8th Nov 2023 13:40
Secure Trust Bank PLC - Solihull, England-based provider of savings accounts and lending services - Says trading in third quarter of 2023 was in line with expectations, and the net loan book "continued to grow". Net lending increased 14% to GBP3.21 billion from GBP2.81 billion for the same quarter in 2022. New business lending is up 15% year-on-year to GBP578.7 million from GBP502.1 million, but down 7.3% from the second quarter of 2023 from GBP624.0 million "as spending by consumers softened." Deposits are up 16% to GBP2.72 billion from GBP2.35 million.
Chief Executive David McCreadie says: "The group has continued to grow...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 GBP5 million in 2024."
Current stock price: 608.80 pence
12-month change: down 8.0%
By Emma Curzon, Alliance News reporter
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