Pre-tax profit has almost doubled at Solihull-based challenger bank Secure Trust.
In its interim results for the six months to June 30, 2014, the bank said pre-tax profit reached £11.4 million (2013: £6.2 million) and interest receivable and similar income climbed to £41.6 million (2013: £34.1 million).
The listed bank said today its overall loan book increased to £447.8 million (2013: £365.8 million) and customer deposits rose to £476.8 million (2013: £386.7 million).
Total customer numbers increased by 20 per cent to 391,610 and impairments remain below levels expected at origination.
Chairman Henry Angest said: "Secure Trust Bank has continued to implement its strategy of providing simple straightforward banking solutions to customers, whilst remaining true to its philosophy of managing the bank's balance sheet on a prudent basis.
"The improving economic environment, the better than expected performance of the existing lending activities, and the increased capital resources following the recent successful placing provide strong foundations for the bank to diversify into attractive SME markets and give us confidence for continued growth of the business in the second half."
Chief executive Paul Lynam added: "Our robust results for H1 2014 clearly demonstrate the growth potential of the 'challenger banks' sector and Secure Trust Bank in particular.
"As the economy recovers, we have written record levels of new loans, without compromising our standards.
"This growth in lending balances, coupled with lower levels of impairments and tight control of costs has resulted in a new record for underlying profits for the six month period."
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