Aldermore Group delivered a profit before tax of £110.1m in the half year to December 2021, up 91% on the £57.6m delivered in the year prior.
The Group saw net lending increase 3% to £13.9bn, up from £13.4bn. Business Finance net lending also increased and was up £0.2bn, to £3.3bn with growth across all business lines.
Retail Mortgages net loans of £7.1bn are £0.2bn lower than June 2021, as growth in owner occupied was offset by high levels of redemptions in buy-to-let driven by an expected increase in 5-year fixed product maturities.
Steven Cooper, CEO of Aldermore Group, said: “Despite ongoing macroeconomic uncertainty, I’m pleased with our performance in the first half of the year and the momentum on which we can build.
“In the last six months, we’ve grown to 690,0001 customers and we’re proud to have helped them through a difficult period, including investing in our in-life management process for those customers in financial difficulty.
“We’ve also reintroduced our full range of product propositions to support the ambitions of SMEs, homeowners, landlords, vehicle owners and savers.
“We continue our focus on helping UK businesses and have seen growth in demand for specialist finance across all our SME product areas.
“Within retail mortgages there was steady growth in the Owner Occupied book and Buy to Let achieved record levels of product switches.
“Through improvements in our operational capacity, we’ve driven increases in the pipeline, leaving us well positioned for the second half of the year.
“MotoNovo Finance delivered strong new business volumes as we’ve loaned over £1bn to personal and business customers to help them buy a car, van or motorbike in the first six months of the financial year. MotoRate, our risk-based pricing model, has gone from strength to strength since its launch last year and has been integral to the success of the business.
“We have responded quickly to market changes and customer demand to deliver consistent choice and competitive products for savers. The growth in our deposits demonstrates the success of our customer-focused offering and the stability of our funding model to support our growing lending portfolio.
“Looking ahead, we are confident in our ability to build on this momentum, making use of our financial strength, business expertise and first-class products and services to back our customers through the current challenging economic environment and beyond.”
