Shawbrook reported that its asset finance division’s originations stood at £126m (€177.8m) in the third quarter of the year, up 36% year-on-year.

"Asset Finance is experiencing strong demand from SMEs across all products. New product initiatives launched in 2014 and 2015 are now delivering material additional originations," said Shawbrook.

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Shawbrook Group, saw its underlying profit before taxation rise 68% year-on-year to £54.5m in the nine months ended 30 September 2015.

Over this period, the group’s loan book grew 23% to £2.9bn, while originations grew by 27%.

"Net loans & advances to customers increased by 23% to £2,864m in the nine months ended 30 September 2015 (31 December 2014: £2,331m) and we are on track to deliver targeted net growth of £0.7-0.8bn per annum with particularly strong performances from Commercial Mortgages, Asset Finance and our Consumer focussed businesses," the group wrote.

According to Shawbrook, the robust financial performance was "in line with management’s expectations."

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Tom Wood, interim chief executive officer and chief financial officer said: "These results continue to demonstrate the successful execution of our strategy and we are pleased that the Group continues to deliver strong growth, with originations and loans to customers up 27% and 23% respectively, driven by growing demand for lending from UK SMEs. We also significantly increased profitability during the period, with underlying PBT up 68% whilst maintaining Net Interest Margin at 6.1%. Commercial Mortgages, Asset Finance, Secured and Consumer divisions performed particularly well, both in terms of originations and new product launches."

Shawbrook has appointed Steve Pateman as chief executive officer, effective from 1 January 2016. Pateman will join Shawbrook from Santander UK, where he built the SME franchise and is currently executive director and head of UK banking, running the bank’s corporate, commercial, business and retail banking operations as well as wealth management.