Shawbrook Group PLC 2022 Annual Report and Accounts (6825U)
30 3월 2023 - 3:00PM
UK Regulatory
TIDMPH56
RNS Number : 6825U
Shawbrook Group PLC
30 March 2023
Shawbrook Group plc - Full year results for the 12 months to
31 December 2022
Record profitability against an uncertain macroeconomic backdrop
London, 30 March 2023 - Shawbrook Group plc today announces
its full year results for the year ended 31 December 2022.
Our 2022 profitability and returns reflect the strength of our
'best of both' business model which combines modular technology
with human expertise, underpinned by our strong and prudent
capital and liquidity profile.
Key highlights
Growth delivered through continued investment in our customer
-- proposition
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-- Loan book growth of 25%(1) to GBP10.5bn (2021: GBP8.6bn),
driven by our diverse offering and further expansion across
our markets.
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-- Strong originations, particularly in our core SME and
Real Estate markets.
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-- Scaled our digital capabilities through investments in
technology, serving c.425,000 customers in 2022.
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-- Deposits rose c.31% to GBP10.9bn (2021: GBP8.4bn) as our
strong savings proposition continued to attract customers.
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Record profitability with consistent superior returns
--
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-- Profitability driven by net interest margin improvement,
with underlying profit before tax increasing to GBP238.0m
(2021: GBP197.2m).
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-- Underlying return on tangible equity of 20.1% (2021: 20.1%),
driven by continued scalability, operating leverage and
our disciplined approach to pricing and returns.
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Supplemented growth through strategic M&A
--
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-- Announced an agreement, subject to regulatory approval,
to acquire Bluestone Mortgages Limited, a specialist mortgage
lender focused primarily on owner occupied mortgages.
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Conservative capital management provides the foundation
-- for future growth
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-- Continued to optimise our capital resources with Common
Equity Tier 1 capital ratio of 12.8% (2021: 12.7%) and
total capital ratio of 15.8% (2021: 16.2%).
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-- The liquidity coverage ratio remains prudently positioned
at 321.3% (2021: 247.8%).
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-- Careful and robust management of loan books remains a
strategic priority and the Group's overall arrears rate(2)
remains relatively stable at 1.9% (2021: 1.7%).
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Extending our positive impact
--
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-- Partnered with education charity Future First, to support
their work aimed at encouraging and enabling social mobility
to give young people the opportunity to engage with relatable
role models and broaden their career horizons.
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-- Launched our 'Thrive' apprenticeship programme designed
to help young talent from different backgrounds experience
early career opportunities.
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-- Published our inaugural Task Force on Climate-related
Financial Disclosures (TCFD) report.
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Visit shawbrook.co.uk/2022results to download the full Report
Marcelino Castrillo, Chief Executive Officer commented:
"2022 was an exceptionally good year for Shawbrook, not just
in terms of what was delivered but the way in which it was achieved.
As well as achieving a record GBP238.0 million underlying profit
before tax, we delivered an underlying return on tangible equity
of 20.1% and served over 425,000 customers, doing so against
an uncertain macroeconomic backdrop.
Customers across all of our markets have a pressing funding
need, often complex or time-sensitive and frequently both. They
choose Shawbrook for our ability to understand their individual
requirements and to deliver the right finance solution quickly
and seamlessly. To do this consistently and at scale requires
the combination of great technology and human ingenuity - the
'best of both'.
We continued to co-develop 'Vision', a digital portfolio monitoring
tool now running within our Real Estate and SME portfolios,
enabling us to generate deeper data-driven insights into credit
performance. We also extended our MyShawbrook portal and its
partner ecosystem to include bridging and commercial investment
applications with integrated valuations, driving a vastly improved
broker experience.
But, technology is only half of the equation at Shawbrook and,
in 2022, we continued to focus on the
attraction and retention of exceptional talent. We also strengthened
our employee value proposition,
introduced a number of support measures to help our people with
the increased cost of living and
continued to embed our purpose and culture.
While the external landscape changed significantly over the
course of 2022, the flexibility of our model continued to play
to our advantage. We are well positioned for further sustainable
growth across our diverse markets and remain alert to further
inorganic opportunities.
I am reassured by the financial strength of our platform and
the resilience of our model given the likelihood of continued
market volatility. The success of 2022 allows us to look ahead
with confidence in our ability to respond to the immediate needs
of the customers we serve today and to commit to prudent investment
in the long-term sustainable growth of Shawbrook."
Business highlights
Enterprise
The Group's Enterprise franchise serves UK real estate investors,
homeowners and SMEs with a range of specialist lending products
.
