Challenger bank Shawbrook has reported a 14% jump in pre-tax profit in the first half of 2016.
Challenger bank Shawbrook has reported a 14% jump inpre-tax profit in the first half of 2016.
Shawbrook'sprofits reached £38m in the first six months of 2016despite being hit with a£9m impairment charge for “irregularities” found in its loan book (more here).
Had it not had thecharge profits would have risen 41% over the same period.
Shawbrook chief executive Steve Pateman said there hadbeen no material change in activity since the referendumand that some markets that slowed in the run up to the vote have now picked up.
He said: "We have continued to deliver strong, sustainable returns with an underlying 12 month rolling RoTE to 30 June 2016 of 21.2%, 23.3% excluding the impairment charge (statutory RoTE: 21.2%).
"This reflects our disciplined approach to strong risk adjusted returns alongside continued investment to support the future growth of the loan book."
The challenger bank'sloan book increased by 14% to £3.8bn, while net operating income rose to £99.3m from £77.1m.
The bank also said it has appointed Angela Wakelin as its new chief operating officer.
level".
