UK lessor Shawbrook Asset Finance grew its loan book 7% in 2012 to £348m (€412m) and recorded a £28m net operating profit in less than a year of trading under parent group Shawbrook Bank.

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Shawbrook Bank acquired Singers Asset Finance in March 2012, rebranding it to Shawbrook earlier this year.

Costs associated with the Singers acquisition, as well as the cost of "significant investment in infrastructure", led to a pre-tax loss of £7.8m for Shawbrook although the company said when one-off costs are excluded it recorded an underlying profit of £2.6m for the year.

Shawbrook Bank, which began trading in October 2011, broke even in May 2012 which the group attributed largely to the Singers acquisition. The asset finance division’s loan book represented 47% of Shawbrook’s total book as of 31 December 2012.

Shawbrook gained £810m in deposits in 2012, taking its total deposits, made up of personal and small business accounts, to £924m.

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Ian Henderson, chief executive of Shawbrook Bank, said the company exceeded its lending targets across all of its lending divisions, reflecting "significant" demand particularly from SMEs, and plans to further increasing lending to businesses and consumers in 2013.

He added: "Our focus remains on ensuring that growth is delivered in a controlled manner, evidenced by the prudent way in which credit, capital and liquidity are managed. Significant investment across the business has helped to support our rapid growth and these results go some way toward showing the impact we have made in the market."