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Aldermore grows assets to over £1 billion and moves into profitability

POSTED: 31st July 2011
IN: Newsroom
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Aldermore announces that after starting in 2009, it has broken even and accumulated total assets of over £1 billion.

Aldermore is a new face in the British banking sector and is focused on lending to small and medium sized businesses (SMEs) and UK homeowners. The bank now has loans of over £800m to 9,500 customers and 42,000 deposit accounts.

Phillip Monks, Chief Executive at Aldermore, said: "Reaching the significant milestone of £1 billion of assets and passing break-even earlier than planned and so soon after starting-up in 2009, is a fantastic achievement for Aldermore.

"Aldermore is a new, fast-growing and value-driven bank. We are succeeding by delivering great service and value to SMEs and UK consumers. We use our expertise to provide straightforward savings and lending products with minimal bureaucracy. We have a strong capital base and none of the legacy issues which dog the banking industry in general. This means we are forward looking for the benefit of our customers and well positioned to continue to grow strongly and reliably.

"This growth has enabled us to increase employee numbers from an initial 35 to over 430 today, and we continue to attract great people who are enthused by what we are able to offer our customers."

Aldermore's announcement comes just a week after the Bank of England's latest 'Trends in Lending' figures revealed that lending to UK businesses had contracted by £4 billion in the three months to May. Despite the overall decline in lending, Aldermore is bucking the downward trend and has made loans to SMEs of almost £350 million in the last 12 months.

Phillip Monks added: "These numbers demonstrate our commitment to the SME sector, UK savers and homeowners at a time when other banks are scaling back lending.  I would like to pass on our heartfelt thanks to our customers and staff for their ongoing commitment and support."

**Ends**

For further information journalists can contact:

Andrea Coleman / Sam Turvey, Maitland

Office: 020 7379 5151

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

  • Finance
  • Business
  • SME
  • Press Release
  • Residential Mortgages
  • Finance

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