15th Jan 2020 10:26
(Alliance News) - Secure Trust Bank PLC on Wednesday said it expects to report an improved performance in 2019 and has entered the new year with a strong sales pipeline.
The stock was 2.2% higher in morning trade in London at 1,645.00 pence a share.
The retail and commercial bank said it has delivered revenue and loan book growth in the second half of 2019, despite subdued demand for consumer and house building finance across the sector.
"Secure Trust Bank is pleased with its performance against this backdrop and the full year results are expected to be in line with management's and the market's expectations," the company said in its statement Wednesday.
In the first half of 2019, Secure Trust booked pretax profit of GBP18.1 million, up from GBP15.1 million a year before. For all of 2018, pretax profit increased 18% to GBP34.7 million from GBP29.3 million in 2017.
Looking ahead, the bank noted that it is looking ahead with "cautious optimism", following a positive business and consumer reaction to the UK general election result in December 2019.
"The group enters 2020 with strong new business pipelines, healthy capital and liquidity positions and remains well placed to pursue its strategic priorities and envisages no material change for its guidance for 2020," the Solihull, England-headquartered company added.
Secure Trust Bank will report its 2019 results on March 26.
By Evelina Grecenko; [email protected]
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