Last month, Shawbrook revealed that it expected to pay a £9m impairment charge due to irregularities in one of its asset finance offices.

Shawbrook’s profit before tax rose from £33.2m in H1 2015 to £38m for the same period this year, though the bank admitted it would have seen a 41% increase had it not been for the additional £9m provision.

Steve Pateman, CEO of Shawbrook, said: “These results reflect the strength of our business and allow us to view the future with confidence; we have scale, resilience and opportunities for growth.”

In addition, the bank posted an increase in its loan book from £3.4bn on 31^st December 2015 to £3.8bn on 30^th June 2016.

Meanwhile, organic originations in the property finance division rose 19% from £415m in H1 2015 to £495m for H1 2016.

This growth was underlined by the appointment of Angela Wakelin as Shawbrook’s new chief operating officer, who will work on supporting the bank’s future strategy.

Steve also reassured customers that the bank did not expect to make fundamental changes ahead of a potential cyclical downturn, due to the bank not having extended its risk appetite before the referendum.

Despite this, Shawbrook admitted that it would remain cautious in the wake of Brexit.

“It is clear from the rapidly evolving and ever changing view of the future for the UK economy post the decision to leave the EU, that the situation will remain fluid for some time,” Steve explained.

“Much remains to be resolved and this will undoubtedly influence consumer and business confidence as the future of our relationship with the EU becomes clearer – at present we are not seeing any material change in activity and indeed some markets that slowed in the run up to the referendum have picked up.

“However, it is too soon to fully assess the medium-term impacts on the broader economy given the number of outcomes that remain possible.”