United Trust Bank’s (UTB’s) gross lending for the year ending 31 December 2024 increased by 3.3% from £1.792m to £1.851m, driving the value of its loan book up by 12% to reach a record £3.5bn.
The positive results were down to strong origination growth in the second half of the year, which followed a slow six months between January and July.
UTB said growth in lending was supported by a 22% increase in customer deposit balances through the bank’s range of fixed and notice deposit accounts and ISAs.
In its full-year results, the specialist lender reported a 4% rise in profit before tax of £86.4m, while its return on investment ratio remained over 20% for 2024.
‘Significant investment’ in bank
Harley Kagan (pictured), UTB’s chief executive, said: “2024 has been an exciting year for UTB with the launch of our refreshed brand, successfully agreeing a deal with Warburg Pincus and making continued progress with the bank’s strategic priorities.”
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The deal, agreed in December, saw Warburg Pincus acquire a minority equity interest stake in UTB.
Kagan added: “It was a year of significant investment as well as strengthening UTB’s capital position to facilitate future growth, whilst supporting the bank’s customers, people, suppliers, and communities. I am pleased that this has continued into 2025 with our recent issue of a £50m Additional Tier 1 capital to institutional investors.”
The capital will provide further capacity to support UTB’s growth and development.
The results follow the bank’s appointment of Andy Porter as senior director of the business development team to enhance support for housebuilders and developers in the South of England and Andy Thomson as senior director to develop the lender’s build to rent proposition – a focus for the bank in 2025.
