New lender Shawbrook makes profit in second year

 
Suzie Neuwirth

NEW BRITISH bank Shawbrook today announced that it has moved into profit in less than two years, with plans increase lending in 2013.

The bank, which specialises in lending to small and medium-sized businesses, said that it broke even in May 2012 after only 16 months of trading and went on to secure profit for each following month of the year, resulting in an underlying profit of £2.6m at the end of 2012.

Commercial lending grew by 437 per cent to £201m last year.

“After exceeding our targets in 2012, we are aiming to continue this trend with a significant increase in our lending to businesses and consumers in 2013,” said chief executive Ian Henderson.

“Our focus remains on ensuring that growth is delivered in a controlled manner, evidenced by the prudent way in which credit, capital and liquidity are managed.

“Significant investment across the business has helped to support our rapid growth and these results go some way toward showing the impact we have made in the market.”