United Trust Bank (UTB) has reported a 21% increase in new lending in 2019, having completed £994m of new loans throughout the year.

The bank also revealed its operating income for the year was £64.9m while its loan book increased to £1.24bn.

Investment in its infrastructure and people, UTB indicated, coupled with sector wide margin compression and growth being weighted towards the second half of the year, led to a slight reduction in operating profit in 2019 to £32.7m.

The bank suggested the results showed its continued commitment to supporting SME housebuilders, developers and businesses as they seek funding to invest in new building projects or vehicles, plant and other assets – despite considerable political and economic uncertainty.

Consumer lending in the form of specialist first and second charge mortgages also delivered “strong growth”, UTB described, having launched several new products and service enhancements during the year.

UTB CEO, Graham Davin, called 2019 a year of “investment in people, technology and systems” to enhance the customer, broker and employee experience, while improving “efficiency and control”.

“This will continue to be a priority at UTB for the foreseeable future and is an investment which will reap rewards in the coming years,” he added.

“We came very close to achieving £1bn of new lending in 2019 which is an extraordinary performance given the political and economic uncertainty present throughout last year. I’m confident it’s a milestone we will comfortably pass in 2020.

“2019 was complex from a profitability perspective as our investment in additional people and systems and costs of higher liquidity and risk offset the headline 20% growth in new business and loans. Nonetheless the bank begins 2020 highly profitable, well capitalised and liquid and is currently writing record levels of new business.”

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