The specialist bank — which was acquired by the financial services group — revealed in its results for the financial year to 30th June 2019 that net lending increased by 18% in 2019 from £9bn in 2018.

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Other highlights from the results included:

• diversified portfolio with business finance lending increased by 12% to £3.4bn
• retail finance lending rose by 15% to £6.8bn
• originations of £3.9bn, up 30% from £3bn in 2018
• deposits grew by 15% to £9.0bn (2018: £7.8bn)
• profit before tax for the full year (July 2018 to June 2019) increased by 11% to £129.6m (2018: £117.1m)
   

“I am pleased that the last year, the first under our parent company FirstRand, has been a successful one for Aldermore,” said Phillip Monks, CEO at Aldermore Group (pictured above).

“Our performance in the lending and savings markets has been strong against a backdrop of intense competition and economic and political uncertainty. 

“With Brexit on the horizon there is, of course, uncertainty in the air, with downward pressure on net interest margins and worsening credit performance likely to remain a feature of the market.

“As we look forward, our diversified lending book — together with our strong savings base — continues to position us well.”