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Shawbrook Group Plc Annual Report and Accounts 2020

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Shawbrook Group Plc Annual Report and Accounts 2020 Shawbrook Group plc Annual Report and Accounts 2020 Strategic Report Corporate Governance Risk Report Financial Statements Contents Strategic Report Risk Report 1 Shawbrook – Proudly different 93 Approach to risk management 3 Our business 96 Risk governance and oversight 5 Chairman’s statement 100 Top and emerging risks 7 Chief Executive Officer’s statement 115 Key risk categories 11 COVID-19 response 157 Capital risk and management 15 Financial review 163 ICAAP, ILAAP and stress testing 19 Our business model 163 Recovery Plan and Resolution Pack 21 Creating value for our stakeholders 164 Group viability statement 27 Business reviews 45 Sustainability report Financial Statements 167 Independent Auditor’s Report Corporate Governance Report 178 Consolidated statement of profit and loss 51 Chairman’s introduction and other comprehensive income 53 Board of Directors 179 Consolidated and Company statement of financial position 55 Corporate Governance Report 180 Consolidated statement of changes in equity 67 Audit Committee Report 181 Company statement of changes in equity 73 Risk Committee Report 182 Consolidated and Company statement 78 Directors’ Remuneration Report of cash flows 86 Nomination and Governance Committee Report 183 Notes to the financial statements 89 Directors’ Report Other Information 245 Abbreviations 246 Key performance indicators shawbrook.co.uk twitter.com/shawbrookbank twitter.com/shawbrookbroker linkedin.com/company/shawbrook-bank Shawbrook – Proudly different. We remain committed to the simple quality of good sense, adopting traditional values with a modern delivery. This is a big part of who we are. Communication matters. We listen, we understand, and we talk to one another. We care about our customers and their specialist needs. People are the life force of our business, so our approach is to blend human judgement with data and technology when it comes to decision-making. That’s why ensuring a deep understanding of our customers is a top priority. The difference in being different Shawbrook Group plc 1 Annual Report and Accounts 2020 Strategic Report Corporate Governance Risk Report Financial Statements How we’ve done 2020 key highlights How we Achieve strong delivered against risk adjusted our strategic returns pillars in a challenging year: 5.8% Gross asset yield (2019: 6.4%) Enhance Progressively customer increase focus originations 81% 4.7% Customer satisfaction score* Growth in loan book (introduced in 2020) to £7.1 billion *Savings only (2019: £6.8 billion) Maintain Maintain excellent conservative credit quality foundations 80bps* 12.6% 16.8% Total capital Cost of risk CET1 ratio (2019: 47bps) (2019: 12.0% CET1, 16.4% *inclusive of payment holidays Total capital ratio) 2 Our business What we do Shawbrook is a specialist UK lending and savings bank focused on Property Finance, Business Finance, Consumer Lending and Savings. We differentiate ourselves by concentrating on markets where our expert knowledge, judgement and personalised approach to lending offer us a competitive advantage. Our divisions Property Finance Our Property Finance division comprises our commercial property and residential mortgages teams. Aimed at serving professional landlords and property traders in residential and commercial asset classes, and personal customers through specialist second charge mortgages. £4.9bn Loan book Business Finance Our Business Finance division offers a wide range of products to serve the UK SME market, including asset finance, corporate lending, structured finance and development finance. £1.8bn Loan book Consumer Lending Our Consumer Lending division provides unsecured personal loans both directly and through partners to customers to support a variety of purposes. £0.4bn Loan book Savings Our Savings division provides a wide range of cash savings products, both directly and through partners to our personal and SME customers. £6.9bn Customer deposits Shawbrook Group plc 3 Annual Report and Accounts 2020 Strategic Report Corporate Governance Risk Report Financial Statements Our differentiated approach Our people and community The Shawbrook way A customer led approach... ■ Specialists. 811 Employees ■ Thoughtful decision-making through judgement. (average on a full-time equivalent basis) ■ Using technology to complement the human touch. ■ Driven by customer needs. ■ Innovative and tailored products. 73 Charities supported ■ Focus on quality of service. Group gender metrics Our values All employees We are expert: 56% 44% we are quietly confident and enabling. Senior Management team We are driven: we are ambitious and passionate. 77% 23% We are practical: Executive Committee we are down to earth and pragmatic. 