Lending volumes rose by more than half at Midland-based Secure Trust Bank last year, the firm has revealed in its first annual accounts posted to the stock exchange.
Solihull-based STB lent £135.9 million in the year to December 31, 2011, which represented a 51 per cent increase on 2010.
The firm, which listed on the London Stock Exchange last year, revealed pre-tax profits had remained at £9.6 million, but while operating income rose from £24.2 million to £28.5 million, profits before income tax fell.
Customer deposits increased to £272.1 million, which represented a 77 per cent increase on 2010, and fee-based current accounts grew to 17,178, a 79 per cent rise.
Chief executive Paul Lynam said the growth potential of the business has been enhanced by the successful IPO of the Company in November through which STB raised new capital to support significant growth in the lending businesses.
STB enters its 60th year very well positioned to take advantage of the many opportunities available to it, he added.
He said: “2011 has been a milestone year for the development of Secure Trust Bank. We have delivered a strong underlying financial performance whilst putting in place the foundations necessary to control our ambitious growth plans across a diversified portfolio of products. With strong organic business volumes written in the early months of 2012 and good work continuing on a large pipeline of significant organic and external business opportunities we are in a cautiously confident mood.”