Buy-to-letAug 10 2017

Aldemore profits jump

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Aldemore profits jump
ByMaria Espadinha

Aldemore saw its profits increase in the first half of the year, as the lender approved £1.6bn of new customer loans during the period.

Underlying profit before tax increased by 32 per cent to £78m, which compares to £59m in the first half of 2016.

According to Phillip Monks, chief executive of Aldemore, these results show that the bank is building its “track record of delivery in loan growth, deposit growth and profitability”. 

The lender is “well positioned entering the second half with a strengthened capital position and a strong pipeline of new lending,” he said.

Net loans to customers increased 8.4 per cent to £8.11bn in the period.

This increase is a result of “a balanced approach to growth through strong organic origination and a consistent, robust approach to risk management,” Mr Monks said.

Business finance loans grew 8 per cent to £1.9bn.

Mortgages jumped 9 per cent to £6.2bn, as the bank continues “to serve landlords, first-time buyers and the self-employed,” Mr Monks said.

“Whilst we remain vigilant to the risks posed by the economic uncertainty facing the UK, continued earnings and balance sheet momentum provide us with greater resilience and position us well to capitalise on further strategic opportunities,” he added.

At the end of 2016, Aldemore had an increase in profits before tax of 34 per cent, to a record high of £133m, when compared to the previous year.