Business
Trading Statement: Q3 Update
Trading Statement: Q3 Update.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7347P\n Secure Trust Bank PLC\n 21 October 2021\n \n \n \n \n PRESS RELEASE\n \n \n Secure Trust Bank PLC\n \n LEI: 213800CXIBLC2TMIGI76\n \n 21 October 2021\n \n \n For embargoed release at 07.00 am\n \n \n SECURE TRUST BANK PLC\n \n \n \n \n \n Q3 2021 Trading Update\n \n \n \n \n \n Strong new business lending, now above pre-pandemic levels\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. \n \n \n \n \n \n Secure Trust Bank PLC and its subsidiaries (\"Secure Trust Bank\", \"STB\" or the \"Group\") provide a trading update about the third quarter ended 30 September 2021.\n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Q3'21\n \n \n \n \n Q2'21\n \n \n \n \n Change\n \n \n \n \n Q3'20\n \n \n \n \n Change\n \n \n \n \n \n \n New business lending\n \n \n \n \n £368.4m\n \n \n \n \n £306.5m\n \n \n \n \n 20.2%\n \n \n \n \n £231.3m\n \n \n \n \n 59.3%\n \n \n \n \n \n \n Net Lending - Core*\n \n \n \n \n £2,404.4m\n \n \n \n \n £2,327.6m\n \n \n \n \n 3.3%\n \n \n \n \n £2,247.8m\n \n \n \n \n 7.0%\n \n \n \n \n \n \n Deposits\n \n \n \n \n £1,964.9m\n \n \n \n \n £1,939.7m\n \n \n \n \n 1.3%\n \n \n \n \n £1,982.1m\n \n \n \n \n (0.9)%\n \n \n \n \n \n \n \n \n New Business\n \n \n Total new business lending increased by 20.2% in the quarter and 59.3% compared to Q3 2020, continuing the strong recovery and exceeding the pre-pandemic levels of Q1 2020 by over 20%. Business Finance grew by 121% in the quarter as the strong pipeline begins to convert. Consumer Finance maintained the levels achieved in Q2 2021 with Vehicle Finance recording its largest ever month of new business and growing 15% in the quarter.\n \n \n \n \n \n Net Lending - Core*\n \n \n The core net loan book grew by 3.3% in the quarter and 7.0% compared to Q3 2020. The Q3 2021 growth reflects growth in Consumer businesses of 3.0% and Business Finance of 3.6%, underlining the ongoing positive momentum across the Group. \n \n \n \n \n \n Deposits\n \n \n Customer deposits were 1.3% higher at the end of the quarter to support the growth in the loan book. \n \n \n \n \n \n...