The bank's pre-tax profits increased to £18.6 million from £5 in the same period last year. Its total lending nearly doubled (91 percent growth) from £1.03 billion last year to £1.96 bn now. Deposits also doubled, to £2.1 billion from a £1.3 billion last June.
Shawbrook's lending in this period increased by £685 million to SMEs and by £249 million to consumers.
Its post-tax ROE was 20 percent. The number of its employees grew by 47 percent in the last year.
Lending breaks down as follows:
Commercial Mortgages up 101% to £716m (£356m June 2013)
Asset Finance up 30% to £497m (£383m June 2013)
Secured Lending up 57% to £357m (£228m June 2013)
Consumer Lending up 193% to £181m (£62m June 2013)
Centric Commercial Finance joined Shawbrook with over £200m of SME advances
Said Richard Pyman, CEO: “I am delighted to report that Shawbrook’s growth momentum has continued to be strong in the twelve months to June 2014: we have now exceeded £2bn of gross customer loans since our launch in 2011, and increased SME lending to £1.4bn. Asset quality remains high and we have made good progress in the third quarter to date.” He added: “Against the backdrop of the most recent FLS figures, which showed a reduction in lending from the high street banks, Shawbrook is helping more and more small businesses to expand and grow.”
The details:
Income Statement
|
£m |
Group H1 2014 |
Group H1 2013 |
Variation |
|
Net operating income |
45.4 |
23.7 |
+91% |
|
Impairment losses on financial assets |
(3.6) |
(0.4) |
+854% |
|
Cost and provisions |
(27.2) |
(18.9) |
+44% |
|
Statutory profit/(loss) before taxation |
14.5 |
4.5 |
+226% |
|
Acquisition costs |
2.5 |
0.5 |
+397% |
|
Interest on subordinated debt |
1.5 |
- |
- |
|
Underlying profit before tax |
18.6 |
5.0 |
+274% |
Balance Sheet
|
£m |
Group H1 2014 |
Group H1 2013 |
Variation |
|
|||
|
Cash and balances at central banks and loans and advances to banks |
360.7 |
314.9 |
+15% |
||||
|
Loans and advances to customers |
1,963.8 |
1,029.7 |
+91% |
||||
|
Other assets |
55.5 |
19.3 |
+189% |
||||
|
Total Assets |
2,380.0 |
1,363.4 |
+75% |
||||
|
Customer deposits |
2,113.7 |
1,255.8 |
+68% |
||||
|
Due to banks |
24.4 |
- |
- |
||||
|
Other liabilities |
53.9 |
6.0 |
+801% |
||||
|
Share capital |
174.5 |
112.0 |
+56% |
||||
|
Retained earnings & other reserves |
13.6 |
(9.9) |
+237% |
||||
|
Total equity and liabilities |
2,380.0 |
1,363.8 |
+75% |
||||
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