UNITED TRUST BANK LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors have adopted the going concern basis in preparing the financial statements. The Bank's business activities, together with the factors likely to affect its future development and performance are set out in the Principal Risks and Uncertainties section of the Risk Management Report. In determining the going concern status the directors have considered: Business Performance, Strategic Risk, Conduct and Compliance Risk and Operational Resilience Capital Risk: The ability of the Bank to conduct its business profitably and generate sufficient revenues to cover costs Sufficiency of capital resources to sustain the Bank's existing and planned business activities and maintain compliance with regulatory requirements Liquidity Risk: Adequacy of liquidity to fund the Bank's activities (including FSCS coverage, maturity profile and funding diversification) and to satisfy regulatory requirements Credit Risk: The credit quality of the Bank's loan book, based on recent experience and the Bank's credit policies A "severe but plausible" stressed forecast scenario has also been modelled as part of the going concern assessment, including a significant fall in the House Price Index, as well as a rise in base rate and inflation. The scenario results in increased credit losses, delayed loan repayments and margin compression. UTB can continue to trade in this scenario, maintaining a surplus to capital and liquidity regulatory minimums. After considering the review of the Bank's operations and having made suitable enquiries, the directors have a reasonable expectation that the Bank has adequate resources, even under a stress scenario to continue in operations for a period of at least 12 months from the date of approval of these Financial Statements. Thus, the Bank continues to adopt the going concern basis of accounting in preparing the annual financial statements.”

Significant events

• “In December 2024 the Bank announced that it had reached agreement with Warburg Pincus, a pioneer of private equity global growth investing, under which they will take a minority interest in the Bank's holding company, UTB Partners Plc ("UTBP"). Warburg Pincus will purchase existing shares and subscribe for newly issued shares, and the transaction is due to complete by 31 March 2025.”
• “Additionally, in February 2025, UTBP placed £50m of Additional Tier 1 capital to a pool of institutional investors, which further bolsters the Group's growth capital.”
• “In 2024, the Bank has reviewed and considered a number of new lending initiatives, including Strategic Partnerships and Build to Rent. The strategy and credit policies for these two products were reviewed and approved by Risk Committee and the Board in 2024. The Bank plans to launch these initiatives during H1 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -4.3%

  £294,692,000 → £281,962,000

• Net assets

  +21%

  £299,799,000 → £362,862,000

• Employees

  +12.4%

  378 → 425

• Profit before tax

  +4.4%

  £82,739,000 → £86,369,000

• Wages

  +6.2%

  £35,623,000 → £37,819,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers