Business
Half Yearly Report
Half Yearly Report.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n \nRNS Number : 8844M Secure Trust Bank PLC 22 July 2014 \n \n\n \nPRESS RELEASE \nTuesday 22 July 2014\nFor Immediate Release \n \n \nSECURE TRUST BANK PLC\n \nInterim results for the six months to 30 June 2014\n \nPositive momentum and record profits\n \nSecure Trust Bank PLC (\"Secure Trust Bank\" or the \"Company\") is pleased to announce half year results for the six months to 30 June 2014. The Company has traded strongly during H1 2014 achieving underlying profit before tax of £15.2m, up 48% compared with the same period last year. The benefits of its previous acquisitions, strong controlled growth in the lending book and the entry into SME markets have contributed to a new record level of underlying profit. \n \nFINANCIAL HIGHLIGHTS\n \n· Operating income £43.8m (H1 2013: £36.3m)\n· Underlying* profit before tax £15.2m (H1 2013: £10.3m) representing growth of 48%\n· Reported profit before tax £11.4m (H1 2013: £6.2m) representing growth of 84%\n· Capital ratios, liquidity and funding positions remain strong\n· Underlying* annualised return on average equity 39.8% (H1 2013 annualised: 33.3%) \n· Earnings per share 53.6p (H1 2013: 30.5p) \n· Underlying* earnings per share 73.8p (H1 2013: 50.4p)\n· Interim dividend per share of 16p, a 7% increase (H1 2013: 15p)\n \nOPERATIONAL HIGHLIGHTS \n \n· Overall loan book increased to £447.8m; a 22% increase on H1 2013: £365.8m \n· Customer deposits increased to £476.8m; a 23% increase on H1 2013: £386.7m \n· Total customer numbers increased to 391,610; a 20% increase on H1 2013: 325,052 \n· Impairments remain below levels expected at origination\n· Real Estate Finance team established with a substantial pipeline of business opportunities being worked on\n· Invoice Finance executive team recruitment completed, testing of the operating platform is progressing and business due to commence during Q3 \n· Successful completion of fund raising incr...