4th May 2016 14:42
LONDON (Alliance News) - Secure Trust Bank PLC on Wednesday said it has made "good progress" during the first few months of 2016, with a "substantial net profit" coming from the sale of its Everyday Loans Holdings Ltd business which completed in April.
Secure Trust Bank said its Chairman Henry Angest made a statement at its annual general meeting on Wednesday in which he noted the bank's capital and liquidity have been benefited by the sale of Everyday Loans business to Non-Standard Finance PLC, which was first announced in December, but completed on April 13.
Angest also said the bank's continuing business divisions are developing "as planned".
"During the first quarter of the year Motor Finance and Retail Finance have delivered higher new business volumes compared to the same period in 2015," Angest said.
"In the small and medium enterprises lending market we continue to see strong demand for our products with the Commercial Finance and Asset Finance businesses performing in line with management's expectations. As previously disclosed, the bank has taken a more cautious approach to lending to the residential development sector ahead of the European Union referendum vote," Angest added.
"The bank continues to work on a diverse pipeline of business development opportunities. With very strong capital and funding positions we believe we are well positioned to make further positive progress during the year," Angest said.
Shares in Secure Trust Bank were flat at 2,825.75 pence on Wednesday afternoon.
By Hannah Boland; [email protected]; @Hannaheboland
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