The lender said the growth in its residential new lending placed it in a good position for the second half of the year which it said historically had been its seasonally stronger six months.
Aldermore is continuing to extend its direct distribution channel which grew by 24% compared to the first half of 2014 when it grew by 15% and now accounts for 17% of its total mortgage origination.
Reported profit before tax rose by 112% to £40m up from £19m in H1 2014.
In a statement about the outlook for the bank, Aldermore said it did not expect the restrictions on buy-to-let tax relief brought about in the Summer Budget to have a significant impact on the profitability of investing or demand for buy-to-let property. Mortgage interest payments for buy-to-let landlords will be cut from the top rate of 45% to 20% across the board by April 2020.
The change applies from April 2017 and will be phased in over four years.
Phillip Monks, CEO, said: “It’s been an excellent six months for the group, we’ve generated continued growth, doubled profits, listed on the London Stock Exchange and joined the FTSE 250. We’re supporting more customers than ever before with lending to SMEs up by 12% to £2.5bn and residential mortgages [loan book] up by 14% to £2.9bn.
Aldermore launched its Initial Public Offering (IPO) in March this year. It released 34.8% worth of share capital priced at 192p on its first day of trading, giving it a market capitalisation of £651m.
