2022 V12VF Annual Results

V12 Vehicle Finance grew its total lending balances by 42% as a result of an extended product range and broader distribution of our used vehicle finance proposition for the year ending 31 December 2022.


Our annual results indicate the increase of new lending to £0.4 billion, which also resulted in an increase in market share from 0.7% in 2021 to 1.1% in 2022. This was achieved despite the strategic decision being made in the second half of the year to reduce the volume of written business.

This significant growth was driven by our progress within the lower-risk prime market. Rapid dealership adoption of our Prime product after it launched just two years ago led to prime customer lending, constituting 24% of the business's total lending in 2022. Developed to offer a straightforward solution to used car finance, Prime with V12 Vehicle Finance has been designed to make dealers' lives easier with quick decisions and fast pay-outs.

The year also saw us look to drive further sales growth via dealers through the launch of our own PCP offering, which adds to our popular Hire Purchase (HP) and stock funding solutions.

V12VF contributed to a year of significant strategic progress and growth momentum for the wider Secure Trust Bank PLC. Headline figures for the Group reflected a 28.1% growth in profit before tax and pre impairments to £76.1 million and a total profit before tax of £44 million. The Group's total lending balances also grew 19.1% to £2.9 billion. 

David McCreadie, Chief Executive of Secure Trust Bank PLC, said: "I am delighted with our positive operational performance and strong cost discipline during the year. The Group has grown lending balances prudently, having tightened credit criteria through the year, and has delivered significant operational efficiency improvements.

"Our diversified business model allows us to be flexible and agile, a key asset during this period of economic uncertainty. Our strategic pillars of grow, sustain and care are fully embedded as we look to optimise for growth in the years ahead."

To read the annual results in full, visit the Investors section of the Secure trust Bank website