United Trust Bank delivers £86.4m profit before tax in 2024

United Trust Bank (UTB) has capped off 2024 with a strong financial performance, marked by a pre-tax profit of £86.4m and a robust return on equity (ROE) of 20.1%. The specialist bank continued to expand its loan book, increasing it by 12% to a record £3.5bn, while also securing significant capital investment to support future growth.

UTB’s Asset Finance division played a pivotal role in the bank’s success, contributing significantly to its loan book growth. The bank’s Asset Finance portfolio loan receivables grew markedly from £7.5m in 2023 to £12.6m in 2024. Finance lease and hire purchase receivables also saw substantial growth, rising from £381m to £448m year over year. This expansion was fuelled in part by UTB’s enhanced Block Finance proposition, which has gained traction as an additional source of lending within the division.

UTB continued to invest heavily in digital innovation throughout 2024, launching a new broker portal specifically for Asset Finance. This move aligns with the bank’s broader digital transformation strategy, aimed at streamlining processes, enhancing automation, and improving customer experience across multiple lending verticals.

Among the bank’s 20 digital initiatives completed in 2024, enhancements were also made to its Bridging Finance and Mortgages portals, while deposit customers benefitted from an upgraded online banking system.

In addition to digital investments, UTB expanded its market offerings across Asset Finance, Bridging Finance, and Mortgages. The opening of a new Manchester office demonstrated its commitment to serving businesses and customers across the UK, particularly in the North of England.

A landmark development in December 2024 saw Warburg Pincus, a global leader in private equity, acquire a minority equity interest in UTB. This investment serves as a strong endorsement of the bank’s growth strategy and long-term vision. Further bolstering its capital position, UTB successfully issued £50m in Additional Tier 1 (AT1) capital in February 2025, reinforcing its financial strength and enabling future expansion.

“It was a year of significant investment as well as strengthening UTB’s capital position to facilitate future growth, whilst supporting the Bank’s customers, people, suppliers, and communities. I am pleased that this has continued into 2025 with our recent issue of a £50m Additional Tier 1 capital to institutional investors.

“The macroeconomic environment over recent years has been uncertain and UTB has worked hard to remain flexible and to support its customers and build the business. The Bank’s underlying results reflect the strength of our business model and the development of our digital proposition. UTB’s performance also highlights the exceptional skills, dedication, and commitment of its employees, who are key to the Bank’s continued success.”

United Trust Bank recorded gross new lending of £1.9bn in 2024, supported by operating income of £165m and a total year-end loan book of £3.5bn. With total funding also reaching £3.5bn and a return on equity standing at 20.1%, the bank continues to showcase its financial strength and ability to navigate a dynamic economic landscape.