The results came from the firm’s annual report and accounts for the year ending 31st December 2024 — the firm’s ROE was at 20.01% for the year according to the results.
UTB also increased gross new lending to £1.9bn, growing its loan book by 12% to a record £3.5bn.
Growth in lending was supported by a 22% increase in customer deposit balances through fixed and notice deposit accounts and ISAs.
- The Finance Professional Show 2024: The Video
- UTB completes £1.2m heavy refurb bridging loan
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December 2024 saw the firm reach an agreement between its majority shareholders and Warburg Pincus, for the latter to acquire a minority equity interest in UTB.
Commenting on the results, Harley Kagan CEO at UTB, (pictured above) said: “2024 has been an exciting year for UTB with the launch of our refreshed brand; successfully agreeing a deal with Warburg Pincus and making continued progress with the bank’s strategic priorities.
“It was a year of significant investment as well as strengthening UTB’s capital position to facilitate future growth, whilst supporting the bank’s customers, people, suppliers, and communities.”
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