Shawbrook Group (SHAW) Q3 2025 TU earnings summary

Executive summary

• Achieved continued growth in diversified lending and deposit franchise, supported by disciplined execution and a resilient balance sheet.

• Completed strategic acquisition of ThinCats, adding £0.6 billion to the loan book and accelerating SME lending expansion.

• Admitted to trading on the Main Market of the London Stock Exchange, marking a significant milestone for future growth.

Financial highlights

• Loan book increased to £18.25 billion as of 30 September 2025, up from £15.93 billion at year-end 2024; annualised growth rate of 19%.

• Deposit book grew 15% annualised to £17.58 billion from £15.80 billion at year-end 2024.

• Credit quality stable: cost of risk at 45bps (FY 2024: 47bps), arrears ratio at 1.9% (FY 2024: 1.7%).

• Adjusted underlying return on tangible equity at 17.8% (FY 2024: 17.5%).

• CET1 capital ratio at 12.6% (31 Dec 2024: 13.0%), total capital ratio at 15.1% (31 Dec 2024: 15.9%).

Outlook and guidance

• Medium-term targets: loan book growth in low double digits per annum, underlying cost to income ratio in mid-30s, profit before tax growth in mid-to-high teens per annum, adjusted return on tangible equity in high teens, CET1 ratio between 12.0% and 13.0%.

• Plans to initiate a maiden dividend in FY 2026, with a progressive policy thereafter.