Secure Trust net lending increases in Q3

Secure Trust said its customer loan book grew by 1.7% in the quarter and 14.2% compared year-on-year to £3.21bn, with "strong growth" of 16.4% delivered by its commercial finance unit. Real estate finance lending was consistent with Q2 and consumer lending grew by 1.1% in the quarter and 23.2% compared to the same period in 2022.

The London-listed group highlighted that it continued to raise deposits in a market that has seen a rise in the cost of retail funding, with customer deposits 2.6% higher at the end of the quarter and 15.7% higher than year-on-year.

Secure Trust added that total new business lending decreased by 7.3% in the quarter but increased 15.3% year-on-year, with business finance delivering 29.8% growth on Q2 and 62.5% growth on 2022.

Chief executive David McCreadie said: "The group has continued to grow in the third quarter and demonstrated the diversity of its business model with business finance contributing its highest quarterly new business volumes in over a year. Our positive momentum continues, given our strength in specialist markets and we remain on track to achieve our medium-term targets, including our plan to deliver £4.0m in annualised cost savings this year rising to £5.0m in 2024."

As of 1200 GMT, Secure Trust shares were up 1.20% at 607.20p

Reporting by Iain Gilbert at Sharecast.com