Secure Trust Bank - Upbeat pre-close interims update
Secure Trust Bank (STB) issued an upbeat pre-close interims update, noting that positive trends in Q1, particularly regarding asset quality, have continued into Q221. The recovery in loan impairments underpins STB’s board now expecting FY21e PBT to be ‘materially’ ahead of company collected consensus of £29.5m (Edison forecast £27.4m) and above the top end of the range at £36.8m. STB disclosed that the board ‘remains cautious on the near to medium term UK economic outlook and will maintain a prudent provisioning policy, in case economic conditions worsen in the second half’. STB will report its interims on 5 August 2021 and we are likely to review our forecasts following the results. The adjustment in impairments is likely to be lower in FY22 than in FY21, with STB guidance along similar lines in its statement.
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- Secure Trust Bank - Upbeat pre-close interims update14 Jul 2021