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Secure Trust Bank (LSE: STB)

Last close As at 01/11/2024

GBP5.66

▲ 14.00 (2.54%)

Market capitalisation

GBP108m

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

Latest Insights

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Financials | Update

Secure Trust Bank — FY23 underlying PBT broadly maintained

Financials | Update

Secure Trust Bank — V12 Retail Finance to support refreshed targets

Financials | Update

Secure Trust Bank — One-off impairment masks underlying PBT beat

Financials | Flash note

Secure Trust Bank — Positioned for strong growth in FY23
Secure-Trust-Bank_resized
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Sector

Financials

Equity Analyst

Key Management

  • David McCreadie

    CEO

  • Phil Clark

    Investor relations

  • Rachel Lawrence

    CFO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (31.1) (34.2) (7.2)
Relative (29.9) (31.9) (17.2)
52 week high/low 894.0p/552.0p

Financials

Secure Trust Bank’s (STB’s) Q423 trading update showcased a robust performance with net loans of £3.3bn, up 13.6% y-o-y. The bank reaffirmed that it is on track to deliver £5m in annualised cost savings in FY24 through its ongoing cost optimisation programme. Despite rising deposit costs, STB’s net interest margin (NIM) remained flat with H123 at 5.4%. STB’s disclosure of modest exposure to discretionary commissions in motor finance lending should be a relief to investors, as the ongoing Financial Conduct Authority (FCA) investigation has been an uncertainty overhanging the sector. Our underlying continuing PBT estimates fell by 2% on marginally lower NIM expectations. Meanwhile, we have reduced our continuing PBT estimate by 7% to £41.7m as we have included a £2.3m exceptional cost related to the FCA’s Borrowers in Financial Difficulty industry-wide review. Our FY24 estimates are unchanged.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 148.9 N/A 55.9 239.4 2.4 N/A
2022A 169.6 N/A 39.0 174.7 3.2 N/A
2023E 186.5 N/A 41.7 154.9 3.7 N/A
2024E 221.8 N/A 55.0 211.4 2.7 N/A

Research

Secure-Trust-Bank_resized

Update

Financials

Secure Trust Bank — V12 Retail Finance to support refreshed targets
Secure-Trust-Bank_resized

Update

Financials

Secure Trust Bank — One-off impairment masks underlying PBT beat

Financials

Update

Secure Trust Bank — FY23 underlying PBT broadly maintained

Flash note

Financials

Secure Trust Bank — Positioned for strong growth in FY23

Outlook

Financials

Secure Trust Bank — Lower-risk growth strategy delivers profit beat
Secure-Trust-Bank_resized

Flash note

Financials

Secure Trust Bank — In line, with good momentum
Secure-Trust-Bank_resized

Update

Financials

Secure Trust Bank — Revised forecasts reflect macro concerns

Flash note

Financials

Secure Trust Bank — Prudence despite resilience

Update

Financials

Secure Trust Bank — Solid interim results

Flash note

Financials

Secure Trust Bank — Strong loan momentum in Q122

Outlook

Financials

Secure Trust Bank — FY21 earnings beat with momentum
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Thematics

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