By Anthony O. Goriainoff

Secure Trust Bank PLC said on Thursday new business lending fell 11% in the fourth quarter after the company tightened credit criteria due to the current macroeconomic environment.

The London-listed private and commercial bank said new business lending was 444.6 million pounds ($549 million) in the quarter, compared with 502.1 million pounds in the third quarter and £470.2 million Q4 2021.

The company said the core net lending book rose 19% to GBP2.92 billion in the period due to particularly strong year-on-year growth in consumer finance.

Deposits from new customers increased 7% at the end of the fourth quarter, compared to the third quarter.

Secure Trust Bank said it continues to focus on managing funding costs in a rising rate environment, as well as preserving its net interest margin, which was 5.7% in the second half, in line with first.

“We will continue to manage our risk exposures appropriately during this period of uncertainty and remain confident in achieving our growth ambitions and medium-term targets,” Chief Executive David McCreadie said.

Shares at 0935 GMT were flat at 732 pence.

Write to Anthony O. Goriainoff at [email protected]