Secure Trust Bank Regulatory News (STB)

PRESS RELEASE

Secure Trust Bank PLC

LEI: 213800CXIBLC2TMIGI76

25 November 2021

For embargoed release at 07.00 am

SECURE TRUST BANK PLC

Trading Update

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. 

Secure Trust Bank PLC ("STB") announces that it anticipates the full financial year 2021 IFRS 9 impairment charge will be materially below consensus (£12.9m). As a result, the Board expects that STB's profit before tax in FY21 will be above the top end of analysts' consensus estimates.

The Board's expectations for FY21 on a pre IFRS9 provision basis are unchanged, as are its expectations for the level of IFRS9 provisions in FY22, which will be driven by the provisioning required on the expected increased level of lending activity.

The person responsible for making this announcement is Mark Stevens, Company Secretary.

Enquiries:

Secure Trust Bank PLC

David McCreadie, Chief Executive Officer

Rachel Lawrence, Chief Financial Officer

Tel: 0121 693 9100

Stifel Nicolaus Europe Limited (Joint Broker)

Robin Mann

Gareth Hunt

Stewart Wallace

Tel: 020 7710 7600

Canaccord Genuity Limited (Joint Broker)

Andrew Potts

Tel: 020 7523 8000

Forward looking statements

This document contains forward looking statements about the business, strategy and plans of STB and its current objectives, targets and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about STB's or management's beliefs and expectations, are forward looking statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. STB's actual future results may differ materially from the results expressed or implied in these forward looking statements as a result of a variety of factors. These include UK domestic and global economic and business conditions, risks concerning borrower credit quality, market related risks including interest rate risk, inherent risks regarding market conditions and similar contingencies outside STB's control, the COVID-19 pandemic, expected credit losses in certain scenarios involving forward looking data, any adverse experience in inherent operational risks, any unexpected developments in regulation or regulatory, and other factors. The forward looking statements contained in this document are made as of the date of this document, and (except as required by law or regulation) STB undertakes no obligation to update any of its forward looking statements.

 About the Company:

Secure Trust Bank is an established, well‐funded and capitalised UK retail bank with a 69 year trading track record. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had 940 employees (full‐ time equivalent) as at 30 June 2021. The Group's diversified lending portfolio currently focuses on two sectors:

(i) Business Finance through its Real Estate Finance and Commercial Finance divisions,

(ii) Consumer Finance through its Motor Finance, Retail Finance and Debt Management divisions.

Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Secure Trust Bank, PLC, One Arleston Way, Solihull, B90 4LH.