In its half year report, Shawbrook confirmed that its profit before tax on an underlying basis had increased to £111.4m, up from £92.8m in the first half of last year. On a statutory basis, that profit had grown from £92.8m to £106.4m.
The bank emphasised that this was down to its lending activities. Across the bank, the size of the loan book grew from £8.3bn in December to £9.3bn at the end of June, which it said was driven by “strong lending volumes across all franchises”.
As well as Shawbrook itself, the group includes brands like Bluestone Mortgages and The Mortgage Lender.
The report highlighted the important role that brokers play for Shawbrook, noting that it was committed to introducing further innovations which make mortgage advice easier. The report pointed to changes introduced over the last year, such as the rollout of the My Shawbrook Portal across the bridging product range, as well as the new streamlined application process.
According to the report, Society ‒ an invitation-only club for The Mortgage Lender’s broker partners ‒ had helped to strengthen relationships with brokers. Around 150 brokers registered in the first month, with several regular follow up events planned.
Marcelino Castrillo, chief executive officer at Shawbrook, said that the bank’s profit increase was down to its “relentless focus” on delivering an excellent experience to customers, as well as being disciplined over its costs.
He added: “Our continued strong financial performance demonstrates the effectiveness of our unique ‘best of both’ approach, which has never been more relevant than in today’s fast changing environment. As consumers and businesses increasingly seek personalised finance solutions, we continue to demonstrate our ability to meet these needs through innovation driven by both technology and the ingenuity of our people.”