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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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Broker tips: Playtech, Aldermore, Shawbrook, Just Eat

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Aldermore, Shawbrook boosted by BofA ML upgrade

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8 Aug 2016 17:21

Industrial metals and mining shares pace advance

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27 Jul 2016 09:50

Shawbrook income and profit rise in first half

(ShareCast News) - Shawbrook Group posted interim results for the six months to 30 June on Wednesday, with net operating income improving to £99.3m, compared with £77.1m a year ago. The FTSE 250 firm said that of that, interest income, net fee and operating lease income was £140.1m - up from £107.5m

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UK Earnings, Trading Statements Calendar - Next 7 Days

12 Jul 2016 11:30

Tuesday newspaper share tips: Challenger banks, Rolls Royce

(ShareCast News) - The share price drops in Britain´s challenger banks following the Brexit referendum looked overdone, the Financial Times´s Lex column argued. Over the two weeks after the vote shares in Aldermore, OneSavings, Shawbrook and Paragon gave back between 12% and 40% of their market capi

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30 Jun 2016 15:29

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(ShareCast News) - The FTSE 250 continued to rally on Thursday alongside its blue chip sibling as a broad-based rebound across sectors outweighed continued softness for housing-related stocks after the Brexit vote. Half an hour before the close, the FTSE 250 was up 0.65% to 16,106.31. Some of t

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Life insurers, oil stocks boost indices

(ShareCast News) - Life insurers jumped on Wednesday on the heels of positive broker comment and supportive remarks from some ex-officials regarding the fall-out, or not, for the sector as a result of Brexit. Prudential´s shares rallied after Barclays reiterated an 'overweight' rating and target pri

29 Jun 2016 16:41

DIRECTOR DEALINGS SUMMARY: Shawbrook Deputy CEO And HR Boss Buy

29 Jun 2016 14:25

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SHAW.L Share News (SHAW)

Shawbrook posts solid quarter with 'minimal' impact from Brexit

FTSE 250 movers: eOne too pricey for ITV, smaller banks a bargain says Merrill

Broker tips: Playtech, Aldermore, Shawbrook, Just Eat

Aldermore, Shawbrook boosted by BofA ML upgrade

Industrial metals and mining shares pace advance

Shawbrook income and profit rise in first half

UK Earnings, Trading Statements Calendar - Next 7 Days

Tuesday newspaper share tips: Challenger banks, Rolls Royce

BROKER RATINGS SUMMARY: Jefferies And Liberum Downgrade UK Retailers

LONDON MARKET OPEN: Real Estate Investors Hit By SocGen Downgrades

FTSE 250 movers: house builders in focus as mid caps sour

FTSE 250 movers: Broader rebound outweighs ongoing housing rout

LONDON BRIEFING: Shares Open Down As Tory Party Leadership Race Begins

Life insurers, oil stocks boost indices

DIRECTOR DEALINGS SUMMARY: Shawbrook Deputy CEO And HR Boss Buy

DIRECTOR DEALINGS: Shawbrook Deputy CEO And HR Director Buy Shares

Latest Share Chat

SHAW.L Share News (SHAW)

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