Shawbrook Bank celebrated rapid growth in 2013 with its pre-tax profits hitting £16.8m.
This represents a turnaround from 2012, when the bank suffered an accounting loss of £7.1m.
Shawbrook lent £1.4bn in 2013, with commercial property lending growing by 170% to £541m and secured lending rising by 81% to £295m.
Richard Pyman, chief executive officer of Shawbrook Bank, said: “2013 was a pivotal year for Shawbrook. Our specialist lending teams have focused on delivering a quality service with an unwavering emphasis on human underwriting and simple, straightforward processes.
“Our financial intermediaries have been the cornerstone of this work and will continue to be our most important lending channel. The result of this collaboration is outstanding organic growth across the business in 2013, and a significant rise in SME lending. We are in excellent shape for future growth in 2014 and beyond.”
Shawbrook has acquired asset-based lender Centric Commercial Finance from Cabot Square Capital LLP.
Pyman added: “The acquisition of Centric Commercial Finance is an exciting strategic move for Shawbrook. We can now offer SMEs a broader range of funding services to support their growth aspirations, and the move will enable Shawbrook to become an even more prominent business lending bank.
“Centric’s dedication to traditional customer service and tailored lending solutions fits very nicely with our own, and we have ambitious plans to grow the business under Shawbrook this year.”
The bank originated £1bn in new loans to SMEs and consumers in 2013, lending £700m to SMEs alone.
Shawbrook has gained 44,000 new customers, while it has provided lending services to 52,000 clients.