United Trust Bank (UTB) has published its Annual Report & Accounts for the year ending 31st December 2023, which shows the bank’s operating profit increased by 41% to £87.5m in 2023.

Meanwhile, operating income increased by 34% to £154.1m, and return on equity increased to 23.9%.

UTB supported SMEs, housebuilders and individuals with £1.8bn of new lending in 2023, increasing its loan book to over £3bn for the first time.

During the difficult year, the bank continued to expand, increasing staff numbers by 13%.

Harley Kagan, (pictured), United Trust Bank’s chief executive officer, said: “During 2023, the UK economy was buffeted by one crisis after another with higher inflation requiring interest rates to be increased to levels not seen since before 2009. At UTB, we responded well to these challenges, and this is reflected in our strong performance.

“These excellent results are due to the dedication of our skilled and hardworking staff and senior management team, and the continued support of our broker partners and customers. They show that when times are tough, resilience, tenacity and strong relationships make a huge difference.

“Economic headwinds in the UK now appear to be easing, and UTB is well placed to continue to develop and grow its business with a fantastic team of people. I am confident the Bank will go further on delivering its purpose.”