Pre-tax profits soar at Peterborough-based bank
A challenger bank based in Peterborough has seen pre-tax profits soar by 20 per cent.
The Aldermore bank, which employs 80 people at its offices in Peterborough Business Park, Lynch Wood, says its pre-tax profits rose to £160 million for the year to December 31, 2017.
That compares with pre-tax profits of £133 million in 2016.
Over the same time, the bank's lending to customers increased by 15 per cent £8.6 billion compared to £7.5 billion by the end of 2016.
Phillip Monks, the bank's chief executive, said: "During 2017, Aldermore continued to support more customers across Britain enabling them to seize opportunities and realise their ambitions, whether that’s growing their business, buying a home or buy-to-let property or securing a competitive return on their hard earned savings.
"We have continued to focus on customers as individuals, going beyond the one-size fits all approach in carefully selected market segments where we have real expertise and can offer superior levels of service, whilst also maintaining a robust approach to risk management."
Aldermore, which has 900 staff across the UK, was created in 2009 and specialises in loans to small and medium-sized businesses and homeowners, landlords and individuals.
Last year saw directors of Aldermore approve a £1.1 billion takeover by the South Africa based financial services firm FirstRand.
Mr Monks said: "2017 was a landmark year for Aldermore, as our success attracted a takeover approach from South Africa’s FirstRand Group.
"Now that the transaction has completed, we are excited to be working with our new parent company and exploring the opportunities to further accelerate the delivery of our strategy.
"Our vision of providing ‘banking as it should be’ will not change, but with the backing of FirstRand our ambition will only grow and we aim to further support businesses and individuals with enhanced digital services and a broader range of straightforward propositions.
"We look forward to 2018 and beyond with great confidence as the next chapter of the Aldermore story begins.”