Aldermore Bank has increased lending by 20% in the first nine months of 2016.

The bank saw new lending rise to £2.3bn (€2.6bn) in the year to date this year, rising from £1.9bn in the same period in 2015.

Net loans increased 15% to £7.1bn, with new lending to business finance customers rising 13% in a year on year comparison to £0.8bn over the same period.

Aldermore also saw capital growth in Q3, as the common equity tier 1 capital ratio grew to 11.5%, which they attribute to an increase in the value of assets held for liquidity purposes.

Total capital ratio increased to 15% in Q3, as tangible book value per share rose 6% to 146p.

Aldermore also stated that they were the first bank to use the Term Funding Scheme announced by the Bank of England earlier this year, and that their net interest margin was stable and in-line with their expectations.

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By GlobalData

Phillip Monks, chief executive officer of Aldermore Bank, said: “I am delighted that Aldermore continues to deliver on our strategy with another strong quarter.

“We look forward to updating you on our progress and outlook at our 2016 full year results in March 2017.”