Shawbrook Bank sees 23% year-on-year rise in lending

by: Heather Greig-Smith
  • 03/11/2016
  • 0
Shawbrook Bank sees 23% year-on-year rise in lending
Shawbrook Bank's gross lending for the first nine months of the year reached £1.5bn representing a 23% rise on the same period in 2015, its interim management results showed.

The bank reported that the group’s loan book has now exceeded £4bn and said it has experienced “minimal impact” from “Brexit-related uncertainties in the economy”.

Shawbrook is to launch a set of retirement products in property finance in the first quarter of 2017 and intends to continue expansion in development finance through “phased growth”.

On the consumer lending side, the bank also announced a partnership deal with Saga plc to explore the provision of additional financial solutions for life after 50.

Chief executive Steve Pateman said: “The momentum of the first half of 2016 continued into the third quarter with the group exceeding £4bn of customer loans and achieving sustained growth at strong and disciplined risk adjusted margins.”

Pateman added: “Whilst we remain cognisant of the uncertainty which lies ahead as the UK begins the process of leaving the EU, we remain confident that we will continue to deliver on our strategic goals. There is considerable potential to grow in our core markets with new products which allow us to meet the needs of businesses and individuals which are becoming less well served by the mainstream banks.”

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