Aldermore lifts half-year home loans 6% to £7.6bn – Mortgage Finance Gazette
Aldermore Group posted half-year pre-tax profit up 2% to £111.9m, boosted by “encouraging growth” in its mortgage business.
The challenger business bank says its retail mortgage lending lifted 6% to £7.6bn compared to the same period a year ago, supported by growth in specialist buy-to-let loans.
Overall, group net lending rose 5% to £15.5bn in the period, “with growth across all divisions”, including vehicle loans and business finance lending.
The firm, founded in 2009, booked an impairment charge of £54.6m, which is £43.4m higher than a year ago, reflecting “the worsening macroeconomic outlook and a prudent approach to the group’s provisioning”.
Aldermore Group chief executive Steven Cooper says: “Even though there’s been considerable turmoil in the mortgage market in recent months, we’ve still seen encouraging growth in our retail mortgages division, with a particularly strong performance in our specialist BTL business.
“We are proud to have launched our new platinum service for brokers which will see us offer the very best support to those who we work most closely with to find the right mortgages for our customers.”
The bank’s common equity tier 1 ratio, a measure of the lender’s capital set against risk-weighted assets, is unchanged at 14%.