Aldermore reports profit before tax up nearly £12m

Michael Lloyd

March 12, 2019

Aldermore Bank saw its profit before tax reach £74.7m by the end of December, up from £62.8m in H1 2018.

And its loan book grew by 4% to £9.4bn from £9bn in 30 June 2018.

Business finance loans were up 3% to £3.2bn and retail mortgages rose by 5% to £6.2bn

Phillip Monks OBE, chief executive officer, said: “In a competitive market we have achieved good profitability and returns while managing risk appropriately. We have a balanced portfolio of assets that has served us well.

“Under FirstRand’s ownership, Aldermore has continued to serve and seek out specialist areas of the market where we can achieve superior returns by providing customers with an exceptionally high level of service.”

This year also marks Aldermore’s 10-year anniversary.

Monks added: “10 years ago, many small businesses were losing a battle for survival as the banking establishment pulled up the drawbridge.

“Founded as a start-up in 2009, Aldermore was the first of a new breed of challenger banks to offer a strong alternative and I’m proud of the additional choice we have made available to businesses, homeowners and landlords.

“We’ve built a robust, secure bank that has grown year after year by treating customers as individuals rather than numbers. We think it’s an approach that will bring continued success in the decade to come.”

Net promoter scores – an index measuring customer satisfaction – amongst brokers within residential mortgages has improved, from +6 to +46, between May 2018 and November 2018.

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