Aldermore delivers ‘excellent results’

In a third quarter trading update, the group said that its organic loan origination stood at record levels of £1.7bn, which is an increase of 63 per cent on the first half. Total lending to customers rose by 10 per cent in the third quarter to £4.4bn.

Phillip Monks, the chief executive at Aldermore, which employs 40 people in Yorkshire, 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 £4.4bn to Britain’s SMEs and homeowners, an increase of 30 per cent 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 per cent.

“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.”