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Secure Trust Bank PLC - Solihull, England-based provider of savings accounts and lending services - Says trading in third quarter of 2023 was in line with expectations, and the net loan book ‘continued to grow’. Net lending increased 14% to £3.21 billion from £2.81 billion for the same quarter in 2022. New business lending is up 15% year-on-year to £578.7 million from £502.1 million, but down 7.3% from the second quarter of 2023 from £624.0 million ‘as spending by consumers softened.’ Deposits are up 16% to £2.72 billion from £2.35 million. Chief Executive David McCreadie says: ‘The group has continued to grow...and demonstrated the diversity of its business model with Business Finance contributing its highest quarterly new business volumes in over a year. Our positive momentum continues, given our strength in specialist markets and we remain on track to achieve our medium term targets, including our plan to deliver £4m in annualised cost savings this year rising to £5 million in 2024.’ Current stock price: 608.80 pence 12-month change: down 8.0% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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