Aldermore chair bows out on uplift in lending

Sam Cordon

July 31, 2013

And the bank, which became profitable for the first time in the last financial year, has reported an increase in operating profit rising from £1m as at the end of last year to £9.2m as at the end of June.

Arculus said: “Aldermore has grown considerably in the last four years and become known as a strong challenger bank that has consistently lent to British SMEs and homeowners throughout the financial crisis.

“I am proud to have been part of this exciting journey but feel it’s the right time for me to step down and hand over the reins as Aldermore moves to the next stage of its development.”

Aldermore reported it had reached a number of significant milestones over the first half of this year.

The bank’s balance sheet passed the £3bn mark for the first time rising to £3.19bn, which represented an increase of 53% year on year.

Meanwhile retail deposits rose by nearly 30% on the year to £2.26bn.

Chief executive Phillip Monks said: “Our results truly speak for themselves and demonstrate the rapid growth we are seeing across all areas of the bank.

“We are firmly in the black recording a pre-tax operating profit of £9.2m significantly ahead of what we’ve achieved in previous years.

“We have remained focused on building a thoroughly modern and innovative bank and we are now seeing the fruits of our labour pay off.”

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