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New British bank increases deposits 176% in a year

POSTED: 4th April 2011
IN: Newsroom
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Aldermore, the new British bank, has increased deposits by more 176% in the last year from £229.6m at the end of 2009 to £633.6m at the end of December 2010.

The number of savings customers for the bank has increased from 8,500 at the end of 2009 to 30,000 at the end of 2010.

Says Phillip Monks, CEO, of Aldermore: "This is conclusive proof that we have a created a bank that can attract long term, secure deposits."

"Because of our bank's low cost base and the state of the art processes and systems we have put in place we have plenty of headroom to lend out that money prudently and profitably to the UK's small and medium sized businesses."

At the end of 2010 the bank had outstanding loans to SMEs of £410.2m, an increase of 107% on the £198.6m 12 months ago. Asset finance was one of the strongest areas of Aldermore's growth with funding provided to SMEs increasing by 206% to £69.8m (end Dec 2010), up from £22.8m 12 months previously.

Phillip Monks explains that one of the reasons why Aldermore has given priority to building a low cost infrastructure and efficient systems is so that it can offer its customers consistently competitive rates.

Simon Healy, Head of Savings at Aldermore, explains that customers at Aldermore are increasingly choosing the bank's longer term savings products.

Says Simon Healy: "Aldermore has been very careful to ensure that longer term savings products are attractive and match what customers are looking for, as longer term savings products can have a really positive impact on our overall financial performance."

"We believe our savings business offers the right mix - very decent interest rates and simple and transparent products all backed by friendly and efficient service. That is why we are producing such strong growth and have such a low customer churn."

Aldermore was recently voted 'Best ISA Provider' by over 50,000 consumers in the 2011 Consumer Moneyfacts Awards and Aldermore's fixed rate savings products were highly commended in the Moneyfacts Awards 2010.

**Ends**

For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page. 

  • Savings
  • Press Release
  • Personal Savings

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