Shawbrook plans move into retirement lending solutions

It also announced plans to bring together its Commercial Mortgages and Secured Lending businesses, and merge its Asset Finance and Business Credit divisions into one Business Finance working capital solutions provider.

Shawbrook's underlying profit before tax rose by 63% to £80.1m in 2015. Its statutory profit before tax increased by 55% to £70.1m.

In its full year results, the Bank also posted a 44% increase in its loan book to £3,361m, underpinned by a 23% increase in gross organic originations to £1,685m.

CEO Steve Pateman 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.”