Secure Trust Bank PLC on Wednesday reported a lower profit in the six months to June 30, citing higher expenses, but maintained optimism for the future.

The Solihull, England-based savings accounts and lending services provider said pretax profit in the first half of 2023 fell 39% to £15.0 million from £24.7 million a year ago.

Revenue rose 47% to £49.2 million from £35.9 million. Net interest income increased 11% to £81.0 million from £73.1 million.

Interest expenses and similar charges however more than trebled to £57.8 million from £17.5 million. Operating expenses increased 9.7% to £50.7 million from £46.2 million.

The company maintained an interim dividend of 16.0 pence per share.

Looking ahead, Secure Trust Bank reported confidence despite near term uncertainties.

‘We are committed to navigating our businesses carefully during these uncertain times and will continue to be flexible in how we react during this period of economic uncertainty,’ it said.

‘We will continue to monitor inflation and the impact it will have on the cost of living. Further increases in the Bank of England base rate are predicted and this will have a direct impact on customer pricing. Despite these challenges, we have significant growth potential and will continue to capture opportunities with our usual focus on disciplined credit and risk management.’

Shares in Secure Trust Bank were up 1.0% at 583.60 pence on Wednesday around midday in London

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