3rd Mar 2016 08:08
LONDON (Alliance News) - Shawbrook Group PLC on Thursday said it expects its increasing profitability and capital generation to enable it to declare a "modest" 2016 final dividend, building progressively in 2017 and beyond.
The specialist lender's pretax profit rose to GBP70.1 million in 2015, from GBP45.3 million the prior year, driven by a 44% increase in its loan book, to GBP3.36 billion. Its cost to income ratio improved to 48.3% from 50.5%.
"Our focus remains on serving customers who value a bank that takes the time to understand their requirements and provide the right answer. This approach also enables us to optimise our risk adjusted return profile," Chief Executive Officer Steve Pateman said.
"We have invested for the future and, notwithstanding a softer economic outlook, remain confident that we will continue to generate strong through the cycle returns consistent with our stated strategy," Pateman said.
The stock was up 1.3% at 309.08 pence on Thursday early morning.
By Samuel Agini; [email protected]; @samuelagini
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