Lender announces 94% profit increase

Lender announces 94% profit increase




Shawbrook has announced strong figures for the first half of 2015.

Shawbrook has announced strong figures for the first half of 2015.


Profit before tax increased by 94% to £34.8m, compared to £17.9m in the first half of 2014.

Key to the improvement in profit is a 17% increase in the loan book, from £2.3bn to £2.7bn.

Tom Wood, Interim CEO and CFO of Shawbrook, said: “The business remains well placed to respond to the changing regulatory environment and deliver growth by maximising opportunities in our existing markets, capitalising on the embedded growth in our current loan origination capability and working closely with customers and business partners to develop new products and expand into new specialist markets.”

“While competition remains high and we saw some slowdown in volumes ahead of the election following a very strong Q1, we remain confident that we will continue to originate good quality, profitable business and remain on track to deliver our targets outlined at the IPO, including £1.6bn of originations in 2015 and targeted annual net loan book growth of £0.7-0.8bn.”

Significant investment has been made to the Group during 2015 to keep up with increased customer demands.

The total number of employees has increase from 461 at the end of December to 521 in June.

Shawbrook has also invested in a number of business areas, including the launch of ISA products and growth of the savings business.

There have also been changes in personnel this year, with the appointment of Iain Cornish as Chairman and Stephen Johnson as Deputy Chief Executive.

Going forward, the Group is looking to increase gross originations to above £2bn per financial year by 2017. 

Originations for the 12 months ending June 2015 were £1.56bn.

Leave a comment