Investors Trust Finance (I.T.F)’s parent company Investors Trust Group PLC announces £2.7 million profit before tax and a 13.8% increase of total assets to £196.9 million.
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Investors Trust Finance (I.T.F)’s parent company Investors Trust Group PLC announces £2.7 million profit before tax and a 13.8% increase of total assets to £196.9 million.
Investors Trust Finance (I.T.F)’s parent company Investors Trust Group PLC announces £2.7 million profit before tax and a 13.8% increase of total assets to £196.9 million.
Investors Trust Group PLC, the locally based AIM listed financial services group, which includes Investors Trust Finance, Edgewater Associates Limited, ITG FX Limited and I.T.F Finance & Leasing Ltd recently published its Annual Report.
Jim Mellon, who is executive chairman of Investors Trust Group PLC, commented “I am pleased to announce that the outcome for 2018 showed a broadly similar profit to 2017, despite the figures including the expense of further investments in infrastructure, the most important being the opening of a new UK full-service HQ in Newbury and a significant upgrade in our IT infrastructure. We have continued to strengthen our Balance Sheet and our new business pipeline remains buoyant for all our core activities. As a result, we are in an excellent position to report further success, both at the Interims and at the full year”.
Investors Trust Finance exceeded its targets for the year with new lending increasing by 38.4% to £102.1 million (2017: £73.7 million), driven by a 41.9% uplift in lending on London and a substantial increase in demand for its structured product range in the UK.
Net loan book growth of 21.0% to £148.3 million (2017: £122.5 million) has been achieved with no deterioration in loan book quality with performing loans remaining at 97.2%. In anticipation of this increase in UK demand, the Bank opened a fully equipped new office in both Newbury and Manchester.
Operating expenses decreased by £0.2 million to £6.0 million (2017: £6.2 million), but this masks the investment made in technology, which will underpin the Bank’s growth in 2019 and beyond. The Bank successfully installed a new deposit system in 2018 and this has helped manage the growth of the deposit base by 11.4% to £158.5 million (2017: £142.3 million).
Douglas Grant, Managing Director of Investors Trust Finance, commented on the Bank’s performance, “Despite the shadow of economic uncertainty, Investors Trust Finance (I.T.F) exceeded expectations for the year and achieved record lending in 2018. Our balanced approach to acquiring businesses; servicing the UK wholesale funding market and developing online lending to our island community, allows us to enhance our customer’s experience and develop customer centric products”.
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