Aldermore sees lending on the rise

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British banking newcomer Aldermore said first-quarter lending rose 7 per cent as it added more customers including homeowners and small and medium enterprises.

The bank, founded by former Barclays executive Phillip Monks in 2009 with backing from AnaCap, said it was on track to achieve targeted £1.4bn of net new lending in 2015.

Net lending to customers in the first quarter ended March rose to £5.1bn from £4.8bn at the end of 2014. Total customer deposits in the period grew by 4 per cent to £4.7bn.

“Double-digit growth in SME deposits provides continued funding diversification as lending remains primarily funded by our dynamic online savings franchise,” chief executive Phillip Monks said.

Most ‘challenger’ banks are planning to operate online and use new technology allowing a quicker and cheaper platform.

Regulators and lawmakers are keen for banks such as Aldermore to challenge the dominance of the so-called Big Four.