Business
Interim Results for the six months to 30 June 2023
Interim Results for the six months to 30 June 2023.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n\nPRESS RELEASE\n9 August 2023\nFor immediate release\nLEI: 213800CXIBLC2TMIGI76\n \n \n\n \nSECURE TRUST BANK PLC\nInterim Results for the six months to 30 June 2023\nFoundations set for a strong 2023; Launching 'Optimising for Growth' strategic priorities\nSecure Trust Bank PLC ('STB' or the 'Group'), a leading specialist lender, is pleased to announce its financial results for the six months to 30 June 2023. STB continued to build momentum, delivered solid income growth, managed costs effectively and delivered a significant increase of 14.6% in continuing profit before tax pre impairments. STB is declaring an interim dividend of 16.0 pence per share for HY 2023 (HY 2022: 16.0 pence per share). The Group achieved a continuing profit before tax of £16.5 million (HY 2022: £17.1 million).\nThe Group has laid the foundations for a strong 2023 and expects a significant improvement in profitability during the second half of the year.\nDavid McCreadie, Chief Executive, said:\n\"Our specialist lending businesses have significant growth potential in large addressable markets. We have grown our lending balances by 45% since the start of 2021 and are optimising for growth by being simpler, enhancing our customer experience and leveraging our distribution networks.\nWe have laid strong foundations for the rest of the year and are on track to meet our target cost optimisation savings. I am pleased with our positive operational performance and we continue to help our customers and business partners during these challenging times.\nWe have demonstrated our ability to grow and are well placed to realise our ambitions. We have a clear focus and strengthened capital position, and will scale the Group further to deliver our return on average equity ('ROAE') target. We remain confident about the future.\"\nHighlights1\n· Introducing the Optimising for Growth strategic priorities to drive sustainable and attractive ROAE\n· 8.2% growth in lending balances to £3.2 billion (FY 2022: £2.9 billion)\n· Cost income ratio remained flat at 56.9% (HY 2022: 57.0%); on track to deliver £4m in annualised savings2\n· Profit before tax pre impairment up 14.6% to £39.3 million (HY 2022: £34.3 million)\n· &...