Shawbrook bolsters loan book after strong performance in core markets
Specialist finance provider Shawbrook has grown its loan book by nearly a quarter thanks to a strong performance in the SME and property markets.
The firm released its full-year results for the year ended 31 December 2023 and reported an underlying profit before tax of £302m whilst its loan book increased by 24% to £13.3bn.
Throughout the year, Shawbrook says it focused on initiatives such as enhancing digital capabilities to streamline customer journeys and introduced new products, including a digital SME term loan to support businesses in financing capital expenditure.
Marcelino Castrillo, CEO of Shawbrook said: “Our approach has again delivered a strong set of results. From growth businesses to professional property investors, consumers and homeowners, more customers than ever are choosing Shawbrook to meet their specific and often event-driven funding needs, driving loan book growth of 24%1 in 2023. By delivering a premium experience, choice and consistently great value to c.350,000 savers, we also grew our savings franchise to £13.6bn.
“The business model we have created is unique and difficult to replicate, centred around our ‘best of both’ approach that combines deep human expertise with advanced digital, technology and data capabilities. Technology continues to accelerate the pace of change across the financial services industry, driven by AI and machine learning. While the macroeconomic landscape continues to evolve, we are encouraged by both the resilient performance we have delivered to date and the improving sentiment seen across our markets.
“The attractive returns we generate year on year give us the confidence to continue to pursue our ambition – to deliver for more customers in more markets by combining the innovative mindset and agility of a start-up with the scale and financial strength of a large business. The embedded optionality of the platform we have created at Shawbrook enables us to both react quickly to attractive inorganic opportunities as they arise, whilst continuing to pursue the significant organic growth we see in our existing markets.”