The bank saw its annual loan book rise by 24% to £13.3 billion
Shawbrook Bank generated pre-tax profits of £302 million over the past year, with its purchase of Bluestone Mortgages in May 2023 helping contribute to its growth.
This is a significant rise on the £238 million pre-tax profit delivered the year before.
The bank saw its annual loan book rise by 24% to £13.3 billion. This includes £3.3 billion of mortgage lending through The Mortgage Lender (TML) and Bluestone Mortgages brands. Shawbrook lends into the BTL, commercial investment and bridging markets.
Publishing its full year results Shawbrook says that the UK property market endured “significant volatility” last year as a result of rapidly increasing interest rates.
It says: However our customers have proven resilient to date. As such we will continue to seek opportunities to support the market whilst maintaining a strong focus on our robust forward-looking risk framework, leveraging digital and data.
It says that for the year ahead the bank will also look to enhance its customer retention offering, to maximise the lifetime value of these customer relationships.
Over the past year Shawbrook says it had launched a new ‘next generation’ underwriting hub, introduced a large loans relationship team to support its broker network and had become the first UK bank to complete a limited company remortgage case on the PEXA platform, using automated valuation models to speed up the conveyancing journey.
Shawbrook director of specialist lending Claire Rankin says: We have continued to build on our evolving digital strategy, adding to existing innovations like MyShawbrook portal, which provides automated underwriting decisions.
Rankin says: Extending PEXA to limited companies is a further example of us delivering against our technology ambitions, removing the unnecessary friction of manual completion payments, which will now benefit more Shawbrook customers.
Shawbrook CEO Marcelino Castrillo adds: Our approach has delivered a strong set of results, generating an underlying profit before tax of £302 million and underlying return on tangible equity of 20.2%.
Castrillo says: While the macroeconomic landscape continues to evolve, we are encouraged by both the resilient performance we have delivered to date and the improving sentiment seen across our markets.