Aldermore shrugs off economic jitters

Aldermore shrugs off economic jitters

Challenger bank Aldermore has reported a 45% rise in profits over the last six months despite the economic uncertainties surrounding the sector.

Aldermore has delivered another strong set of financial results for the six months ended 30 June with underlying profit before tax up 45% to £63m.

"It has been another strong six months of operational and financial performance as we delivered double digit growth and an underlying return on equity in the high teens,” said Aldermore CEO Phillip Monks.

“New lending also increased by more than a quarter compared with the first half of last year as we continue to expand our customer base.

“I'm very pleased with the strong and balanced growth we have achieved across our diversified portfolio whilst maintaining our prudent underwriting approach.”

Monks also spoke out on the economic uncertainty surrounding the UK following the country’s decision to leave the European Union.

He added: "Following the EU Referendum, we all face a period of heightened political and economic uncertainty. As a purely UK-focused business, we are not directly exposed to potential changes in access to European markets.

“However, we are exposed to the wider economic effects of the result. To date, we have seen no direct impact on our business but we continue to monitor the situation closely and have a proven ability to react quickly to a changing environment.

"We remain optimistic about our future. We are a diversified business and continue to focus on supporting our customers who are under- or poorly served by the wider banking market.”

 

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