Fledgling UK bank Aldermore has reported it
now breaks even and has accumulated assets to the value of
£1bn.
The Peterborough-based company lends to SMEs
and UK homeowners and has increased its assets compared to the year
end 2010, when the value of assets was £752m.
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Aldermore, which opened in July 2009, has
loans of over £800m to 9,500 customers and 42,000 deposit accounts.
The bank’s asset finance arm, which opened for business six months
later, reached the milestone of £100m assets on the balance
sheet.
George Ashworth, head of asset finance at
Aldermore said the asset finance business, which represents around
20% of the company’s commercial lending, is and remains extremely
important to the company in terms of balance sheet and
profitability.
Announcing the news, chief executive Philip
Monks said the bank was bucking the downward trend in SME lending
with loans of almost £350m to small businesses in the last 12
months.
Monks said: “These numbers demonstrate our
commitment to the SME sector, UK savers and homeowners at a time
when other banks are scaling back lending.”
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By GlobalDataHe added: “We have a strong capital base and
none of the legacy issues which dog the banking industry in
general.
The announcement from Aldermore came a week
after the Bank of England’s
latest Trends in Lending figures revealed that lending
to UK businesses had contracted by £4bn in the three months to
May.
Ashworth added the bank had enjoyed a record
July in terms of new business volumes and said: “What makes us
different is that we are open for business and we have a lending
appetite. Our aspiration is to be the SME bank of choice in the UK
market.”
grant.collinson@vrlfinancialnews.com
