Shawbrook announces strong 2019 growth

Shawbrook Bank has revealed it increased its profit before tax by 11% during the period ending 31 December 2019, to £122.4m.

Publishing its 2019 annual report and accounts, the lender confirmed it experienced a 15% increase in its loan book to £6.8bn, with its ‘Property Finance’ and ‘Business Finance’ divisions growing to £4.4bn and £1.7bn respectively.

Shawbrook also suggested its ‘Consumer Lending’ division remained steady and ended the year with a loan book of £0.7bn, while the bank’s savings business welcomed £6.1bn in customer deposits – a figure which was boosted by the launch of its new digital SME deposit range last November.

The bank indicated its strong lending performance led to its customer base increasing, with Shawbrook servicing more than 420,500 business and consumer clients during the year.

Reporting on his first full year as the bank’s CEO, Ian Cowie suggested Shawbrook’s success was supported by “an increased focus on its core propositions”.

“We are reporting another strong and progressive set of results, further endorsing our continued emphasis on the specialist segments we serve,” he commented.

“Our deposit franchise is key to our lending growth and in 2019 we stepped up our investment in our Savings business, serving more than 147,000 customers with our simple, straightforward and consistently competitive savings products. To provide a more rounded SME offering, we also successfully launched our new digital SME deposit range.”

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