The Real Estate Finance division of Secure Trust Bank saw new business lending hit a record level for the year ending 31 December 2022.

Annual results announced by Secure Trust Bank PLC reveal a strong first half of the year for Real Estate Finance culminating in £0.4 billion of new business lending, an increase of 2% on its 2021 figures.

Despite challenging trading conditions, the bank's Real Estate Finance division saw annual revenue grow by 5%, while average lending balances and lending balances increased by 7% and 1% respectively.

As interest rate volatility in the second half of 2022 restricted lending growth and prompted caution from borrowers, the Real Estate Finance team was able to turn its attentions to helping existing customers manage risk appropriately.

The Real Estate Finance division contributed to a year of significant strategic progress and growth momentum for the Group as a whole. Headline figures for the Group reflected a 28.1% growth in profit before tax and pre impairments to £76.1 million and a total profit before tax of £44 million. The Group's total lending balances also grew 19.1% to £2.9 billion.

David McCreadie, Chief Executive of Secure Trust Bank PLC, said: "I am delighted with our positive operational performance and strong cost discipline during the year. The Group has grown lending balances prudently, having tightened credit criteria through the year, and has delivered significant operational efficiency improvements.

"Our diversified business model allows us to be flexible and agile, a key asset during this period of economic uncertainty. Our strategic pillars of grow, sustain and care are fully embedded as we look to optimise for growth in the years ahead."

To read the annual results in full, visit the Investors section of the Secure trust Bank website.