Secure Trust Bank (LSE: STB)

Last close As at 17/09/2024

GBP8.24

0.00 (0.00%)

Market capitalisation

GBP158m

Secure Trust Bank (STB) is a well-established specialist bank addressing niche markets within consumer and business lending.

Latest Insights

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Sector

Financials

Equity Analyst

Key Management

  • David McCreadie

    CEO

  • Phil Clark

    Investor relations

  • Rachel Lawrence

    CFO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.8) 3 26.4
Relative (2.4) 1 17
52 week high/low 894.0p/584.0p

Financials

Secure Trust Bank’s (STB’s) Q423 trading update showcased a robust performance with net loans of £3.3bn, up 13.6% y-o-y. The bank reaffirmed that it is on track to deliver £5m in annualised cost savings in FY24 through its ongoing cost optimisation programme. Despite rising deposit costs, STB’s net interest margin (NIM) remained flat with H123 at 5.4%. STB’s disclosure of modest exposure to discretionary commissions in motor finance lending should be a relief to investors, as the ongoing Financial Conduct Authority (FCA) investigation has been an uncertainty overhanging the sector. Our underlying continuing PBT estimates fell by 2% on marginally lower NIM expectations. Meanwhile, we have reduced our continuing PBT estimate by 7% to £41.7m as we have included a £2.3m exceptional cost related to the FCA’s Borrowers in Financial Difficulty industry-wide review. Our FY24 estimates are unchanged.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 148.9 N/A 55.9 239.4 3.4 N/A
2022A 169.6 N/A 39.0 174.7 4.7 N/A
2023E 186.5 N/A 41.7 154.9 5.3 N/A
2024E 221.8 N/A 55.0 211.4 3.9 N/A

Flash note

Financials

Secure Trust Bank — Selling debt purchase loan book

Update

Financials

Secure Trust Bank — New tech and lower impairments

Flash note

Financials

Secure Trust Bank — Capital markets day optimism

Flash note

Financials

Secure Trust Bank — Momentum building in Q3

Update

Financials

Secure Trust Bank — Good news as flagged

Flash note

Financials

Secure Trust Bank — Drawing the line under mortgages exit

Flash note

Financials

Secure Trust Bank — Upbeat pre-close interims update

Flash note

Financials

Secure Trust Bank — Benign Q1 trading update

Outlook

Financials

Secure Trust Bank — Solid FY20, ready for growth

Update

Financials

Secure Trust Bank — Reassuring pre-close

Flash note

Financials

Secure Trust Bank — CEO change in seamless transition

Update

Financials

Secure Trust Bank — Upbeat update

Outlook

Financials

Secure Trust Bank — Resilient numbers

Update

Financials

Secure Trust Bank — Caution after a fine 2019

Update

Financials

Secure Trust Bank — Positive pre-close

Update

Financials

Secure Trust Bank — A reassuring trading update

Update

Financials

Secure Trust Bank — Momentum maintained

Update

Financials

Secure Trust Bank — Upbeat trading update

Update

Financials

Secure Trust Bank — Positive and ready for growth

Update

Financials

Secure Trust Bank — Reassuring update

Update

Financials

Secure Trust Bank — Positive trading update

Update

Financials

Secure Trust Bank — Controlled growth

Outlook

Financials

Secure Trust Bank — Ready for the next stage

Update

Financials

Secure Trust Bank — Update 19 January 2017

Update

Financials

Secure Trust Bank — Update 8 November 2016

Update

Financials

Secure Trust Bank — Update 2 August 2016

Review

Financials

Secure Trust Bank — Update 16 June 2016

Outlook

Financials

Secure Trust Bank — Update 26 April 2016