This followed strong originations in core SME and property markets, said Shawbrook.

The company’s deposits also grew by 21% on an annualised basis to £15bn compared with £13.6bn for the period up to 31st December 2023.

Underlying profit before tax was reported at £124.5m, a drop from the number recorded in June 2023 at £149.3m, which Shawbrook attributed to a rise in the company’s retail mortgage brands causing a lower net margin from a different business mix —Shawbrook said it expects the number to rise once its origination mix re-weights across its specialist lending markets.

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"Following an exceptional 2023, Shawbrook has delivered strong financial performance in the first half of 2024 with loan book growth of 15% on an annualised basis to £14.3bn,” said Marcelino Castrillo, CEO at Shawbrook (pictured above).

“Underlying profit before tax was £124.5 million, with an underlying cost to income ratio of 42.1% and cost of risk of 64bps.

“The attractive returns we continue to generate have been re-invested in our 'best of both' model, combining innovative technology and data analytics with great talent, enabling us to efficiently scale-up our specialist proposition.”