Analyst Research Report Snapshot


Secure Trust Bank - Growth story reaffirmed




Edison Investment Research


19 Mar 2012





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The core business growth promised by STB in its IPO has been delivered, with annual growth in new lending volumes of 51%, deposits 77% and fee-based current accounts 79%. A number of factors held back profits in 2011 and as they are not expected to recur, we expect strong adjusted profit growth in 2012 (31%) and 2013 (26%). Our estimates include only organic growth, with significant inorganic opportunities available to the group.

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