Shawbrook Group PLC has announced that its loan book increased by 21% to £5.3bn in the six months to 30th June 2018.
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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
300 companies sign up to Women in Finance Charter
A total of 300 companies have now signed up to HM Treasury’s Women in Finance Charter....
Hanley Economic offers self-build product in Scotland
Hanley Economic Building Society has extended its self-build and residential mortgage offerings into Scotland with immediate effect...
Why it’s important to encourage female entrepreneurs
On Women’s Entrepreneurship Day, we honour women in business, their fearless ambition, their achievements and successes...
TSB names new CEO
The board of TSB Bank PLC – with the support of Sabadell – has announced that Debbie Crosbie (pictured above) will become its new CEO in 2019, subject to regulatory approval...
Tandem opens community beta testing for autosavings
Tandem has invited its existing app users to join its autosavings beta testing community to help test its new proposition...
Secure Trust Bank enters Right to Buy market
Secure Trust Bank Mortgages (STB) has launched into the Right to Buy market with a range of mortgages for tenants looking to purchase their existing home...
Starling announces partnership with the Post Office
Starling Bank has announced that it has partnered with the Post Office as it looks to offer every day banking services to its customers...
Close Brothers appoints new NED
Close Brothers Group PLC has named Peter Duffy as an independent non-executive director...
What’s missing from the specialist banking market?
Two months ago, Specialist Banking published a feature looking at whether there was room for more banks in the sector...
TransferWise secures £65m syndicated debt facility
TransferWise has completed a £65m syndicated debt facility with NatWest, JP Morgan and LHV Bank...
EedenBull AS names non-executive chairman
New fintech company EedenBull AS has appointed Jeremy Nicholds as its non-executive chairman of the board...