Shawbrook grows loan book to £8bn following demand for specialist propositions

Shawbrook Bank has achieved record origination levels and increased its loan book to £8bn, an annualised growth rate of 26.2%.

The group has today (11th August) released its interim financial report for the six months ended 30th June 2021, which reported that the growth was driven by demand in its core SME and property markets as customers looked for more specialist lending propositions to serve their needs.

The bank also posted a surge in profits to £94.4m (2020 H1: £5.9m), attributing the improving economic outlook to significant reductions in arrears and impairment charges.

Its property finance loan book grew by 15.7% to £5.6bn, representing 70% of the group’s loan book.

In H1 2021, the division delivered £1.245bn of new lending, up from £647m in H1 2020.

It followed the group’s acquisition of TML in February, which extended its distribution reach and further diversified its product offering.

Dylan Minto, chief financial officer at Shawbrook Group, said: “As the economy recovers from the lockdown impacts of the pandemic, the investment in the digitalisation of our customer proposition, backed by solid operational resilience, meant that we were well placed to support our customers as confidence returns to our specialist lending markets.

“Looking forward, as we capitalise on our specialist lending proposition in our addressable markets, we remain well positioned to further support our customers and communities.”

Earlier in the year, the group launched the MyShawbrook portal for BTL brokers, featuring API access to external data sources and instant, integrated valuations.

Marcelino Castrillo, CEO at Shawbrook Group (pictured above), added: “Deep sector expertise, combined with our technology-enabled model and proven resilience, have allowed us to continue to support our customers against a challenging, but improving, macroeconomic backdrop.

“This focus on building out our digital capabilities and technology is aimed at ensuring Shawbrook can combine the agility and customer service of a fintech, alongside the deep specialism and profitability we have already built in our chosen markets.”

In the first six months of the year, the group also designed several new sustainability-focused products, which are set to come to market in H2.

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