22nd Mar 2018 13:26
The bank's pretax profit from continuing operations rose to
Annual adjusted pretax profit rose 14.7% to
"This profit growth was achieved notwithstanding the very significant strategic repositioning of the bank's balance sheet away from higher margin and higher risk, consumer unsecured and sub-prime motor lending and a substantial investment in launching a new mortgage division and a new deposit IT platform," Chief Executive Paul Lynam said.
The retail banking firm has continued reshaping its business model, via organic growth, diversification and M&A activity.
Customer deposits increased to 28.8% during the year to
The company's common equity tier 1 ratio for the period was 16.5% in 2017 compared to 18.0% last year.
"The refocusing of the group's lending activities has materially reduced our exposure to higher risk consumer credit, enabling us to allocate more capital to lower risk lending. I am confident that the benefits of this strategic repositioning will become increasingly visible as 2018 progresses, not least as we started this year with our largest ever pipeline of new business opportunities," Lynam said.
Secure Trust Bank declared a final dividend declared of
Shares in Secure Trust was 3.2% up at
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