Business
Half-year Report
Half-year Report.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n \nRNS Number : 5943O Secure Trust Bank PLC 22 August 2017 \n \n\nPRESS RELEASE\nTuesday 22 August 2017\nFor immediate release\n \n \nSECURE TRUST BANK PLC\n \nInterim Results for the six months to 30 June 2017\n \nRobust results as repositioning continues\n \nSecure Trust Bank PLC (\"STB\", the \"Bank\" or the \"Group\") is pleased to announce a Group profit before tax of £13.9m for the six months to 30 June 2017. The Group has continued its reshaping of the business model, with the growth of lower risk Real Estate Finance lending, cessation of non-prime unsecured personal lending and subprime motor finance, and the launch of STB Mortgages. These results reflect this strategic repositioning with the run off books and investment in new business lines acting as a drag on earnings. The benefits of this strategy are expected to be more visible in 2018 and beyond. The balance sheet has continued to grow, with lower risk assets replacing the legacy books that are being run off.\n \nFINANCIAL HIGHLIGHTS\n \n· Statutory profit before tax £13.9m (2016: £12.5m) up 11% \n· Underlying profit before tax £14.5m (2016: £16.2m) down 10%\n· Common equity tier 1 ratio of 15.3% (2016: 20.1%) \n· Operating income £65.8m (2016: £57.3m) up 15%\n· Basic earnings per share 60.6p (2016: 57.0p) up 6%\n· Underlying earnings per share 63.3p (2016: 73.1p) down 13%\n· Interim dividend of 18p per share (2016: 17p per share), to be paid in September 2017 \n· Total assets £1.67bn (2016: £1.35bn) up 24%\n \nNote: Underlying profit and underlying earnings per share relates to the Group's normal recurring business activities and comparative figures for 2016 are reported on a continuing operations basis.\n \nOPERATIONAL HIGHLIGHTS\n \n· Customer deposits increased to £1,325.8m (2016: £1,042.6m) up 27%\n· Overall loan book increased to £1,509.6m (2016: £1,128.3m - continuing operations) up 34%\n· Total customer numbers increased by 39% to 849,365\n· Real Estate Finance lending balances up 50% year-on-year to £541.4m\n·&n...