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Aldermore reports residential lending up 12%

by: Paul Robertson
  • 10/11/2014
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Aldermore Bank’s third quarter results have shown residential mortgage lending results up 12% in quarter three.

Loans to homeowners were at £2294m at the end of September, up 12% on June this year and 37% higher than at the beginning of the year.

The bank’s total lending to customers was up by 10% in Q3 to £4.4bn (30 June 2014: £4.0bn) and by 30% on the year to date.

This has resulted in net new lending on balance sheet of £1.0bn year to date, an increase of £0.4bn in Q3 and, said the bank, in line with management expectations.

Similarly, loans to small to medium enterprises were at £2105m at the end of September, up 7% on June this year and 24% on the end of last year.

Phillip Monks, CEO at Aldermore, said: “This is an excellent set of results which demonstrate the continued success of the group. I’m proud to say that Aldermore has now lent around £4.4bn to Britain’s SMEs and homeowners, an increase of 30% since the start of the year.”

“As expected, with this strong growth we are driving rapidly accelerating profitability. Looking at the third quarter in isolation, profits generated were close to those for the first two quarters of the year combined and the return on equity was approaching 20%.”

Aldermore’s profit before tax for nine months increased strongly to almost double that delivered in the first six months of the year. The bank said its return on equity for the third quarter in isolation is approaching 20% (H1 2014: 11.7%).

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