A number of significant milestones were reached in the year, including the Bank’s balance sheet exceeding £4 billion for the first time, up 66 per cent on 2012 to £4.2 billion.
Aldermore also continued to support UK homeowners, lending £1.68 billion in 2013 an increase of 76 per cent year on year.
Lending to SMEs increased by 53 per cent to £1.69 billion highlighting the Bank’s commitment to supporting UK businesses.
The bank firmly established its profitability in 2013, building on last year’s growth to deliver increased profit before tax of £22.4 million, rising from £1.5 million in 2012.
The vast majority of Aldermore’s funding remains deposit-led and customers’ deposits rose by 61 per cent to £3.4 billion year–on-year.
In October 2013 the Bank announced that it was to enter the second phase of the government’s Help to Buy scheme, and became the first bank to make the scheme available not only to new purchasers but also to customers looking to move further up the housing ladder.
Aldermore continued to recruit to deliver growth, recruiting 27 per cent more people in 2013.
Phillip Monks, CEO, commented: “2013 was a year of significant growth across all areas of the Bank. Achieving a profit before tax of £22.4 million, we have clearly demonstrated that we are providing banking services which our customers want, while also delivering a sustainable return for our investors.
“Aldermore supports SMEs and homeowners right up and down the country, providing attractive savings products and increasing our lending at a time when many continue to find it difficult to gain access to finance from traditional lenders.
“We have made a strong start to the year and are on track to achieve further growth by maintaining our focus on delivering exceptional service to our customers, who tell us this is banking as it should be.”
Aldermore’s 2013 Annual Report and Accounts are available here: http://www.aldermore.co.uk/about/company-performance/annual-results-2013/
