Shawbrook Bank “cautiously optimistic” as it Publishes Half Year Report for 2020
· Financial performance impacted by the pandemic · Expected credit loss (ECL) charges of £45.8 million recognised on loans and advances to customers · Profit before tax (PBT) was impacted by the adverse effects of COVID-19 and the subsequent provisions set aside, reducing by 89% to £5.9 million · Customer deposits rose by 25% to £7.6 billion while capital remained strong with a CET1 ratio of 12.3% · A total of 15.9k payment holidays granted across the Group · The specialist bank continued to operate effectively through COVID-19 · 98% of employees moved to remote