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Aldermore profits up 20%

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  • 19/03/2018
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Aldermore profits up 20%
Aldermore has announced a rise in pre-tax profits for 2017 – up 20% to £160m from £133m in 2016.

The lender did not reveal its gross mortgage lending figures, but noted that its net loan book grew 15% to £8.6bn, up from £7.5bn.

Its retail net loan book, which includes buy-to-let and residential owner-occupied mortgages grew 17% to £5.7bn.

Meanwhile the business finance net loan book, which includes commercial mortgages and property development, grew 9% to £2.9bn.

Last year according to figures from the Council of Mortgage Lenders (now UK Finance) trade body, Aldermore completed £1.6bn of gross mortgage lending.

The bank was taken over by South Africa-based FirstRand at the end of last year in a deal valued at around £1.1bn.

 

Thanks to brokers

Aldermore commercial director Charles McDowell said: “I’m really proud of these results as we continue to grow our mortgages business in what has been, and continues to be, a highly competitive market with significant regulatory changes.

“I would like to thank all of our mortgage distribution partners. We would not be where we are now without brokers, and equally, we will not achieve our future ambitions without brokers,” he added.

 

Accelerate strategy

Chief executive officer Phillip Monks noted that 2017 was a landmark year for the bank as it attracted the takeover approach.

“Now that the transaction has completed, we are excited to be working with our new parent company and exploring the opportunities to further accelerate the delivery of our strategy,” he said.

“Our vision of providing banking as it should be will not change, but with the backing of FirstRand our ambition will only grow and we aim to further support businesses and individuals with enhanced digital services and a broader range of straightforward propositions.

“We look forward to 2018 and beyond with great confidence as the next chapter of the Aldermore story begins,” he added.

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