The challenger bank saw pre-tax profits hit £160m during the year ended 31 December.
Aldermore Bank has reported another year of record results after seeing pre-tax profits increase by 20% to £160m for the year ended 31 December.
The challenger bank also saw lending to customers increase by 15% during the period, with loan books totalling £8.6bn compared to £7.5bn the previous year.
Aldermore CEO Phillip Monks OBE said: “During 2017, Aldermore continued to support more customers across Britain enabling them to seize opportunities and realise their ambitions, whether that’s growing their business, buying a home or buy-to-let property or securing a competitive return on their hard earned savings.
“We have continued to focus on customers as individuals, going beyond the one-size fits all approach in carefully selected market segments where we have real expertise and can offer superior levels of service, whilst also maintaining a robust approach to risk management.
“This approach has driven strong customer growth since we were founded in 2009, ultimately enabling us to record an underlying profit before tax of £160m in 2017, an increase of 20% compared with the prior year.”
He added: “2017 was a landmark year for Aldermore, as our success attracted a takeover approach from South Africa’s FirstRand Group. Now that the transaction has completed, we are excited to be working with our new parent company and exploring the opportunities to further accelerate the delivery of our strategy.
“Our vision of providing ‘banking as it should be’ will not change, but with the backing of FirstRand our ambition will only grow and we aim to further support businesses and individuals with enhanced digital services and a broader range of straightforward propositions.
“We look forward to 2018 and beyond with great confidence as the next chapter of the Aldermore story begins.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement