Aldermore posts strong lending results in Q3

Ryan Bembridge

November 10, 2016

Aldermore increased its mortgage lending and bolstered its capital ratio in the third quarter of 2016.

The bank upped its net lending by 15% to £7.1bn year-on-year with the help of a 20% rise in new lending to £2.3bn.

New lending to mortgage customers increased by 24% while the bank also saw a 13% rise in lending to new business finance customers.

The bank’s capital ratio grew to 11.5% in Q3.

Phillip Monks, chief executive, said: “I am delighted that Aldermore continues to deliver on our strategy.

“Our pipeline remains strong and our credit performance robust.

“As a result, in the first nine months of 2016 we have grown the loan book by over £900m balanced across SME and mortgage customers, whilst maintaining our strict controls on underwriting standards.

“We look forward to updating you on our progress and outlook at our 2016 full year results in March.”

Aldermore was the first bank to utilise the Term Funding Scheme (TFS) in September which is designed to reinforce the transmission of bank rate cuts to those interest rates faced by households and businesses by providing term-funding to banks at rates close at rates close to bank rate.

Aldermore was voted Leasing and Asset Finance Provider, Most Supportive Lender and Development Funder of the Year at the NACFB awards last week.

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