Business
Shawbrook Full Year 2024 Results
Shawbrook Full Year 2024 Results.
About this update from Shawbrook Group Plc
[{"type":"text","content":"\n\n\n\n\n\nShawbrook Group plc\n \n\n\n\n\nFull year results for the 12 months to December 2024\n \n \n\n\n\n\nLondon, 27 March 2025 - Shawbrook Group plc ('Shawbrook' or the 'Group') today announces its full year results for the year ended 31 December 2024.\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHighlights:\n\n\n\n\n•\n\n\nLoan book grew by 16%1 to £15.2 billion (FY 2023: £13.3 billion), driven by strong demand for our premium offering across our specialist Commercial and Retail markets.\n\n\n\n\n\n\n\n•\n\n\nUnderlying profit before tax was £294 million (FY 2023: £302 million), reflecting our continued strategic investment in the business, with underlying return on tangible equity of 17% (FY 2023: 20%). Profitability improved during the year with underlying return on tangible equity increasing from 15% in H1 2024 to 19% in H2 2024.\n\n\n\n\n\n\n\n•\n\n\nUnderlying cost:APE efficiency ratio decreased to 1.7% (FY 2023: 1.9%), reflecting our continued focus on careful cost management.\n\n\n\n\n\n\n\n•\n\n\nStable credit quality maintained, with our cost of risk reducing to 47bps (FY 2023: 51bps), underpinned by our prudent approach to underwriting and proactive portfolio monitoring capabilities.\n\n\n\n\n\n\n\n•\n\n\nStrengthened our funding base, with the deposit book growing by 16% to £15.8 billion (31 December 2023: £13.6 billion), supported by our ability to deliver exceptional customer experience at scale.\n\n\n\n\n\n\n\n•\n\n\nMaintained strong capital resources, with Common Equity Tier 1 (CET1) ratio at 13.0% (31 December 2023: 12.9%) and a total capital ratio of 15.9% (31 December 2023: 16.4%).\n\n\n\n\n\n\n\n•\n\n\nLaunched a unified Commercial and Retail franchise structure, led by dedicated Chief Banking Officers for sharper customer focus.\n\n\n\n\n\n\n\n•\n\n\nLaunched our new proprietary Digital Savings platform, upgrading c. 270,000 customers to the new seamless, self-service experience which we fully own and control.\n\n\n\n\n\n\n\n•\n\n\nAcquired and integrated JBR Auto Holdings Ltd (JBR), expanding into high-end motor finance and combining JBR's expertise with our own to support more customers that value a premium experience, flexibility, and certainty when securing finance.\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\nMarcelino Castrillo, Chief Executive Officer, commented:\n\n\n\...