Aldermore Bank provided £1.6bn (€1.9n) in asset finance, according to the challenger bank’s full year results.

In 2016, asset finance lending grew 17% year on year at Aldermore, rising by £200m, while invoice finance originations grew 19% year on year. Total lending to small and medium sized enterprises (SMEs) in 2016 was £1.7bn.

The bank said that it had grown to support 50,000 SMEs, and reported that its deposits rose 16% to £6.7bn, with SME deposits increasing to £1.6bn, a rise of 18% from 2015’s figure.

Aldermore reported a 36% year on year increase in pre-tax profit to reach £129m in 2016, and a 22% rise in net loans to customers to £7.5bn by the end of 2016.

Carl D’Ammassa, group managing director – business finance, Aldermore, said: “In asset finance our expertise in a broad range of asset classes allowed us to maintain our leadership position in the competitive broker-introduced market.

“We also expanded our wholesale proposition, with originations up approximately 60% year on year. We remain dedicated to helping SMEs seek and seize opportunities to grow.”