Secure Trust Bank reported a strong start to 2016 despite curbing its residential development lending ahead of a possible Brexit.
And addressing shareholders at the annual general meeting chairman Sir Henry Angest said the bank is well positioned to make progress throughout the rest of the year with its asst and commercial finance divisions performing well.
He said: “The STB Group has made good progress during the first few months of the year. The completion on 13 April 2016 of the sale of the Everyday Loans business has generated a substantial net profit which has benefited capital and liquidity.
“The continuing business divisions are developing as planned. During the first quarter of the year motor finance and retail finance have delivered higher new business volumes compared to the same period in 2015.
“In the SME lending market we continue to see strong demand for our products with the commercial finance and asset finance businesses performing in line with management’s expectations. As previously disclosed, the Bank has taken a more cautious approach to lending to the residential development sector ahead of the EU referendum vote.
“The bank continues to work on a diverse pipeline of business development opportunities. With very strong capital and funding positions we believe we are well positioned to make further positive progress during the year.”