Shawbrook Bank sees profits more than double in ‘exceptional’ performance
Shawbrook Bank has achieved record profits, it revealed, with the publication of results for the year to December 31, 2021.
The Manchester bank achieved a profit before tax of £197.2m, up from £73.5m the previous year.
During the year it served around 350,000 customers, grew its loan book by 26% to £8.6bn and saw a 21% increase in deposits to £8.4bn.
The bank also launched Shawbrook Zero, a first to market, fully digital and non-advised second charge mortgage, and acquired The Mortgage Lender, which it said brings opportunities in adjacent markets and distribution channels, and further extends its originate to distribute model.
The Mortgage Lender exceeded its annual completions target with a buoyant application flow at record levels of circa £1.3bn of applications received in the year and a strong pipeline going into 2022.
It also launched a new residential product, aimed at supporting the self-employed and borrowers with complex income.
Chief executive, Marcelino Castrillo, said: “Our tech-enabled model continued to provide operational leverage and balance sheet optimisation during 2021.
“This enabled us to deliver exceptional performance, including record levels of profitability, with profit before tax increasing to £197.2m, record origination levels and loan book growth of 26%.”
He added: “2021 was a significant year for Shawbrook as we continued to build on the foundations of our exceptional business and accelerated the next phase of our growth journey, which is helping us establish a unique position in the market.
“We have pioneered an entirely new breed of financial services business by combining the agility, innovation, customer focus and scalability of a FinTech with the deep sector expertise and ingenuity of our people to deliver market-leading profitability.
“Looking forward, we will continue to respond to opportunities created by evolving economic and societal trends by leveraging our multi-channel origination and diversified revenue model to support our customers. I am confident that by building on the foundations we have created over the last decade, including continued investment in technology and data, our market leading growth is set to continue.
“We are uniquely placed to deal with the current macroeconomic and geopolitical challenges, creating opportunities for our customers, every single day.”
