Aldermore, the specialist lender and savings bank, has today released its financial results for the first six months of 2016, revealing positive growth in its Asset Finance business with net lending increasing by 11% to £1.5bn (31 December 2015: £1.3bn).
This growth was driven by excellent organic origination which increased by 20% to £509m (H1 2015: £424m). The Bank’s asset finance division now lends to around 46,000 SMEs across Britain, an increase of 9% over the first six months of the year.
The business has been particularly successful in attracting wholesale deals during the half and in recognition of this has promoted its Head of Wholesale Lee Rhodes to Commercial Director in the Wholesale & Structured Asset Finance team.
Lee joined Aldermore in 2014 and has led the Wholesale Asset Finance team since then. Prior to joining Aldermore, Lee spent 10 years in the Financial Products team at ING Lease (UK) and also held positions within Investec and Dresdner Kleinwort Wasserstein structuring receivables and asset finance transactions.
Lee reports to Carl D’Ammassa, Group Managing Director for Business Finance.
Overall, Aldermore’s half year 2016 financial results showed that the Bank is supporting more UK SMEs, homeowners and landlords than ever before, increasing customer numbers by 8% since the start of the year to around 77,000 with net lending up by £0.7bn or 11% to £6.8bn (31 December 2015: £6.1bn).
Lee Rhodes, Commercial Director, Wholesale & Structured Asset Finance, at Aldermore, said: “I’m proud of what my team and the Bank as a whole has achieved in the last couple of years. I’m keen to build on this success in my new role and look forward to continuing our efforts to grow and develop our support for Britain’s SMEs.”
Carl D’Ammassa, Group Managing Director, Business Finance at Aldermore, said: “Since joining Aldermore, Lee has led the Wholesale team to ever greater success. I’d like to take this opportunity to congratulate him on his new role, which is well deserved. With our experience leadership team, we are well-placed to be able to provide SMEs with the funding they need to grow and in turn boost the vital contribution that smaller businesses make to the UK economy.”
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Notes to Editors:
Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homeowners, landlords and individuals, who we believe are often poorly- or under-served by the wider market.
Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK.
Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be.
Established in 2009, Aldermore has grown significantly. At the end of June 2016, lending to customers stood at £6.8 billion and customer deposits totalled £6.5 billion.
For more information, please visit www.aldermore.co.uk.
Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange.
Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.