However, the full year results up to 30th June 2024 showed a 12% year-on-year decline in total income and a 3% fall in net interest income, which dropped from £621m to £604.3m.

Total customer lending saw a 1% increase from just under £15.2bn to £15.3bn, while total customer deposits grew by 8% to £16.3bn.

Other operating income saw a loss of £18.5m, which the firm attributed to fair value accounting adjustments on derivatives and other financial instruments used to hedge interest rate risk.

Steven Cooper, CEO at Aldermore, commented on the results: “Aldermore has had a strong year, despite a challenging economic backdrop.

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“With interest rates remaining high over the period, we are pleased to have achieved positive lending growth in a more subdued market, by focusing on higher returning, more specialised segments in which we retain a significant advantage.

“Our recognition of the more challenging environment meant we exercised careful operational cost management, while continuing to invest in improving our customer and colleague experience.

“In addition, we have also benefitted from a lower impairment charge, reflecting a more stable macroeconomic outlook and progress on remediation activity, all while ensuring our capital and liquidity positions remain strong.

“With signs of a normalising market, Aldermore is well positioned to build on what it has already achieved to deliver significant future growth.”