During 2017, the specialist bank also saw a return on average equity of 27%, customer deposits rise by 31% and gross income increase by 20%.

The results followed UTB exceeding £1bn of assets for the first time.

“United Trust Bank delivered another strong performance in 2017 and I am delighted to report an excellent set of results,” said Graham Davin, CEO at UTB (pictured above).

“Our significant growth in lending and deposits enabled us to exceed £1bn of total assets for the first time, which marked an exciting milestone in the bank’s evolution.

“The key measure of return on average equity also remains class leading at 27%.”

In October 2017, the bank signed an agreement with the British Business Bank for the enable guarantee, which allowed it to increase its lending to SME housebuilders.

•   UTB lowers minimum bridging loan size
•   UTB funds accountancy firm acquisition
•   Gross mortgage lending up 9.7%

UTB also increased its market share in the second charge mortgage sector, while its new structured finance division has doubled in size over the course of the year, exceeding its targets for new business volumes and income.

Meanwhile, the bank’s bridging, development and asset finance businesses continued to perform “very well”.

“The momentum we have gathered over the last few years has continued and the markets in which we operate support our products, while customers welcome the level of service we provide,” added Graham.

“The sustained organic growth of the bank is particularly pleasing, given it was achieved in a fluid trading environment.

“Although we expect the bank to be largely insulated from the direct effects of Brexit, the next 12 months are bound to produce challenges and opportunities.

“I have every confidence that our talented and dedicated staff will meet both with enthusiasm and drive, and on behalf of the shareholders and directors, I would like to thank them for their vital contribution to the bank’s success.”