Increased automation and digitalisation of our core customer
-- journeys helped us to establish a differentiated proposition
in a competitive UK property market, demonstrated by our
latest 83%(3) (2021: 80%) broker satisfaction score.
Joined forces with PEXA, the fintech behind the world's
-- first digital property exchange, to initiate the digitalisation
of the completions process.
Further extended the roll out of our award-winning 'Vision'
-- portfolio monitoring tool, developed in collaboration
with FundingXchange, across our Real Estate and SME portfolios.
Continued to evolve our digital SME lending business,
-- using automation and enhanced data analytics to simplify
and speed up lending decisions, providing fast, flexible
and risk-adjusted finance at scale.
Launched Open Banking technology across the franchise,
-- leveraging application programme interface (API) enabled
links into customers' live banking information, enabling
faster, more targeted focus on the customers who really
need it.
Consumer
The Group's Consumer franchise serves UK consumers and micro
business owners with a range of lending and savings products.
Delivered enhanced customer support and faster response
-- times, through transitioning our consumer lending servicing
operation to a new servicing partner.
Launched our Open Banking backed product in partnership
-- with ClearScore, offering a discounted rate to incentivise
customers to share their data, enabling us to integrate
Open Banking data into our consumer decisioning technology.
Made several improvements to our customer journeys to
-- align with the Financial Conduct Authority's new Consumer
Duty principles, ensuring our purpose-led culture and
Risk Management Framework continued to encourage good
consumer outcomes.
Savings
The Group provides a wide range of Personal and Business savings
solutions, with competitive interest rates, including easy access,
notice and fixed term accounts and fixed cash ISAs.
Focused efforts on the dynamic management of our retail
-- deposit book, including the proactive handling of the
back book, increasing our customer care and enhancing
our digital capabilities to enable more customers to experience
excellent customer journeys.
Deployed a major upgrade and cloud migration of our core
-- savings system, allowing us to further automate key elements
of customer fulfilment requests, improving the speed and
effectiveness of the service we provide.
To optimise the Group's cost of funds, we continued to
-- diversify our deposit mix by expanding our product range
and digital marketplace presence.
The Mortgage Lender Limited (TML)
TML provides a range of buy-to-let and owner occupied mortgages,
designed for customers with more complex income profiles, including
self-employed, entrepreneurs and first-time buyers .
Continued to scale its 'real life lending' offering through
-- a volatile rate environment impacting the UK mortgage
market.
Enhanced its portfolio monitoring capabilities with the
-- introduction of a wider suite of early warning indicators
to proactively identify emerging risks.
Launched a dedicated intermediary members club 'Society'.
-- Since launch, the club has increased engagement and collaboration
with its intermediary partners, through a series of industry
events and communications.
1. Loan book growth of 22% from GBP8.6 billion at 31 December
2021 to GBP10.5 billion at 31 December 2022. When adjusted
to add back the sale of a portfolio of loans from Real Estate
that completed in January 2022, which had a carrying amount
at the point of derecognition of GBP298.3 million, loan book
growth is 25%.
2. Loans that are equal to or greater than two payments in arrears
(includes all term expired).
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3. Combined 2022 score as at 31 December 2022.
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Visit shawbrook.co.uk/2022results to download the full Report
A copy of the Annual Report will be submitted to the National
Storage Mechanism and will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information, please contact:
Stephanie Mackrell
Teneo
shawbrook@teneo.com
For investor enquiries, please contact:
Murray Long
Head of Investor Relations
murray.long@shawbrook.co.uk
About Shawbrook - Banking for the real world
Shawbrook is designed to accommodate individuality, diversity
and the dynamics of the modern world. We are driven by our purpose,
to power up ingenuity to create opportunity, every single day.
Leveraging strong digital capabilities to complement deep human
expertise, our 'best of both' proposition is ideally placed
to provide personalised finance solutions to those with immediate
and often complex needs. We offer a diversified range of practical
lending and savings products across three customer franchises
to serve consumers, businesses and real estate professionals.
Our advanced digital platform enables us to provide a differentiated
proposition to an expanding customer base. Our multi-channel
distribution and end-to-end digital capabilities are empowered
by our expert talent and partnerships with a range of leading
FinTech and data providers to deliver best-in-class customer
experiences.
The Group's lending activities are primarily funded by a stable
retail deposit book consisting of easy access and ISA accounts,
variable rate notice accounts and fixed rate fixed term accounts
(mostly one - five years). Shawbrook Bank Limited is an operating
entity of Shawbrook Group plc. Shawbrook Bank Limited is authorised
by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority
and is a member of the Financial Services Compensation Scheme.
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