Secure Trust Bank (LSE: STB)

Currency in GBP

Last close As at 07/06/2023


2.00 (0.31%)

Market capitalisation


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

On the back of a strong Q1 performance, management stated that the company is trading in line with expectations and believes it can still achieve its medium-term targets (return on equity of 14–16%, CET1 ratio of >12% and lending book CAGR of 15%+ by FY25). It is confident in its ability to continue expanding the business in its specialist market segments and the company remains well-positioned to grow its lending balances as it continues to strengthen its partnerships while simultaneously reducing the cost-to-income ratio. We maintain our PBT estimates of £44.4m and £52.0m for FY23 and FY24 respectively.




Equity Analyst

Robert 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 (1.9) (20.3) (51.9)
Relative 0.0 (17.1) (51.4)
52 week high/low 1320.0p/612.0p


In Q123, new business lending increased 7.2% versus Q122 as Business Finance delivered its strongest quarterly lending result since Q222, and Consumer Finance increased for a fourth consecutive quarter. Net lending exceeded £3bn as the customer loan book increased 17.3% versus Q122. Vehicle Finance and Retail Finance lending increased by 7.3% and 3.5%, respectively. Similarly, Real Estate lending increased by 4.3% as pipeline developments procured in Q422 translated into new business. However, Commercial Finance lending declined slightly in the quarter. STB onboarded £343m in deposits during Q123, bringing the deposit balance to £2.5bn (Q122: £2.2bn).

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 148.9 N/A 55.9 242.6 2.6 N/A
2022A 169.6 N/A 39.0 154.1 4.1 N/A
2023E 189.3 N/A 44.4 167.0 3.8 N/A
2024E 204.8 N/A 52.0 200.1 3.2 N/A



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