Shawbrook Bank reported pre-tax profits of £70.1m for 2015, a rise of 55% on the year before.
Shawbrook Bank reported pre-tax profits of £70.1m for 2015, a rise of 55% on the year before.
Stripping out one-off costs underlying profits increased 63% to £80.1m.
The growth in profits was driven by a 44% increase in the size of the loan book to £3.4bn.
Steve Pateman, chief executive, said: “2015 was a significant year for Shawbrook. We achieved a successful IPO and continued to grow our core businesses, underpinned by a strong well-capitalised balance sheet which will support our ambitions for the near and medium term.
“Our focus remains on serving customers who value a bank that takes the time to understand their requirements and provide the right answer. This approach also enables us to optimise our risk adjusted return profile.
“We have invested for the future and, notwithstanding a softer economic outlook, remain confident that we will continue to generate strong through the cycle returns consistent with our stated strategy.”
A statement from Shawbrook Bank added: “We expect our strategy to continue to deliver material growth in combination with strong risk adjusted returns. We maintain our focus on the high quality of the lending portfolios, supported by prudent levels of capital, funding and liquidity. The Group continues to explore a number of attractive product and market adjacencies where attractive returns can be generated by deploying our expert approach and proven relationship-based lending model.”
The bank’s shares climbed by 2.4% on the announcement.
Shawbrook plans to start paying dividends for the 2016 financial year, meaning investors can expect a cash payout in 2017.
