Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has published its interim financial report (for the six months ending 30 June 2021), showing it achieved record origination levels in addition to increasing its loan book to £8bn.
This growth was driven by demand for its SME and property markets as customers become more confident alongside the economic recovery and search for specialist lending.
A profit growth to £94.4m, up from £5.9m was also reported by Shawbrook, which attributed more positive economic prospects to reductions in arrears and impairment charges.
Chief executive Marcelino Castrillo said: “Deep sector expertise, combined with our technology-enabled model and proven resilience, have allowed us to continue to support our customers against a challenging, but improving, macroeconomic backdrop.
“This was reflected in our record origination levels and our loan book reaching £8bn as at June 2021.”
Dylan Minto, chief financial officer at Shawbrook Group, added: “As the economy recovers from the lockdown impacts of the pandemic, the investment in the digitalisation of our customer proposition, backed by solid operational resilience, meant that we were well placed to support our customers as confidence returns to our specialist lending markets.
“Looking forward, as we capitalise on our specialist lending proposition in our addressable markets, we remain well positioned to further support our customers and communities.”
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Earlier this month, Shawbrook published its research on property portfolios and rental situations, from a survey of 1,000 landlords (including 150 portfolio landlords) and 1,000 private tenants. The data showed that 46% of landlords reduced monthly rent payments during the pandemic for their tenants.