The Secure Trust Bank Plc Directors are proposing a final dividend of 22.5 pence per share for 2024, which will be payable on 22 May 2025 to shareholders on the register at the close of business on 25 April 2025. The total dividend payable for 2024 is 33.8 pence per share (2023: 32.2 pence per share). This is in line with the Board's decision to move to a progressive dividend policy for the 2024 financial year, reflecting feedback from shareholders. The total dividend pence per share represents a 5% increase against prior year.
Other financial highlights include:
8.8% growth in lending balances to £3.6 billion (2023: £3.3 billion) driven by record new lending volumes
•Total profit before tax of £29.2 million decreased by 12.6% (2023: £33.4 million)
•Adjusted profit before tax pre impairments up 18.0% to £100.9 million (2023: £85.5 million)
•Adjusted profit before tax of £39.1 million down 8.2% (2023: £42.6 million)
•Net Interest Margin ('NIM') stable at 5.4% (2023: 5.4%) with improvement in H2 2024 (H2 2024: 5.5%; H1 2024: 5.3%)
•Adjusted cost income ratio improved by 310 bps to 50.9% (2023: 54.0%) (H2 2024: 48.4%, H1 2024: 53.7%). Statutory cost income ratio at 55.8% (2023: 57.5%)
•Project Fusion delivered the initial target of £5 million3 of annualised cost savings by the end of 2024, and will deliver a further £3 million of cost savings in 2025
•Cost of risk increased to 1.8% (2023: 1.4%) impacted by the pause in our collection processes in Vehicle Finance during H2 2023 and collections challenges in H1 2024
•Tangible book value per share increased 4.7% to £18.64 per share (2023: £17.80 per share)
•Exceptional costs of £9.9 million (£6.5 million), includes £6.9 million of potential redress and costs relating to motor commissions
