Shawbrook Group Q1 2026 Trading Update

Shawbrook Group reported steady Q1'26 results with 2.6% loan book growth and reiterated FY26 guidance. Goldman Sachs maintains its Neutral rating and 500p price target.

Key Takeaways

• 1.Shawbrook's loan book grew 2.6% YTD to £20bn, with customer deposits increasing 2% to £19bn.
• 2.The bank reiterated FY26 guidance, targeting a loan book of c.£21bn and an underlying ROTE of c.17%.
• 3.Asset quality remains largely stable, though 3-month-plus arrears increased slightly by 10bp to 1.7%.

Table of Contents

• Valuation and key risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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