokers and their colleagues.

I am delighted that their outstanding contributions were recognised with no less than 18 industry awards.

Throughout the year we were pleased to provide funding through the Coronavirus Business Interruption Loan Scheme and the Recovery Loan Scheme.

We also formed a new 5-year alliance with Homes England with the launch of the £250m Housing Accelerator Fund and secured an ENABLE Build Guarantee from the British Business Bank (BBB) allowing us to further support SME housebuilders.

We are fortunate to be able to call upon a wide range of experience and skills on the Board and management team and I would like to thank my colleagues for their valuable contributions.

We welcomed Mark Stokes to the Bank as Chief Commercial Officer and James Masters as Chief Technology Officer and were pleased to announce recently that Alice Altemaire, CEO of RCI Bank UK, has returned to the Board as a Non-Executive Director.

Finally, we owe a great debt of gratitude to our staff who continue to drive the growth and development of the Bank, and our broker partners, borrowers, and depositors who support us.

Although we continue to live in uncertain times, I look to the future with confidence and the strong belief that United Trust Bank will make the most of the substantial opportunities that lie ahead.”