Bank posts £122m profit after ‘strong’ year
Shawbrook Bank has posted strong results for 2019, according to newly-filed documents.
The lender increased profit before tax by 11% during the period ending 31st December 2019 to £122.4m.
The bank posted a 15% increase in its loan book to £6.8bn, with its property finance and business finance divisions growing to £4.4bn and £1.7bn respectively.
Its consumer lending division also continued to show “steady” performance, ending the year with a loan book of £700m.
Meanwhile, Shawbrook’s savings business saw £6.1bn deposited.
Shawbrook’s customer base has also increased, with the bank servicing more than 420,500 business and consumer clients during the year.
Ian Cowie, chief exectuive, said Shawbrook’s success was supported by “an increased focus on its core propositions”.
He said: “I am delighted to be presenting Shawbrook’s 2019 Annual Report and Accounts following my first full year as chief executive officer.
“We are reporting another strong and progressive set of results, further endorsing our continued emphasis on the specialist segments we serve.
“An increased focus on our core propositions has helped drive strong lending volumes with our loan book increasing by 15%, or £0.9 billion, to £6.8 billion. This growth was particularly evident across our Property Finance and Business Finance divisions, where loan balances increased to £4.4 billion and £1.7 billion respectively.
“Our deposit franchise is key to our lending growth and in 2019 we stepped up our investment in our Savings business, serving more than 147,000 customers with our simple, straightforward and consistently competitive savings products. To provide a more rounded SME offering, we also successfully launched our new digital SME deposit range.”
Cowie also provided an update on the steps Shawbrook continue to take in response to the ongoing Covid-19 pandemic. He said: “We are taking all appropriate steps in line with government advice and reviewing the most up-to-date information available. We have implemented our Incident Management plan and our priority during this period continues to be on ensuring the safety of our people, whilst keeping our business operational to meet the needs of our customers.”
He added: “As this report describes, we have made significant progress over the last year and I am confident that our ongoing investment plan is leading to improvements for customers whilst creating long-term sustainability and value for our business. I believe we are uniquely placed to lead the market as the specialist SME lender of choice.”
