Secure Trust Bank Earnings In Line With Expectations

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LONDON (Alliance News) - Secure Trust Bank PLC said Wednesday its earnings in the first four months of 2018 were in line with management's expectations.

Chairman Michael Forsyth will tell the bank's shareholders at its annual general meeting Wednesday that "there has been no material change" to the underlying performance of the retail bank in the first four months of the year.

Forsyth believes "excellent progress" has been made in the first four months in converting its new business pipeline into deals written. As a result, total new lending across the small and medium-sized enterprises and consumer finance portfolios has been "strong" with "margins meeting management's expectations".

The bank's credit quality has been "in line with management's expectations" with the "benefits of the strategic repositioning of the balance sheet emerging as anticipated".

Forsyth noted demand for savings products has "remained strong" with no material change in market pricing noted. He insists the "operational benefits" of the new savings platform installed in 2017 are "beginning to be realised" as the overall deposit customer base grows.

This new platform will enable the Bank to launch additional savings products during 2018. Where the current economic outlook remains "uncertain".

Shares in Secure Trust went untraded Wednesday but last closed at 1,970.00 pence each.

By Paul McGowan; [email protected]

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