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Shawbrook profits rocket 63%

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Shawbrook Bank’s profit before tax in 2015 rose 63 per cent to £80.1m, driven by increased lending.

The bank says its loan book rose by 44 per cent in 2015, from £2.3bn to £3.3bn.

Earnings per share were up 77 per cent in 2015, from 15.2p in 2014 to 26.9p.

Shawbrook chief executive Steve Pateman says: “We achieved a successful IPO and continued to grow our core businesses, underpinned by a strong well-capitalised balance sheet which will support our ambitions for the near and medium term.”

The lender was founded in 2011 and is split into commercial mortgages, asset finance, secured lending, business credit, consumer lending and regulated bridging.

Shawbrook sales and marketing director Karen Bennett says: “We entered the short term market shortly after our launch five years ago. In that time we have seen the ASTL go from strength to strength working hard to raise standards in the bridging industry, and we were delighted to see the addition of the MCOB inducement rules to the Code of Conduct in 2015.

“It is testament to their success that we are now happy to join the organisation, confident that we will be meeting with a number of like-minded lenders working together to raise the profile of the sector and the valuable role that it plays in today’s lending market.”

Shawbrook Bank has also joined the Association of Short Term Lenders, taking the membership total to 34 with 23 extra associate members.

ASTL chief executive Benson Hersch says” “Shawbrook has an excellent reputation in the bridging industry. It has stood out as a genuine challenger bank, not only in bridging but increasingly in more mainstream areas of lending too and we are very pleased to welcome them as a member.”

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