United Trust Bank (UTB) closed 2024 on a strong note, reporting robust financial performance and continued expansion of its loan book.

The specialist lender’s Annual Report & Accounts for the year ending 31st December 2024 show a 7% increase in operating income to £165 million, with profit before tax reaching £86.4 million. The bank maintained a return on equity (ROE) of over 20% for the year.

UTB also reinforced its commitment to SMEs, housebuilders, property investors, and mortgage borrowers, increasing gross new lending to £1.9 billion and growing its loan book by 12% to a record £3.5 billion. This lending expansion was underpinned by a 22% rise in customer deposits, driven by UTB’s range of fixed and notice deposit accounts and ISAs.

Key developments in 2024 included the introduction of a refreshed brand identity, aligning with UTB’s mission of collaborative growth, encapsulated in its new tagline: “United, we go further.”

In December, UTB announced a deal with Warburg Pincus, a global private equity firm, for the acquisition of a minority equity stake in the bank.

More recently, in February 2025, UTB issued £50 million in Additional Tier 1 (AT1) capital to institutional investors. This move enhances the bank’s ability to fund further expansion and strengthens relationships with its investor base.

Financial highlights for 2024 include gross new lending of £1.9 billion, operating income of £165 million, and an operating profit before tax of £86.4 million. The loan book at year-end stood at £3.5 billion, with total funding at the same level. The return on equity was recorded at 20.1%.

Harley Kagan, CEO of United Trust Bank, said: “2024 has been an exciting year for UTB with the launch of our refreshed brand, successfully agreeing a deal with Warburg Pincus, and making continued progress with the bank’s strategic priorities.

“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 £50 million Additional Tier 1 capital to institutional investors.”

Looking ahead, Kagan acknowledged the challenges posed by an uncertain macroeconomic environment but emphasised UTB’s adaptability and customer focus. “The macroeconomic environment over recent years has been uncertain and UTB has worked hard to remain flexible, 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.”