Phillip Monks

Aldermore's net lending to customers surpasses £12bn

Aldermore Group's half-year results to 31st December 2019 has revealed that lending and deposit balances exceeded £12bn and £10bn, respectively.

Net lending to customers rose by 13%, a £1.4bn uplift compared with the £10.6bn recorded in H1 2019.

Aldermore also saw increases in business finance (up 1% to £3.5bn) and retail mortgages (up 6% to £7.2bn).

In addition, the lender’s first-time buyer originations almost doubled to around £200m in the first six months of 2019.

Phillip Monks, CEO at Aldermore Group (pictured above), said: “As a purpose-led organisation, our focus is to back more people with a high level of service and straightforward financial products for many years to come.

“We are confident that as part of the FirstRand Group, together with our diversified portfolio, effective risk management and ongoing investment in digital capabilities, we are well positioned for any future developments.”

However, Phillip added that he expected market conditions to continue to be challenging due to the uncertainty caused by the coronavirus and the UK’s future trading arrangements in light of Brexit.

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