Aldermore increases net lending by 11%

CHALLENGER bank Aldermore has marked five years of operation with a strong first quarter underlined by £358m of net lending.

The bank, which has a base in Newhall Street, Birmingham, has taken its total loan book to £3.7bn, an increase of 11%.

In addition, the bank said its savings products attracted £334m of net new deposits, increasing total customer deposits by 10% to £3.8bn.

Aldermore, which specialises in the SME sector, provides savings, mortgages and asset and invoice finance services online, via intermediaries and from its 12 regional offices across the UK.

It said this approach was proving attractive and customer numbers had grown rapidly, to the point where it now has more than 155,000 customers across the country.

Phillip Monks, Aldermore chief executive said: “Aldermore was founded at a time when lending was severely restricted and I am proud that we have played a role in supporting the UK by getting funds flowing to the businesses and homeowners that so desperately needed them.

“We also wanted to create a bank that was straightforward and transparent, and one that gave businesses and consumers alike a level of customer service that had been lacking in the banking sector. This approach remains at the heart of our business today.

“We have built a bank that our customers believe in and our strong growth is largely down to this and the hard work of our staff. I look forward to the next five years.”