Shawbrook Bank plc has reported a 63% increase in underlying profit by to over £80m for 2015.
Its total assets have reached £4bn for the first time.
Since its acquisition by the group in February 2011, the commercial mortgages division has originated over 6,000 loans with a total value of over £1.7bn. The loan book for the commercial mortgages division stood at £1,596m at 31 December 2015. At the same time, the loan book for the secured lending division was £487m.
The challenger bank said it intends to diversify in its three distinct markets of property, business finance and consumer.
In business finance, Shawbrook is to bring together its asset finance and business credit businesses as two central parts of a “holistic SME working capital solutions provider”. Its objective is to become established as a market-leading specialist provider for SMEs.
In the consumer market, Shawbrook says it will continue to create relationships with partners who have the appropriate customer base. At the same time, it will explore opportunities to use technology to improve the way in which it competes online and in-store.
In property, Shawbrook is to bring together its commercial mortgages and secured lending businesses. It says its focus will be on diversification into areas such as ‘interest only in retirement’ solutions.
Shawbrook’s CEO Steve Pateman (pictured) 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.”