Aldermore profits rise 45% in H1

Aldermore's underlying profit before tax rose by 45% in H1 to £63m.

Related topics:  Finance News
Rozi Jones
11th August 2016
Phillip Monks Aldermore
"To date, we have seen no direct impact on our business but we continue to monitor the situation closely and have a proven ability to react quickly to a changing environment."

Net loans to customers increased by 11% to £6.8bn, broken down by 12% growth in SME mortgages to £0.9bn, buy-to-let growth of 12% to £2.7bn and residential mortgages up by 9% to £1.5bn.

Total loan origination rose by 26% to £1.5bn, however residential mortgage origination saw a drop of 14% on the same period in 2015.

Origination through broker partners rose by 21% compared with H1 2015, while direct business saw a 51% rise.

Phillip Monks, CEO, commented: “New lending increased by more than a quarter compared with the first half of last year as we continue to expand our customer base. I’m very pleased with the strong and balanced growth we have achieved across our diversified portfolio whilst maintaining our prudent underwriting approach.

“Following the EU Referendum, we all face a period of heightened political and economic uncertainty. As a purely UK-focused business, we are not directly exposed to potential changes in access to European markets. However, we are exposed to the wider economic effects of the result. To date, we have seen no direct impact on our business but we continue to monitor the situation closely and have a proven ability to react quickly to a changing environment.

“We remain optimistic about our future. We are a diversified business and continue to focus on supporting our customers who are under or poorly served by the wider banking market. Building on our strong track record of delivery across our prudently constructed portfolio and with our experienced management team, modern systems and efficient operating platform, we remain confident that we will successfully navigate the challenges ahead as well as take advantage of the opportunities that change may bring.”

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