Shawbrook Bank has reported a pre-tax profit of £16.8m for the year ending 31st December 2013. This compares to an accounting loss before tax of £7.1m in 2012.
The bank has also announced the acquisition of the asset-based lender Centric Commercial Finance from Cabot Square Capital LLP. Centric provides a range of lending services to the small business marketplace.
Total lending as at 31st December 2013 came to £1.4bn, while Shawbrook revealed originations of £1bn in new loans to SMEs and consumers in the UK during 2013. New lending totalled over £700m to SMEs in that period.
Commercial property lending grew by 170% to £541m, asset finance grew by 28% to £447m, while secured lending grew by 81% to £295m (£163m in 2012).
Richard Pyman, CEO of Shawbrook Bank, said: “2013 was a pivotal year for Shawbrook. Our specialist lending teams have focused on delivering a quality service with an unwavering emphasis on human underwriting and simple, straightforward processes. Our financial intermediaries have been the cornerstone of this work and will continue to be our most important lending channel.
“The result of this collaboration is outstanding organic growth across the business in 2013, and a significant rise in SME lending. We are in excellent shape for future growth in 2014 and beyond.
“The acquisition of Centric Commercial Finance is an exciting strategic move for Shawbrook. We can now offer SMEs a broader range of funding services to support their growth aspirations, and the move will enable Shawbrook to become an even more prominent business lending bank. Centric’s dedication to traditional customer service and tailored lending solutions fits very nicely with our own, and we have ambitious plans to grow the business under Shawbrook this year.”