United Trust Bank delivers £86.4m profit before tax in 2024
United Trust Bank (UTB) rounded off a busy and exciting 2024 with a successful financial performance and further growth in its loan book.
The specialist bank’s Annual Report & Accounts for the year ending 31 December 2024 show UTB’s operating income increased by 7% to £165m, delivering profit before tax of £86.4m. UTB’s ROE has remained over 20.0% for the year.
Underlining its commitment to supporting SMEs, housebuilders, property investors and mortgage borrowers, UTB also increased gross new lending to £1.9bn, growing its loan book by 12% to a record £3.5bn. Growth in lending was supported by a 22% increase in customer deposit balances through the Bank’s award-winning range of fixed and notice deposit accounts and ISAs.
2024 was an exciting year for the Bank in several ways. UTB unveiled its refreshed, vibrant brand identity designed to build on its strong foundations and take the business into its next exciting chapter. At the core of UTB’s brand is the belief that everyone can achieve more together, encapsulated in its new brand tagline – United, we go further.
More recently, in December 2024 UTB announced that an agreement had been reached between its majority shareholders and Warburg Pincus, the pioneer of private equity global growth investing, for Warburg Pincus to acquire a minority equity interest in UTB. The investment is a significant endorsement of UTB’s current strategy and future prospects.
In February 2025, UTB issued a £50m Additional Tier 1 capital to a pool of institutional investors. This capital provides further capacity to support the growth and development of the business as well as enhancing UTB’s relationship with this investor base. This is a significant milestone for UTB, and one of few banks in its specialist sector to issue an AT1 instrument in recent years.
2024 financial highlights include:
- Gross new lending: £1.9bn
- Operating income: £165m
- Operating profit before tax: £86.4m
- Loan book at year end: £3.5bn
- Total Funding at year end: £3.5bn
- Return on Equity: 20.1%
United Trust Bank chief executive officer, Harley Kagan, commented: “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 £50m Additional Tier 1 capital to institutional investors.
“The macroeconomic environment over recent years has been uncertain and UTB has worked hard to remain flexible and to 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.”