Shawbrook was founded with a strong purpose, which continues to drive what we do every single day: to create opportunity for people, businesses and communities by recognising their individuality and supporting their ambitions. Our ability to provide highly personalised products and services to our customers is enabled by the thoughtful combination and integration of modular technology with human expertise, judgment and ingenuity. We are able to move swiftly into carefully chosen markets where we can best deliver on our purpose with precision and creativity.
Our business model is underpinned by a stable and diversified funding strategy. In addition to our growing retail deposit base, we utilise our wholesale funding structure, comprising of subordinated notes and BTL residential mortgage-backed securitisations (‘RMBS’). This supports our ability to continue to lend through the cycle.
We are required under the Capital Requirements (Country-by-Country Reporting) Regulations 2013 to disclose certain information for each country in which we operate. Shawbrook Bank Limited is based solely in the UK, therefore ‘all information is contained in our 2021 Annual Report and Accounts.
For the year end 31 December 2021 (Shawbrook Group plc)
For the year end 31 December 2021 (Shawbrook Bank Limited)
For the year end 31 December 2020 (Shawbrook Group plc)
For the year end 31 December 2020 (Shawbrook Bank Limited)
For the year end 31 December 2019 (Shawbrook Group plc)
For the year end 31 December 2019 (Shawbrook Bank Limited)
To review our half year results for 2021, please click here
To review our half year results for 2020, please click here
To review our half year results for 2019, please click here
To review our half year results for 2018, please click here
To review our half year results for 2017, please click here
To review our half year results for 2016, please click here
To review our half year results for 2015, please click here
To review our half year results for 2014, please click here
The Board has responsibility for ensuring that the Group, including its principal banking subsidiary, Shawbrook Bank Limited, is managed effectively and in the best interests of its shareholders, customers, employees, and other stakeholders (including regulators, investors, distribution partners, suppliers and the community).
A Framework Agreement with the Shareholder is in place. This includes a list of matters which require recommendation to the Shareholder for approval and also a formal schedule of matters reserved for the Board (which is reviewed regularly and can be found under ‘Constitutional and other Governance documents’ in the drop down list below). The Framework Agreement is supported by a Memorandum of Understanding, which preserves the Board’s independence, particularly when making significant decisions. The Board delegates specific powers for some matters to Board Committees, with the outputs from each Committee meeting reported to the Board regularly, thus ensuring the Board maintains the necessary oversight. More detail on the Committees and their work is described in the separate Composition of the board and terms of reference sections in the drop down list below.
The Company is not required to adopt the ‘comply or explain’ approach of the UK Corporate Governance Code 2018 published by the Financial Reporting Council. However, the Board recognises the value of a strong approach to corporate governance and takes account of the UK Corporate Governance Code’s principles and provisions when making decisions when deemed appropriate.
The Board carries out a review of the effectiveness of its performance every year. The evaluation is externally facilitated every three years. The next external evaluation will be in respect of the 2022 financial year. The 2021 internal evaluation concluded that the Board continues to be effective, with high scores being recorded across each of the themes: behaviours; composition; skills and performance; meetings; role of company secretary and minutes; board packs (scope and content). Board and Executive Committee members feel that there is good collaboration and participation in a supportive environment but one in which there is constructive challenge.
The Board currently consists of 10 members, namely the Chairman, five Independent Non-Executive Directors, two Institutional Directors and two Executive Directors.
The Non-Executive Directors have strong and relevant experience across all aspects of banking and specifically have relevant skills in financial management, regulatory, risk, internal audit, operations, transformation, IT, distribution leadership and conduct matters. To ensure the Board continues to have an appropriate balance of skills, these skill sets are reviewed annually through the completion of a skills matrix which is considered by the Nomination and Governance Committee and the Board.
The written terms of reference of the Committees, including their objectives and the authority delegated to them by the Board are contained in the drop down list below. All Committees have access to independent expert advice and the services of the Company Secretary. The Chair of each Committee reports to the Board. The composition, effectiveness and terms of reference of each Committee are reviewed annually to ensure that the Committees are operating effectively, and any changes considered necessary are recommended to the Board for approval.
The Board delegates daily management responsibility for the Group to the Chief Executive Officer who discharges this responsibility through the Executive Committee. The Executive Committee is responsible for developing the business and delivering against a Board approved strategy, putting in place effective monitoring, control mechanisms and setting out a framework for reporting to the Board.
There are currently ten (including the Chief Executive Officer) members of the Executive Committee and their biographical details are contained here.
To discharge its duties, the Executive Committee operates three executive level committees. Details of these executive level committees and their responsibilities are set out below:
We operate across multiple product verticals, and through our ability to respond to constantly evolving customer needs and to provide highly-personalised and valued financial products we expect to further expand our growth potential across all our current and future markets.
1 When adjusted to add back in the structured asset sale completed in September 2021 of TML buy-to-let loans, which had a carrying amount at the point of derecognition of £342.6 million.
We have a platform which is highly flexible meaning that we can scale and enter new markets quickly. Our automated processes are supported by partnerships with over 30 FinTech and data providers and we continue to leverage our human expertise to deliver a frictionless customer experience and attractively price risk. We have more than 40 years of proprietary data across a number of asset classes.
2 When adjusted for movement in other provisions cost to income ratio is 42.6% (2020: 46.5%)
We served c.350k customers in 2021, with an average LTV / CAC3 of >8x and a Trustpilot score of 4.6 out of 5, in-line with many FinTechs and reflecting our customer-centric approach.
Profit before tax
Shawbrook has a long and established track record of strong profitability, driven by proven scalability and robust risk management which is supported by a diverse and stable funding base.
Gross asset yield
Stock cost of deposits
We have a robust capital management strategy, demonstrated by our strong capital ratios which remain comfortably above regulatory minimum requirements.
CET1 capital ratio
Total capital ratio
We are powered by a talented workforce, driven by our purpose and ambition to further extend the Shawbrook vision of creating a truly customer-centric platform built to deliver banking for the real world.
Employee engagement score
Please refer to the financial calendar for the dates of future announcements.
15 Canada Square
Royal Bank of Scotland plc
Slaughter and May
One Bunhill Row