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Shawbrook posts solid quarter with 'minimal' impact from Brexit

Thu, 03rd Nov 2016 08:26

(ShareCast News) - Shawbrook Group issued its interim management statement for the nine months to 30 September on Thursday, reporting a stable net interest margin of 5.6%, with continued tailwinds expected from deposit book repricing following the Bank of England base rate cut in August 2016.The FTSE 250 company said it saw continued operational leverage as the group grew, with underwriting remaining robust and disciplined.Its third quarter year-to-date cost of risk, excluding the controls breach announced on 28 June, remained "significantly lower" than anticipated through cycle loss rates supported by continued strengthening of controls and risk frameworks.Organic originations were up 23% in the third quarter year-to-date to £1.5bn, with net loans and advances to customers increasing 19%, exceeding £4.0bn at 30 September from £3.4bn at 31 December 2015."The momentum of the first half of 2016 continued into the third quarter with the group exceeding £4.0bn of customer loans and achieving sustained growth at strong and disciplined risk adjusted margins, maintaining stability in NIM and achieving a cost of risk and cost to income in line with management's expectations," said CEO Steve Pateman."Gross originations for the nine months to 30 September 2016 were £1.5bn, an increase of 23% compared with the same period in 2015, with Brexit-related uncertainties in the economy having a minimal impact on our business to date."Pateman said the company continued to make good progress in each of its divisions, with the Property Finance division achieving record levels of originations in the third quarter despite the usual slowdown in the property market during August.The company was also continuing to invest in the roll out of our Regional Business Centres in the Business Finance division, and expected a number of its centres to be operational by the end of 2016, while its Consumer division continued to widen its distribution channel with the announcement of a new partnership with Saga."Overall, the group continues to deliver sustained growth within its disciplined credit quality and returns metrics."Whilst we remain cognisant of the uncertainty which lies ahead as the UK begins the process of leaving the EU, we remain confident that we will continue to deliver on our strategic goals."Pateman added that one of Shawbrook's strengths is its diversity across many specialist segments."There is considerable potential to grow in our core markets with new products which allow us to meet the needs of businesses and individuals which are becoming less well served by the mainstream banks."

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21 Dec 2016 09:25

BROKER RATINGS SUMMARY: RBC Upgrades Shawbrook To Sector Perform

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RBC Capital ups Shawbrook to 'sector perform', lifts EPS estimates

(ShareCast News) - RBC Capital Markets upgraded challenger bank Shawbrook to 'sector perform' from 'underperform' and lifted the price target to 280p from 210p as it upped its earnings forecasts. The bank noted the stock is off 26% this year versus the sector average off 2%. In addition, it pointed

13 Dec 2016 10:09

Liberum initiates coverage of challenger banks, prefers OneSavings

(ShareCast News) - Liberum initiated coverage of five challenger banks with three 'buy' recommendations and two 'hold' stances. The brokerage started OneSavings Bank, Shawbrook and Aldermore at 'buy' with price targets of 395p, 290p and 245p, respectively. It said OneSavings is making regulatory ch

14 Nov 2016 14:40

Sector movers: Banks lead gains as strategists raise US yield forecasts

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14 Nov 2016 14:05

FTSE 250 movers: Greencore and banks gain while gold miners fall

(ShareCast News) - The FTSE 250 index was in positive territory, just shy of 17,500, by the late afternoon on Monday. Irish food company Greencore led the risers, gaining on the back of jump in full-year revenue and earnings, a hike in its dividend and the proposed acquisition of Peacock Foods for a

3 Nov 2016 17:55

CORRECT: LONDON MARKET CLOSE

3 Nov 2016 16:14

Director dealings: Shawbrook stand-in CFO likes what he sees

(ShareCast News) - Shawbrook Group's stand-in chief financial officer, Dylan Minto, snapped up shares in the challenger bank on Thursday after it posted a strong set of third quarter results. Minto, who was director of strategy before his temporary promotion, bought 15,000 shares at 237.74p and 5,00

26 Oct 2016 09:12

Banks' mortgage approvals rebound from low, BBA data shows

(ShareCast News) - Mortgage approvals from high street banks rebounded slightly in September, according to data from high street banks, after hitting a 19-month low in August. The British Bankers' Association (BBA) revealed mortgage approval numbers in September of 38,252, which was up from 37,241 i

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Credit Suisse sees rising risks for challengers banks Aldermore, Shawbrook

(ShareCast News) - OneSavings Bank received an upgrade but Aldermore and Shawbrook were downgraded by Credit Suisse as it warned the risks facing the UK's challenger banks were "becoming harder to ignore" heading into 2017. Following solid share price recoveries in recent months, the risk-reward for

25 Oct 2016 07:15

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RBC ups targets on specialty lenders due to UK economic resilience

(ShareCast News) - Analysts at RBC revised their price targets for UK challenger banks higher as a result of the resilience shown thus far by the economy and the support provided by the Bank of England. The broker also revised its forecasts higher for Aldermore,Close Brothers and Shawbrook. "While

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