Secure Trust Bank (LSE: STB)

Last close As at 12/06/2024


−14.00 (−1.64%)

Market capitalisation


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

Management remains confident in achieving a c £4bn in net loan book and delivering a 14-16% return on average equity (RoAE) in the medium term. In FY24, all four of its lending businesses delivered record levels of new business lending while maintaining a stable cost of risk at 1.4% (FY22: 1.4%). STB delivered a total RoAE of 7.3% (FY22: 10.8%). Excluding gains/losses from discontinued operations and exceptional items in 2023, the continuing RoAE was 9.6% (FY22: 9.4%).

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Equity Analyst

Rob Murphy

Managing Director, Financials and Investment Trusts

Key Management

  • David McCreadie


  • Phil Clark

    Investor relations

  • Rachel Lawrence


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 22.5 19.7 33.3
Relative 26.4 13.0 24.0
52 week high/low 894.0p/550.0p


Secure Trust Bank (STB) posted strong new lending growth of 13.6% in FY24, with the net loan balance reaching £3.3bn. PBT from continuing operations came in 14% lower than our expectations at £36.1m, predominantly from incurring £6.5m in exceptional costs. £4.7m of this was provisions for costs and any required redress relating to the FCA’s industry wide review into Borrowers in Financial Difficulty, while £1.8m was associated with corporate activity. Excluding these costs, PBT from continuing operations was £42.6m, up 9% y-o-y. The bank announced a final dividend of 16.2p/share, bringing the total dividend to 32.3p/share (FY22: 45.1p/share). STB also stated that it will be moving to a progressive dividend policy in FY24 following shareholder feedback. Our forecasts are under review.

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 3.5 N/A
2022A 169.6 N/A 39.0 174.7 4.8 N/A
2023E 186.5 N/A 41.7 154.9 5.4 N/A
2024E 221.8 N/A 55.0 211.4 4.0 N/A




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