The bank had 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.

It’s consumer lending division ended the year with a loan book of £700m.

Shawbrook’s savings business saw £6.1bn in customer deposits.

This was helped by the launch of its new digital SME deposit range in November 2019.

Shawbrook Bank serviced more than 420,500 business and customer clients during the year.

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Ian Cowie, chief executive officer at Shawbrook Bank (pictured above), said: “We are reporting another strong and progressive set of results, further endorsing our continued emphasis on the specialist segments we serve.

“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.”