The lender also achieved 27% growth with underlying profit before tax to £302m, compared with £238m in 2022.

Underlying return on tangible equity was 20.2%, a small reduction from 20.1%, while underlying cost to income ratio reduced to 38.2% compared with 40% in 2022.

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Marcelino Castrillo, CEO at Shawbrook, commented: “Our approach has again delivered a strong set of results, generating an underlying profit before tax of £302m and underlying return on tangible equity of 20.2%.”

“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.”