The group behind the specialist bank also reported that its underlying profit before tax was up 23% on the same period in 2017 to £63.1m.

Shawbrook said new lending had increased compared with the first half of last year as it looked to continue to expand its customer base into new and adjacent markets.

“These results reflect the strength of our business and allow us to view the future with confidence,” said Ian Cowie, interim CEO at Shawbrook (pictured above). 

“I’m pleased with the balanced growth we have achieved across our diversified portfolio while maintaining our prudent underwriting approach.”

Shawbrook said that one of its key aims in H1 2018 was strengthening the foundations of a number of its propositions which will allow it to deliver sustainable returns.

This included restructuring its short-term lending offering from nine to five products.  

“As our business continues to mature, the investments we have made to strengthen our operations and risk functions will allow us to continue to grow safely in the ever-changing regulatory landscape,” said Ian.

“In addition, we continue to invest in our people, technology and our service proposition, as well as simplifying our product ranges making it easier for our customers to do business with us.

“These actions, combined with our continued focus on prudent lending, have led to a 21% year-on-year increase in loan book to £5.3bn.”

Ian added that he was extremely positive and confident about the future of its specialist bank.

“We are a diversified business that continues to focus on supporting the underserved.

“Building on our strong track record of delivery across our portfolio, we continue to drive strong risk-adjusted returns.

“Of course, there is still more to do – but I am confident the momentum that is building across the business will continue to deliver on our growth ambitions.”