MortgagesMay 1 2013

Aldermore increases lending by over 75% in 2012

Search sponsored by
ByDonia O’Loughlin

Aldermore has reported a rise in overall lending of more than 75 per cent for 2012, as its balance sheet increased by in excess of 60 per cent over the 12 month period to £2.5bn.

In its financial results for 2012, published today (1 May), Aldermore said it has lent more than £1bn to small and medium sized enterprises and more than £1bn to homeowners. The firm said it had recorded full-year profitability for the period, its third year in operation.

Data released by the Bank of England on the Funding for Lending scheme also demonstrate Aldermore’s contribution to supporting UK householders and SMEs, the firm said, showing as they do net lending figures of £228m in Q3 2012 and £251m in Q4.

This year Aldermore is targeting another 60 per cent, or £1.5bn, of balance sheet growth.

Phillip Monks, chief executive, said: “We are supporting UK businesses and homeowners by expanding our lending at a time when a number of the UK’s largest banks are reducing their overall lending.

“We are in a great position to build on this being free from legacy systems with modern internet-based lending and savings products, demonstrating that it is possible to create a real and dynamic alternative to the traditional banks.

“I look forward to our continued success in 2013 as we grow our market share further as well as launching new products into a marketplace that is hungry for change.”