LONDON (Alliance News) - Specialist lender Shawbrook Group PLC, which raised GBP90 million when it went public in April, said Thursday that its chief executive is taking temporary leave due to illness.
In a statement, Shawbrook said that Chief Financial Officer Tom Wood will add CEO Richard Pyman's responsibilities in the meantime.
Stephen Johnson, who has been given approval from regulators to become the company's deputy chief executive, will support Wood.
Johnson is the company's commercial mortgages managing director.
"The board wishes Richard a speedy return to full fitness and is confident that Tom, Stephen and the executive team will provide strong leadership until Richard returns to his role in due course," Shawbrook said in a statement.
Separately, the lender said it is on track to meet its expectations for 2015.
Organic origination was GBP440 million in the three months ended March 31, compared with GBP282 million in the corresponding quarter of the prior year, putting the lender on track for more than GBP1.6 billion in 2015.
Net loans and advances to customers increased to GBP2.60 billion from GBP2.33 billion from the end of 2014 to the end of March, the company said, meaning it is on track for net growth of between GBP0.7 billion and GBP0.8 billion per year.
Gross asset yield fell to 8.5% from 9.0% year-on-year, with the lender citing business mix due to strong organic originations in its commercial mortgages division.
Net interest margin, a key driver of profitability, was down to 6.0% from 6.1% year-on-year.
"We expect to continue the delivery of stable organic originations at high risk adjusted returns, maintaining focus on the high quality of the lending portfolio, supported by prudent levels of capital," Shawbrook said.
It made a GBP13.7 million pretax profit in the first quarter.
Shares in Shawbrook closed up 2.7% at 340.00 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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