UTB sees new lending hit £1.5bn

United Trust Bank has seen gross new lending increase to a record £1.5bn in 2021.

The bank has also seen its operating income rise by 20% to £95.2m and its profit after tax grow by 42% to £35.4m.

Overall, its loan book at the end of the year reached £1.8bn, while its deposit book hit £1.7bn. 

According to the bank, this reflects UTB’s continued support of SME businesses, housebuilders, property developers, homeowners, specialist finance brokers and savers.

Harley Kagan, CEO at UTB (pictured above), said: “2021 continued to present challenges from the Covid-19 pandemic — however, our continued investment in talented people, innovative technology and a commitment to supporting customers and brokers helped us deliver a strong set of results. 

“The UTB team responded to the pandemic with resilience, tenacity and a positive outlook to meet the needs of our customers, brokers and their colleagues.

“Throughout the year, we were pleased to provide funding through the CBILS and the RLS.

“We also formed a new five-year alliance with Homes England with the launch of the £250m Housing Accelerator Fund and secured an ENABLE Build Guarantee from the British Business Bank, allowing us to further support SME housebuilders.

“We are fortunate to be able to call upon a wide range of experience and skills on the board and management team and I would like to thank my colleagues for their valuable contributions. 

“We welcomed Mark Stokes to the bank as CCO and James Masters as chief technology officer, and were pleased to announce recently that Alice Altemaire, CEO of RCI Bank UK, has returned to the board as a non-executive director.

“Finally, we owe a great debt of gratitude to our staff who continue to drive the growth and development of the bank, and our broker partners, borrowers, and depositors who support us. 

“Although we continue to live in uncertain times, I look to the future with confidence and the strong belief that UTB will make the most of the substantial opportunities that lie ahead.”

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