Business
Q1 2023 Trading Update
Q1 2023 Trading Update.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n\nPRESS RELEASE\nSecure Trust Bank PLC\nLEI: 213800CXIBLC2TMIGI76\n18 May 2023\nFor immediate release\nSECURE TRUST BANK PLC\n \nQ1 2023 Trading Update\nNet Lending exceeds £3bn, well-placed for further growth\n \n Secure Trust Bank PLC (\"Secure Trust Bank\", \"STB\" or the \"Group\"), a leading specialist lender, is pleased to announce its trading update for the first quarter ended 31 March 2023. Loan book growth momentum has continued, net lending exceeded £3bn and our cost optimisation programme remains on track to deliver £4m annualised savings by end of 2023. Arrears across Consumer Finance have remained stable at low levels.\n \nHighlights\n \n\n\n\n\n\n\n\nQ1'23\n\n\nQ4'22\n\n\nChange\n\n\nQ1'22\n\n\nChange\n\n\n\n\nNew business lending1\n\n\n£523.5m\n\n\n£444.6m\n\n\n17.7%\n\n\n£488.2m\n\n\n7.2%\n\n\n\n\nNet lending1\n\n\n£3,013.3m\n\n\n£2,919.5m\n\n\n3.2%\n\n\n£2,569.3m\n\n\n17.3%\n\n\n\n\nDeposits\n\n\n£2,544.6m\n\n\n£2,514.6m\n\n\n1.2%\n\n\n£2,190.1m\n\n\n16.2%\n\n\n\n\n \n1 Performance metrics relate to continuing operations as described on pages 2 and 130 of the 2022 Annual Report and Accounts\n \nNew business\nTotal new business lending increased by 17.7% in the quarter and 7.2% compared to Q1'22 demonstrating sustained growth momentum, despite tightened lending criteria. Business Finance delivered its strongest quarterly lending result since Q2'22 and Consumer Finance maintained a strong lending performance for the fourth successive quarter. Further market share gains were achieved in Retail Finance, rising to 11.9% from 11.4% as at December 2022 and Vehicle Finance remained stable at 1.1%.\n \nNet lending\n£3bn of net lending was achieved in the quarter, a significant milestone for the Group. The customer loan book grew by 3.2% in the quarter and 17.3% compared to Q1'22. Lending in Real Estate Finance grew by 4.3% as the pipeline from Q4'22 converted to new business. Commercial Finance balances marginally declined in the period. Vehicle Finance lending grew by 7.3% and Retail Finance by 3.5% in the quarter reflecting strong new business levels.\n \nDeposits\nWe attracted £343m of customer deposits in the quarter. Deposit balances were 1.2% higher at the end of the quarter, and 16.2% higher than Q1'22.\n \nCapital\nOn 28 February 2023, the Gro...