Secure Trust Bank PLC - retail and commercial banking company - For the first quarter ended March 31, new business lending rose 7.1% year-on-year to GBP318.5 million from GBP297.5 million, due to a phased return to pre-pandemic lending criteria in Motor Finance.
However, loans for the period declined 6.6% to GBP2.33 billion from GBP2.50 billion a year prior, while deposits dropped 8.2% to GBP1.92 billion.
"New business lending grew in the first quarter despite the continuation of the national lockdown suppressing the rate of growth. Our operational and financial performance remained strong, continuing the momentum seen at the end of last year. The progress of the UK vaccination rollout provides confidence that activity levels across the group's businesses will increase as the year progresses. An improvement in volume was already evident during April when restrictions started to ease," said Chief Executive Officer David McCreadie.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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Secure Trust (STB)