10% 90% We act with integrity: we are thoughtful and responsible. Board 78% 22% Our five strategic pillars Achieve strong risk adjusted returns Enhance customer focus Maintain excellent credit quality Progressively increase originations Maintain conservative foundations 4 Chairman’s statement John Callender “ Looking after our mental and physical wellbeing has never been more important than it is now” As Shawbrook enters its 10th anniversary year, We recently announced that Marcelino Castrillo despite continuing to face into a challenging external has been appointed to succeed Ian Cowie as Chief environment, it is clear that we have much to look Executive Officer later this year, subject to regulatory forward to as well as to celebrate. It feels appropriate approval. Marcelino is ideally suited to lead the delivery however to begin by reflecting on the incredible of the Group’s strategic ambitions as we enter the next response of my colleagues and our customers in phase of our journey and I look forward to welcoming 2020 to the uncertainties resulting from the global him to Shawbrook. COVID-19 pandemic. Ian Cowie, who has led the business since 2018, will Although 2020 was a challenging year both step down as Chief Executive Officer after 4 years at professionally and personally, I am extremely proud of Shawbrook. Ian has worked tirelessly over this period the way in which we as a business have responded to to get us to where we are today, as a leading specialist the crisis. As well as demonstrating strong operational lender with strong foundations and well-positioned to and financial resilience, we have successfully supported build upon this going forward. On behalf of the Board our customers and employees during the year. I believe and our shareholder, I want to take this opportunity the business is in a strengthened position as a result, to thank him for all that he has contributed and wish further driving us towards our strategic aspiration to him well in his future endeavours. become the UK’s Specialist Lender of Choice. I would like to offer my sincere gratitude to all of my colleagues for their continued hard work, professionalism and determination throughout 2020, reflected in the way in which they have embraced the uncertainties whilst also adapting to the continually changing demands in both our working and family lives. Shawbrook Group plc 5 Annual Report and Accounts 2020 Strategic Report Corporate Governance Risk Report Financial Statements Responding to COVID-19 Evolving the business Strong collaboration between Management and Notwithstanding the challenges of 2020, we have the Board proved critical to delivering our response successfully driven forward our digital transformation to the crisis. Despite the uncertain and changing agenda, deploying technology to enhance resiliency environment, we have made crucial decisions quickly and scalability to support our future growth ambitions. and effectively, prioritising the safety of our people and the soundness of the Group. Testament to the capabilities of the team and operations, 2020 has in many respects been business One particular highlight was the way in which as usual: key regulatory projects such as LIBOR the organisation executed its resiliency plans in transition are on track whilst we have in parallel a short period of time and with minimal disruption, delivered continual improvements to our risk enabling seamless continuation of service. With solid management framework and controls. foundations already in place, we were able to leverage both existing and new technology effectively to Our approach to managing the risks of climate maintain business continuity. change also continues to develop, enabling us to deliver on regulatory expectations and our Board- Our agile processes and technology have enabled us approved Climate Change Plan. External advisers were to remain open for business throughout and provide appointed during the year to help shape our thinking continued support to our customers and intermediary and form our 2021 implementation plan, while the partners. In addition to providing a range of payment Board has benefited from externally facilitated training holiday concessions to our existing customers, we and regular updates on progress from the dedicated participated in the government’s Coronavirus Business working group. Interruption Loan Scheme (CBILS) to support our SME customers. While adopting a responsible approach At Shawbrook, we differentiate our offering by to new lending, we have been in a position to take combining expert knowledge and a human, relationship advantage of opportunities in markets which have led approach with modern, technology-driven delivery. shown resilience through COVID-19, for example our core Our investment in digital capabilities continued during property markets have remained
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