Business
Interim results for the six months to June 2019
Interim results for the six months to June 2019.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n \nRNS Number : 1427I Secure Trust Bank PLC 07 August 2019 \n\nPRESS RELEASE\nWednesday 7 August 2019\nFor immediate release\n \nSECURE TRUST BANK PLC\n \nInterim Results for the six months to 30 June 2019\n \nContinued positive momentum yielding strong first half performance\n \nSecure Trust Bank PLC (\"STB\", the \"Bank\" or the \"Group\") is pleased to announce a 19.9% increase in Group profit before tax to £18.1m for the six months to 30 June 2019.\nThe Group's diversified business model has allowed capital to be allocated to attractive market segments where customer demand has been higher than anticipated. There has been continued growth in both Business Finance and Consumer Finance, resulting in increased earnings and continued improvement in the quality of the loan book.\nThe first phase of the Motor Finance transformation programme has been delivered alongside the launch of V12 Vehicle Finance, and the Group expanded its savings offering with the launch of its fixed rate Cash ISA. Capital and liquidity positions remain strong and the Group's flexible business model means it is well placed to meet demand and manage risk across its product range.\n \nFINANCIAL HIGHLIGHTS\n· Statutory profit before tax up 19.9% to £18.1m (2018: £15.1m) \n· Adjusted profit before tax of £18.8m (2018: £16.5m), up 13.9%\n· Continued improvement in loan book quality has reduced cost of risk to 1.7% (2018: 1.9%)\n· Healthy common equity tier 1 ratio of 12.8%* (2018: 13.8%) supporting the strong growth in the loan portfolios \n· Total capital ratio of 15.2%* (2018: 13.8%)\n· Operating income £81.4m (2018: £72.5m) up 12.3%\n· Basic earnings per share 79.0p (2018: 68.7p) up 15.0%\n· Adjusted earnings per share 82.3p (2018: 74.7p) up 10.2%\n· Adjusted return on average equity of 12.7% (2018: 12.3%)\n· Interim dividend of 20p per share (2018: 19p per share), to be paid in September 2019\n· Total assets £2,607.1m, up 6.7% from year end (December 2018: £2,444.3) and up 19.2% from same point last ...