Anthony O. Goriainoff
Secure Trust Bank PLC said on Thursday new business loans fell 11% in the fourth quarter after it tightened credit standards due to the current macroeconomic environment.
The London-listed private and commercial bank said new business loans were 444.6 million pounds ($549 million) in the quarter, compared with 502.1 million pounds in the third quarter and 470.2 million pounds in the fourth quarter of 2021.
The core net loan book rose 19% to £2.92bn in the period, driven by particularly strong year-on-year growth in consumer finance, the company said.
New customer deposits at the end of the fourth quarter were up 7% compared to the third quarter.
Secure Trust Bank said it will continue to focus on managing funding costs in an environment of rising interest rates and maintain its net interest margin at 5.7% in the second half, unchanged from the first half.
Chief executive David McCreadie said: “We will continue to manage our risk exposure appropriately during this period of uncertainty and remain confident in our ability to achieve our growth ambitions and medium-term targets.”
Shares were flat at 732 pence by 0935 GMT.
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