Aldermore on track to lend extra £1.4bn this year

Aldermore on track to lend extra £1.4bn this year

Aldermore Group has revealed it is on track to achieve £1.4bn of net new lending in 2015.

In their latest set of results, published today (14 May), the lender reported organic loan origination of £568m for the first three months of this year, up by 9 per cent on the first quarter of 2014. Total customer deposits were also up by 4 per cent to £4.7bn.

The period also saw the lender admitted to the London Stock Exchange on 13 March, raising £75m of gross primary equity.

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Phillip Monks, chief executive of Aldermore, said it was a busy quarter for the group which gave him confidence for the rest of this year and beyond.

“Net lending to customers now exceeds £5.1bn, of which £2.4bn is to SMEs and £2.7bn is to homeowners, demonstrating our ongoing support for these underserved customer groups.

“We remain on track to deliver our targeted £1.4bn of growth in net lending for 2015 which equates to an expected full year growth rate of around 30 per cent.”

He added that growth in SME deposits has provided continued funding diversification, as lending remains primarily funded by the bank’s online savings franchise.