UTB new lending grows by 21% in 2019
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UTB new lending grows by 21% in 2019

United Trust Bank (UTB) increased its new lending by 21% in 2019, with a total of £994m of loans completed throughout the year.

Operating income for the year was £64.9m, while the bank’s loan book increased to £1.24bn.

Despite a slight reduction in operating profit in 2019 to £32.7m, the specialist bank achieved a normalised return on equity of 19%.

Other highlights included a £1.22bn deposit book at the end of 2019, and £20m of tier 2 debt issued.

Graham Davin, chief executive officer at UTB (pictured above), said: “We came very close to achieving £1bn of new lending in 2019, which is an extraordinary performance given the political and economic uncertainty present throughout last year. 

“2019 was complex from a profitability perspective as our investment in additional people and systems and costs of higher liquidity and risk, offset the headline 20% growth in new business and loans.”

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