United Trust Bank (UTB) has reported a 36% increase in profits before tax to £20.7 million for the year ending December 31 2016.
The specialist bank increased its loan book by 42% to £617 million. Operating income rose 29% to £40.8 million and customer deposits grew by 46% to £664 million. Gross income was £56.3 million and return on equity was 29%.
UTB says that it is an expanding specialist bank providing a wide range of secured funding facilities for individuals and businesses, and deposit accounts for individuals, businesses and charities.
In 2016 UTB was named Specialist Bank of the Year in the Bridging and Commercial Awards and was placed 25th in the annual Sunday Times BDO Profit Track 100 league table which ranks Britain’s fastest growing private companies.
The Bank says that it is “well known” for its experienced and knowledgeable staff and has dedicated divisions providing asset finance, bridging finance, development finance, structured finance and professional loan. In late 2015 UTB launched into the specialist mortgage sector with a range of second charge loan products.
In September 2016, the Bank appointed Richard Murley as chairman to replace Nicholas Clegg CBE who retired from the role following a successful 15-year tenure. UTB says that Murley is an experienced investment banker and executive vice chairman at NM Rothschild & Son. He is also the chairman of University College London Hospitals Foundation Trust and was director general of the Takeover Panel between 2003 and 2005.www.utbank.co.uk