Secure Trust Bank’s (STB’s) Q1 25 Trading Update demonstrates convincing progress towards its medium-term targets (MTT), combined with the start of derisking the Vehicle Finance loan book through the sale of £25.8m of defaulted loans. Impressive year-on-year growth in net loans (10.5%) was driven by a strong performance in Business Finance. STB remains on track to deliver £8m of annual costs savings, previously announced. Our forecasts are unchanged but reinforced by today’s trading update.