Business
Secure Trust Bank 2021 Annual Financial Report
Secure Trust Bank 2021 Annual Financial Report.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8278F\n Secure Trust Bank PLC\n 24 March 2022\n \n \n \n \n PRESS RELEASE\n \n \n Thursday 24 March 2022\n \n \n Embargoed release at 07:00 am\n \n \n LEI: 213800CXIBLC2TMIGI76\n \n \n \n \n \n This announcement contains inside information.\n \n \n \n \n \n SECURE TRUST BANK PLC\n \n \n \n \n \n Audited Final Results for the year ended 31 December 2021\n \n \n \n \n \n Focus on attractive specialist markets following simplification of the Group \n \n \n \n \n \n Secure Trust Bank PLC (\"STB\", the \"Bank\" or the \"Group\") is pleased to announce its financial results for the year ended 31 December 2021, delivering strong growth with a Statutory Profit before Tax of £56.0 million (2020 restated: £19.1 million). \n \n \n This is an excellent set of results as the Group successfully navigated the impact of the Covid-19 pandemic and returned to growth across its businesses. A return on average equity of 15.9% (2020: 5.9%) is at the top end of the Group's stated target range. New business performance is 42.1% higher year on year, which has contributed to a 11.6% increase in core lending balances. New business lending in Q4 2021 was a record for the Group. Following the sale of its remaining non-core portfolios during the year and the recent announcement that Debt Managers (Services) Limited (\"DMS\") is selling its full portfolio of loans in 2022, Secure Trust Bank is a more focused Group with significant growth opportunities across its four core specialist lending markets.\n \n \n The Group's profits benefitted from the release of impairment provisions during the period as the economic outlook improved following the impact of the pandemic.\n Capital ratios improved, given the short duration of the Group's lending portfolios, and the liquidity position remains very healthy.\n \n \n The Group will recommend a final dividend of 41.1 pence per share making a total 2021 dividend of 61.1 pence per share, reflecting the new dividend policy to pay 25% of earnings back to shareholders.\n \n \n FINANCIAL HIGHLIGHTS \n \n \n \n \n \n \n \n \n \n \n \n \n Full Year\n \n \n 2021\n \n \n \n \n Full Year\n \n \n Restated1\n \n \n 2020\n \n \n \n \n Change2\n \n \n %\n \n \n \n \n \n \n Statutory profit before tax\n \n \n \n \n £56.0m\n \n \n \n \n £19.1m\n \n \n \n \n 193.2\n \n \n \n \...