Shawbrook Group reported a 3% decline in underlying pre-tax profits to £294 million in 2024, citing significant investment in digital and data infrastructure to support long-term expansion. Despite the drop, profitability improved in the second half of the year.
The specialist lender’s loan book grew 16% to £15.2 billion, driven by strong demand from commercial and retail customers. CEO Marcelino Castrillo remains confident in the bank’s organic growth potential, highlighting its scalable technology and diversified portfolio.
Shawbrook also reduced its cost of risk by four basis points to 47bps, attributing the improvement to a disciplined underwriting approach and enhanced data-driven portfolio management.
The bank expanded its presence in motor finance with the September acquisition of JBR Auto Holdings and signalled its readiness to pursue further strategic acquisitions.
