Challenger bank Aldermore has announced a mid-teens growth in lending, amid a backdrop of a cooling mortgage market.
The bank’s interim results revealed a net loan growth of 15 per cent to £8.6bn. This is up from 31 December 2016, when the figure stood at £7.5bn.
It also reported a diversified portfolio with 17 per cent growth in retail to £5.7bn and 9 per cent growth in business finance to £2.9bn.
Speaking about the unaudited interim results for the 12 months to 31 December 2017, Phillip Monks, chief executive officer, said the bank has seen strong customer growth since its was founded in 2009, helping it record an underlying profit before tax of £160m in 2017, an increase of 20 per cent compared with the prior year.
The results also reported a deposit growth of 6 per cent to £7.1bn. It stood at £6.7bn in December 2016.
Mr Monks added that 2017 was a landmark year for Aldermore, as its success attracted a takeover approach from South Africa’s FirstRand Group.
