United Trust Bank (UTB) has reported a 67% increase in profits after tax to £12.3m for 2015.

During 2015 the specialist bank saw growth in lending across all of its divisions and launched a retail mortgage proposition, offering second charge secured loans and a technology finance product.

UTB increased lending by 48% to £434m, operating income rose 34% to £31.6m and customer deposits grew by 46% to £476m. Return on equity was 32%.

Graham Davin, UTB’s CEO, said: “2015 was yet another outstanding year for United Trust Bank. We recorded significant growth in lending, deposits, income and profits, with all reaching milestone levels, and we continued to invest in talented people and new product development.

“Completing a move to new headquarters in the City of London gave us much needed extra space for additional staff and we successfully raised new capital to support UTB’s future growth.

“In the last 12 months we have also made senior appointments in finance, credit and risk which allows us to maintain and manage our growth trajectory in 2016 and beyond.

“United Trust Bank is guided by a talented management team and driven by its dedicated staff. Their energy and the support of our customers and broker partners has enabled the Bank to achieve these excellent results.”