Business
Q1 2025 Trading Update
Q1 2025 Trading Update.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n\nPRESS RELEASE\nSecure Trust Bank PLC\n15 May 2025\nFor immediate release\nSECURE TRUST BANK PLC\n \nQ1 2025 Trading Update\nContinued net lending growth towards £4bn ambition\n \nSecure 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 2025. The Group delivered continued growth in net lending and is trading in line with management expectations.\n \nHighlights\n\n\n\n\n\n\n\nQ1'25\n\n\nQ4'24\n\n\nQoQ % Change\n\n\nQ1'24\n\n\nYoY % Change\n\n\n\n\nNet lending\n\n\n£3,725.4m\n\n\n£3,608.5m\n\n\n3.2%\n\n\n£3,372.6m\n\n\n10.5%\n\n\n\n\nDeposits\n\n\n£3,372.8m\n\n\n£3,244.9m\n\n\n3.9%\n\n\n£2,921.8m\n\n\n15.4%\n\n\n\n\n \nNet lending\nThe net loan book grew by 3.2% in the quarter (to £3.7bn) and 10.5% year-on-year. In Q1'25 Business Finance and Consumer Finance net lending balances grew by 4.9% and 1.8% respectively. This reflected strong pipeline conversion from Q4'24. The Group is within reach of its £4 billion net lending ambition in the near term.\n \nDeposits\nCustomer deposits grew by 3.9% in the quarter (to £3.4bn) to support our lending objectives and were 15.4% higher compared to Q1'24. In Q1 the Group repaid a further £98m of TFSME ahead of maturity with a further £30m repaid since the end of the quarter. 74% of all TFSME funding has now been repaid, with £102m outstanding.\n \nDebt sale completed\nIn early April, the Group sold £25.8m of defaulted Vehicle Finance loan balances that had built up through 2024 following the secondary impacts of the FCA's Borrowers in Financial Difficulty review. This transaction is the first of several initiatives that will allow operational resources to be deployed more effectively to manage early-stage arrears and defaults. \n \nDavid McCreadie, Chief Executive Officer, said:\n \n\"The Group delivered strong net lending growth in the period, moving closer towards our £4 billion net lending ambition. We continue to manage the trajectory towards this level prudently. We are monitoring for potential impacts of the current turbulence in global markets and across the geopolitical landscape.\n \nI am pleased that we have completed the first key initiative that significantly reduces the excess stock of def...