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Secure Trust trades well, on track to hit guidance
16th Oct 2019 09:45
(Sharecast News) - British retail and commercial bank Secure Trust told investors on Wednesday that it had traded well during the third quarter and now expects overall results for the period to be in line with guidance.
Secure Trust said business trends throughout the period had been consistent with the positive ones highlighted in its interim report but noted that whilst demand for lending products remained "healthy", the group saw a "general slowing" in demand during September.
"This appears consistent with the recent economic data and is considered by the group to be a function of consumers and businesses becoming more cautious ahead of the 31st October 2019 Brexit date," said Secure Trust.
However, given the AIM-listed group's "strong" performance over the first three quarters of 2019, Secure Trust said it remained "comfortable" with its guidance - although the bank did note that political developments in the coming weeks could impact both the British economy and its results in the final quarter.
Secure Trust also said it remained selective in regards to new lending activities biased towards shorter duration, lower-risk lending in attractive market segments.
"This continues to drive profit growth and improve the credit quality of new customer loan originations," said Secure Trust.
As of 0945 BST, Secure Trust shares were untraded at 1,270p.
Secure Trust said business trends throughout the period had been consistent with the positive ones highlighted in its interim report but noted that whilst demand for lending products remained "healthy", the group saw a "general slowing" in demand during September.
"This appears consistent with the recent economic data and is considered by the group to be a function of consumers and businesses becoming more cautious ahead of the 31st October 2019 Brexit date," said Secure Trust.
However, given the AIM-listed group's "strong" performance over the first three quarters of 2019, Secure Trust said it remained "comfortable" with its guidance - although the bank did note that political developments in the coming weeks could impact both the British economy and its results in the final quarter.
Secure Trust also said it remained selective in regards to new lending activities biased towards shorter duration, lower-risk lending in attractive market segments.
"This continues to drive profit growth and improve the credit quality of new customer loan originations," said Secure Trust.
As of 0945 BST, Secure Trust shares were untraded at 1,270p.