Research on Secure Trust Bank Plc (STB:LON) from Progressive Equity Research
STB’s recent announcement of the second tranche of its £10 million share buyback programme provides confidence in its current capital position and future capital generation. We forecast a 13.4% FY26E CET1 ratio, climbing to 13.8% and 14.4% in FY27E and FY28E. Adjusting forecasts for a 13% required CET 1 ratio we forecast a Return on Required Equity - continuing businesses – adjusted, of 13.0% for FY26 rising to 15.4% in FY27, and 16.5% in FY28 providing options for capital redeployment and distribution.
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