The bank’s chief executive officer Graham Davin explained that UTB would continue to speed up its growth after seeing its loan book climb to £617m for the year ending 31st December 2016.
The announcement followed a 36% increase in profits before tax to £20.7m for the period.
“Our strategy of organic growth has delivered a strong performance and our lending and deposit books have both passed major milestones,” said Graham.
“Set against a trading environment rife with Brexit uncertainty, increasing competition and industry regulation, the management and staff have performed with great energy, skill and dedication to achieve these excellent results.
“We will continue to explore opportunities to accelerate our organic growth strategy with new product developments and by considering suitable acquisitions.”
UTB also reported a 46% rise in customer deposits to £664m for the year.
Gross income was £56.3m and return on equity was a “class-leading” 29%.
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The results follow a number of key personnel changes at UTB during 2016, including the departure of former chairman Nicholas Clegg CBE, who retired after 15 years in the role.
Mr Clegg was replaced by Richard Murley in September.
UTB also saw changes to its specialist lending teams, with the departure of former head of bridging Alan Margolis and the appointment of Jo Edwards as business development director for mortgages and bridging.
The bank celebrated being named ‘Specialist Bank of the Year’ at the Bridging & Commercial Awards 2016.
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