Aldermore Bank has reported that its total lending to customers was up by 10% in the third quarter to £4.4bn and by 30% for the year to date.
Net new lending on balance sheet is £1.0bn year to date, an increase of £0.4bn in Q3 and in line with management expectations.
Phillip Monks, CEO at Aldermore said: “This is an excellent set of results which demonstrate the continued success of the Group. I’m proud to say that Aldermore has now lent around £4.4 billion to Britain’s SMEs and homeowners, an increase of 30% since the start of the year.
“As expected, with this strong growth we are driving rapidly accelerating profitability. Looking at the third quarter in isolation, profits generated were close to those for the first two quarters of the year combined and the return on equity was approaching 20%.
“In addition to strong growth in interest income, we continue to see the benefits of our ongoing activity to diversify our funding base in an increased net interest margin and our ability to leverage our digital operating model in a reduced cost to income ratio. I’m also pleased with the robust credit performance of the portfolio reflected in the improved cost of risk.
“We look forward to the rest of the year and beyond with confidence. I’d like to thank our customers for their support and our employees for their hard work which has been so vital to our success.”
