The financial results of Shawbrook bank up till June 30 this year have been published this morning, revealing strong growth in pace with the overall tendency of the sector.
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

Balance Sheet