Lender’s profit doubles

Lender's profit doubles




Aldermore has announced its underlying pre-tax profits rose by 109% to £44m in the first half of this year….

Aldermore has announced its underlying pre-tax profits rose by 109% to £44m in the first half of this year…

The new figure compares to £21m in the first half of 2014.

Phillip Monks, CEO at Aldermore, said: “These excellent results give us great confidence for the rest of 2015 and beyond.”

“We remain committed to delivering strong, sustainable returns to shareholders while generating growth and maintaining our disciplined approach to risk management and increased our underlying return on equity by around 7pts to nearly 19%.

“We’re also making great progress towards our target of delivering a cost/income ratio of less than 40% by the end of 2017.”

Aldermore’s lending to SMEs has increased by 12% to £2.5bn and residential mortgages are up by 14% to £2.9bn.

The last six months have seen the bank listed on the London Stock Exchange and join the FTSE 250. 

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