United Trust Bank (UTB) has reported an increase in new lending to a record £1.5bn in 2021, increasing operating income by 20% to £95.2m and profit after tax by 42% to £35.4m.

The results were delivered during Harley Kagan’s first year as CEO, and saw the deposits book at year end total £1.7bn.

Kagan (pictured) said: “2021 continued to present challenges from the Covid-19 pandemic. However, our continued investment in talented people, innovative technology and a commitment to supporting customers and brokers helped us deliver a strong set of results.

“The UTB team responded to the pandemic with resilience, tenacity and a positive outlook to meet the needs of our customers, brokers and their colleagues. I am delighted that their outstanding contributions were recognised with no less than 18 industry awards.

“Throughout the year we were pleased to provide funding through the Coronavirus Business Interruption Loan Scheme and the Recovery Loan Scheme. We also formed a new 5-year alliance with Homes England with the launch of the £250m Housing Accelerator Fund and secured an ENABLE Build Guarantee from the British Business Bank (BBB) allowing us to further support SME housebuilders.

“We are fortunate to be able to call upon a wide range of experience and skills on the Board and management team and I would like to thank my colleagues for their valuable contributions. We welcomed Mark Stokes to the Bank as Chief Commercial Officer and James Masters as Chief Technology Officer and were pleased to announce recently that Alice Altemaire, CEO of RCI Bank UK, has returned to the Board as a Non-Executive Director.

“Finally, we owe a great debt of gratitude to our staff who continue to drive the growth and development of the Bank, and our broker partners, borrowers, and depositors who support us. Although we continue to live in uncertain times, I look to the future with confidence and the strong belief that United Trust Bank will make the most of the substantial opportunities that lie ahead.”