Shawbrook Bank has reported an increase in underlying profit before taxation in the first half of 2015 of 94% to £34.8m from £17.9m in the first half of 2014.

This increase in profitability has been driven by a 17% increase in the loan book to £2.7bn from £2.3bn at 31 December 2014.

Gross organic originations of £812m in the six months ended 30 June 2015 were 31% higher compared to £621m in the first half of 2014, as momentum from 2014 flowed into 2015.

Interim CEO and CFO Tom Wood said: “We are delighted to report a strong first half performance with underlying PBT up 94% from the first half of 2014 driven by a 38% increase in the loan book, with gross originations up 31% as applications and completion volumes continued to build on the strong momentum seen during the second half of 2014.

“The business remains well placed to respond to the changing regulatory environment and deliver growth by maximising opportunities in our existing markets, capitalising on the embedded growth in our current loan origination capability and working closely with customers and business partners to develop new products and expand into new specialist markets.

“While competition remains high and we saw some slowdown in volumes ahead of the election following a very strong Q1, we remain confident that we will continue to originate good quality, profitable business and remain on track to deliver our targets outlined at the IPO, including £1.6 billion of originations in 2015 and targeted annual net loan book growth of £0.7-0.8 billion.”