Shawbrook Bank has posted a rise in its pre-tax profits for the six months which ended 30 June 2014.
Half year pre-tax profit totalled £18.6m, compared to £5m for the same period in 2013.
The Bank’s loan book for the first half of the year was boosted by the strategic acquisition of asset-based lender Centric Commercial Finance, which joined Shawbrook with over £200m of SME advances.
Each of Shawbrook’s specialist lending businesses, which support over 50,000 small business and personal customers, delivered growth in the 12 months to June 2014. Commercial mortgages grew by 101% to £716m, while asset finance grew by 30% to £497m.
Meanwhile, secured Lending grew by 57% to £357m and consumer lending grew by 193% to £181m.
Richard Pyman, CEO of Shawbrook Bank, said: I am delighted to report that Shawbrook’s growth momentum has continued to be strong in the 12 months to June 2014: we have now exceeded £2bn of gross customer loans since our launch in 2011, and increased SME lending to £1.4bn. Asset quality remains high and we have made good progress in the third quarter to date.
“We continue to see strong demand from credit-worthy SMEs and individual customers who are seeking a straight-forward, quality relationship with their bank. Our focus on specialist teams and a human approach to decision making to deliver excellent customer service has enabled us to grow our lending to small businesses by £685m in the 12 months to June 2014.
“Against the backdrop of the most recent FLS figures, which showed a reduction in lending from the high street banks, Shawbrook is helping more and more small businesses to expand and grow.”