Aldermore sees 176 per cent annual rise in savings

Aldermore sees 176 per cent annual rise in savings



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A leading post credit crunch UK bank has increased its deposits from £229.6 million to £633.6 million in one year.

The Peterborough- based bank Aldermore has released figures which show a significant swell in their deposits accumulated over the past year.

 

The bank has announced that their number of savings customers have risen from 8,500 at the end of 2009 to 30,000 at the end of 2010.

 

Philip Monks, CEO of Aldermore, said: “This is conclusive proof that we have created a bank that can attract long term, secure deposits.

 

“Because of our bank’s low cost base and the state of the art processes and systems we have put in place we have plenty of headroom to lend out money prudently and profitably to the UK’s small and medium sized businesses.”

 

The bank, which provides loans to SMEs, had provided a total of £410.2 million by the end of 2010, an increase of 107 per cent compared to the £198.6 million 12 months previously.

 

According to the bank, asset finance was one of strongest areas of their growth, with funding provided to SMEs increasing by 206 per cent to £69.8 million by the end of December last year. This was up from £22.8 million 12 months previously.

 

Simon Healy, Head of Savings at Aldermore, said: “Aldermore has been very careful to ensure that longer term savings products are attractive and match what customers are looking for, as longer term savings products can have a really positive impact on our overall financial performance.

 

“We believe our savings business offers the right mix – very decent interest rates and simple and transparent products all backed by friendly and efficient service. That is why we are producing such strong growth and have such a low customer churn.”

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