Aldermore reports £15bn in net lending in H1 2024

According to the latest financial results from Aldermore, this reflected “subdued lending markets”.

The lender said that, despite this, it was able to deliver “targeted lending growth” in buy to let (BTL) and asset finance and maintained a “disciplined price approach across all portfolios”.

Aldermore, which slashed rates in January, reported an operating profit before tax of £132.8m, which is an increase from £117m in the same period the year before.

The bank reported a net interest margin (NIM) of four per cent, which is an increase from 3.79 per cent in H1 2023.

Steven Cooper (pictured), CEO of Aldermore Group, said: “We’re pleased with our performance in the half, delivering strong underlying profits supported by increased revenues, a fall in impairments and steady growth in customer deposits despite fierce competition.

“This has been achieved against a backdrop of difficult economic conditions and a property market that has been at its most subdued in many years. We’re now supporting over 800,000 customers – helping those that the traditional high-street banks typically overlook, to ensure they get the support to go for it in life and business.”

He continued: “Looking ahead, we’re optimistic about what the future holds. Our BTL and asset finance businesses have been performing particularly well and, with confidence slowly starting to return to the property market, we think we’re well-placed to take advantage of improving conditions.

“However, there is no room for complacency as economic headwinds may persist in 2024. That’s why we continue to maintain a strong and resilient capital and funding position, while investing in our people and technology so that we can build great products and services for our customers.”