Shawbrook Group plc has published its third quarter results, reporting a 68% rise in underlying pre-tax profits, with a total of £54.5m for the nine months ended 30 September 2015 compared to £32.5m for the corresponding period in the previous year.
Tom Wood, interim CEO and CFO, said: “These results continue to demonstrate the successful execution of our strategy and we are pleased that the group continues to deliver strong growth, with originations and loans to customers up 27% and 23% respectively, driven by growing demand for lending from UK SMEs.
“We also significantly increased profitability during the period, with underlying PBT up 68% whilst maintaining net interest margin at 6.1%. Commercial mortgages, asset finance, secured and consumer divisions performed particularly well, both in terms of originations and new product launches.
“The full roll out of personal lending and savings offerings and a number of further attractive product and market adjacencies will reinforce future growth and we remain confident in our continued ability to deliver our near and medium term targets.”
Commercial Mortgages increased originations by 23% to £441m in the nine months to 30 September 2015 and expanded its product offering, including its entry into the regulated short term lending market.
Consumer delivered 36% growth in new originations to £64m in Q3 2015 (Q3 2014: £47m) with personal loans seeing a 700% increase in originations to £9.5m in the same period
Asset Finance increased originations by 36% to £126m in Q3 2015 (Q3 2014: £93m), with new product launches from 2014 to 2015 delivering material additional originations.