Aldermore has reported that its pre-tax profits increased by almost 19% to £74.7m in H1 FY2019, compared with H1 FY2018 (£62.8m).
Loan growth at the specialist bank for the six months to 31st December 2018 was 4%, the equivalent to an annual growth of 9%.
Business finance loans increased by 3% to £3.2bn, while retail mortgages were up 5% to £6.2bn.
Phillip Monks, chief executive officer at Aldermore (pictured above), said: “In a competitive market, we have achieved good profitability and returns while managing risk appropriately.”
Aldermore was acquired by FirstRand and delisted from the London Stock Exchange in March 2018.
“Under FirstRand’s ownership, Aldermore has continued to serve and seek out specialist areas of the market where we can achieve superior returns by providing customers with an exceptionally high level of service,” added Phillip.
This year marks the 10th anniversary of the specialist bank, which has grown from 30 to over 1,000 employees.
It has now trained over 600 brokers through its broker training academy and provided total gross mortgage lending of more than £9bn.
Phillip added: “Ten years ago, many small businesses were losing a battle for survival as the banking establishment pulled up the drawbridge.
“Founded as a start-up in 2009, Aldermore was the first of a new breed of challenger banks to offer a strong alternative and I’m proud of the additional choice we have made available to businesses, homeowners and landlords.
“We’ve built a robust, secure bank that has grown year after year by treating customers as individuals rather than numbers.
“We think it’s an approach that will bring continued success in the decade to come.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Redefining banking: AI
This is an exciting time for financial services as a new era of interrelated technologies, including artificial intelligence (AI), robotics, blockchain, machine learning, cloud computing and data science, are causing widespread technological and digital disruption in the industry...
Apple introduces Apple Card
Apple has announced the creation of its first credit card 'Apple Card', which will be made available in the US this summer...
FCA proposes changes to help mortgage prisoners
The FCA has proposed changes to how lenders assess the affordability of a loan...
Hanley Economic BS strengthens shared ownership range
Hanley Economic Building Society has bolstered its shared ownership product range through the addition of a no-fee, shared ownership variable discount mortgage for term with a headline rate of 2.89%...
Al Rayan Bank confirms appointment of new CCO
Al Rayan Bank has appointed Maisam Fazal (pictured above) as chief commercial officer (CCO)...
AI Rayan provides £228 million of property finance to expats
Al Rayan Bank has announced that it has financed £228m in residential property finance to UK nationals living and working overseas...
Vanquis Bank names new MD
Provident Financial PLC has announced the appointment of Neil Chandler (pictured above) as managing director at Vanquis Bank...
Wyelands Bank hires two new regional directors
Wyelands Bank has made two additions to its working capital solutions team...
Triodos Bank reports 17% growth in sustainable lending
Triodos Bank has reported a 17% year-on-year growth in sustainable lending for the year ended 31st December 2018...
Tandem introduces new savings account powered by AUTOSAVINGS
Tandem has launched a new savings account which pays 0.5% interest...
Project BankNorth picks nCino to provide digital banking platform
Project BankNorth has partnered with cloud-banking fintech nCino...