Outlook: Taking the opportunity
Secure Trust Bank (STB) is delivering on all its promises. Good growth was expected, and 2014 profits were ahead of our forecasts. Lending was up 59% (Edison estimate up 53%), deposits up 39% (Edison 37%) and customer numbers were up 22%. These drove operating income growth of 24% and 32% growth in underlying profit on a company reporting basis (Edison 20%). Impairments at £15.3m were significantly better than our £17.5m estimate. The core equity tier 1 of 19% is around twice the level of many challenger banks. STB continues to innovate with strong pipelines in new businesses.Secure Trust Bank is involved in banking and financial services. Co.'s segments are: real estate finance, which include residential and commercial investment and development loans; asset finance, which include loans to small and medium sized enterprises; commercial finance, which include invoice discounting and invoice factoring; personal lending, which include unsecured consumer loans; motor finance, which include hire purchase agreements; retail finance, which include point of sale unsecured finance; and residential mortgages, which is for the self-employed, contract workers. As of Dec 31 2017, Co. had total assets of £1.89 billion and total customers deposits of £1.48 billion.
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