New lending for UTB increased by 42% year on year and its loan book grew by 55% in 2022.
The lender integrated a new technology platform into the division’s operations, while maintaining high volumes of new lending.
Nathan Mollett, head of asset finance at UTB, commented: “This is a significant milestone for the business, achieved by supporting SMEs as they overcome the challenges of an unpredictable economy — shaken by high inflation and the war in Ukraine.
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“Despite the uncertainty, we have continued to lend to SMEs throughout and our team has helped thousands of businesses seize opportunities and invest in their futures.
“We have maintained our ‘boutique’ approach to lending where communication with brokers is our key differentiator — we highly value our brokers’ input and their dedication to securing the right solution and outcome for the customer.
“With ambitious plans for the future I don’t think it will be long before we lend our next billion pounds.”
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