Shawbrook Bank said its loan and deposit books had topped £15bn for the first time after demand for lending jumped through the opening nine months of the year.
In a trading update on the first three-quarters today, the retail lender said its loan book grew by 18 per cent on an annualised basis to £15.1bn, up from £13.3bn last year, driven by “strong net lending volumes across our core specialist real estate and SME markets”.
It deposit book also swelled some 16 per cent to over £15.2bn, up from £13.6bn.
“Demand for the premium experience, flexibility and certainty we offer across our specialist lending markets remains robust, with both our loan and deposit books exceeding £15bn for the first time,” said Marcelino Castrillo, chief executive of Shawbrook Bank.
“We have maintained our focus on re-weighting our lending mix while leveraging our agility in the deposit market, contributing to a stronger underlying return on tangible equity for Q3.
“Investment in the continuous evolution of our proposition to stay ahead of customer needs, expectations and trends remains our strategic focus.”
The number of its clients in arrears also rose from 2.8 per cent, up from 2.3 per cent, however, which the firm said remained within credit risk appetite.
“As we look ahead, we continue to see promising opportunities for expansion and value creation across our core markets, including SME and Real Estate,” Marcelino added.
“The combination of an exceptional customer franchise, a more stable macroeconomic outlook and increasing customer confidence means we are well positioned to continue to deliver on our strategic ambitions throughout the remainder of 2024 and beyond.”
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