The fledgling organisation recorded the pre-tax profit for the year to 31 December 2013, a dramatic turnaround from the £7.1m accounting loss it made in 2012.
Its total lending has now reached £1.4bn since its launch into the market with over £1bn of new loans to SMEs and consumers in the UK during 2013.
Shawbrook’s secured lending grew to £295m from its previous level of £163m, an 81% year-on-year rise. Commercial property lending grew by 170% to £541m, up from £201m the previous year.
The bank has also announced the acquisition of asset-based lender Centric Commercial Finance in order to increase growth in this sector. Shawbrook’s existing asset finance division has grown by 28% to £447m in the last 12 months.
In total, Shawbrook now provides lending services to around 52,000 clients.
Richard Pyman, CEO of Shawbrook Bank, said the bank was keen to retain its focus on distribution through advisers.
“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.”
