Peterborough-based challenger bank enjoys profits growth
Peterborough-based challenger bank Aldermore has seen its profits soar by 32 per cent.
The bank, which is based in Western House, Peterborough Business Park, Lynch Wood, says profits before tax rose to £78 million for the first half of the year compared to £59 million for the same period last year.
In addition its operating income went up 17 per cent to £150 million compared to 128 million last year.
Aldermore employs 900 people nationally and specialises in loans to small and medium-sized businesses.
Its figures show that its loan growth rose by eight per cent to £8.1 billion compared to £7.5 billion last year.
Business finance loans rose eight per cent to £1.9 billion while mortgages increased by nine per cent to £6.2 billion.
Chief executive Phillip Monks said: “Whilst we remain vigilant to the risks posed by the economic uncertainty facing the UK.
“We have made excellent progress during the first half of 2017, building on our track record of delivery in loan growth, deposit growth and profitability, leaving us well positioned entering the second half.
“Small and medium-sized enterprises play a vital role in the UK’s economic prosperity and we remain focused on helping them access the working capital and investment funding they need to succeed.
“Business Finance lending grew by eight per cent during the first half of the year. Mortgage lending increased by nine per cent, to £6.2 billion, as we continue to serve landlords, first time buyers and the self-employed.”