United Trust Bank (UTB) has surpassed £1 billion of lending through its asset finance division.

The milestone was reached at the end of March this year.

In 2022 the asset finance funder delivered a third consecutive year of record breaking originations, increasing new asset finance lending by 42% year on year and growing its loan book by 55%.

Nathan Mollett (pictured), head of asset finance at United Trust Bank, said: “This is a significant milestone for UTB’s Asset Finance business achieved by supporting SMEs as they overcome the challenges of an unpredictable economy shaken by high inflation and the war in Ukraine. Despite the uncertainty, we have continued to lend to SMEs throughout, and our outstanding team has helping thousands of businesses seize opportunities and invest in their futures.

“Despite delivering 55% loan book growth in 2022, we have maintained our ‘boutique’ approach to lending where communication with brokers is our key differentiator. We highly value our brokers’ input and their dedication to securing the right solution and outcome for the customer and would like to thank them for their continued support.

“With ambitious plans for the future, our new technology platform already delivering real benefits, and the best Asset Finance team in the business, I don’t think it will be long before we lend our next £1 billion.”