UTB sees 31% increase in new lending in 2020

United Trust Bank has registered a 31% increase in new lending to £1.3bn in 2020 compared to the previous year.

The bank operating profit reached £44.1m, a 35% increase compared to 2019’s results. 

UTB’s loan book and deposits at the end of the year both hit £1.6bn each, while total assets reached £1.9bn.

The bank’s ROE for 2020 was 15.9%.

According to the bank, its robust performance is thanks to UTB’s adoption of flexible working practices, new products launched, and the introduction of new technology, including the Nivo facial recognition service to bridging to speed up application process and the automatic ID verification sharing with bridging solicitors via the UTB Nivo app.

The bank also continued to recruit staff throughout 2020 to support its growth.

It welcomed 42 new team members during the year, with the majority of being recruited and trained remotely.

Harley Kagan, CEO at UTB (pictured above) said: “2020 was a year like no other and despite the extraordinary challenges presented by the Covid-19 pandemic, United Trust Bank showed its resilience and delivered a strong set of results.

“By successfully transitioning to remote working and adopting and implementing innovative technology, the bank maintained its operations and remained open for business throughout the lockdowns with all business lines continuing to grow.

“The board and management team are immensely grateful to our supportive brokers and customers and to our dedicated staff for their contribution to the performance UTB delivered through a particularly unusual and challenging year.”

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