The bank moved into profit in May 2012 after 16 months of trading, resulting in an underlying profit of £2.6m for the year end, 2012.

In March 2012, Shawbrook acquired Singers Asset Finance – now Shawbrook Asset Finance – to enhance its offering to SMEs, which led to a reduction in the underlying profitability of £2.6m to an accounting loss before tax of £7.8m.

Shawbrook’s specialist lending businesses, which support over 18,000 small business and personal customers, delivered strong growth in 2012.

Its asset finance lending grew by 7% to £348m with commercial lending up by 437% to £201m. Secured lending retained its market leadership position growing to £163m, up 267%, where consumer lending grew from a standing start to £29m.

Shawbrook has over 22,000 personal and small business accounts with an average deposit in excess of £41,000.

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Ian Henderson, chief executive of Shawbrook Bank, said: “Shawbrook has demonstrated the strength of its business model in the last 12 months. We’re proud to have increased our lending so significantly and to have shown a continual improvement in profitability as the business has grown.

“This demonstrates excellent progress for such a new bank in the market, and will pave the way for what will be a hugely successful 2013.”

For Shawbrook’s full report and accounts, click HERE.