Secure Trust Bank - Upbeat pre-close interims update
Secure Trust Bank (STB) issued an upbeat pre-close interims update, noting that positive trends in Q1, particularly regarding asset quality, have continued into Q221. The recovery in loan impairments underpins STB’s board now expecting FY21e PBT to be ‘materially’ ahead of company collected consensus of £29.5m (Edison forecast £27.4m) and above the top end of the range at £36.8m. STB disclosed that the board ‘remains cautious on the near to medium term UK economic outlook and will maintain a prudent provisioning policy, in case economic conditions worsen in the second half’. STB will report its interims on 5 August 2021 and we are likely to review our forecasts following the results. The adjustment in impairments is likely to be lower in FY22 than in FY21, with STB guidance along similar lines in its statement.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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