United Trust Bank (UTB) has recorded a 31% increase in new lending to £1.3bn in 2020, which drove operating profit to £44.1m.

This figure for operating profit is a 35% increase from 2019.

Gross new lending reached £1.3bn in 2020, with the loan book at year end being recorded at £1.6bn.

UTB makes five appointments as development finance demand increases

Operating income reached £79.1m and total assets were recorded at £1.9bn.

The bank welcomed 42 new team members during the year with the majority being recruited and trained remotely.

Harley Kagan (pictured), chief executive of UTB, said:“2020 was a year like no other and despite the extraordinary challenges presented by the COVID-19 pandemic, United Trust Bank showed its resilience and delivered a strong set of results.

“The bank has continued to invest in business transformation and digitisation projects and introduced many new digital means of interacting with customers and brokers during the year, including the launch of full-service online banking for deposit customers.

“By successfully transitioning to remote working and adopting and implementing innovative technology the bank maintained its operations and remained open for business throughout the lockdowns with all business lines continuing to grow. 

“The board and management team are immensely grateful to our supportive brokers and customers and to our dedicated staff for their contribution to the performance UTB delivered through a particularly unusual and challenging year.”