Aldermore Bank increased net loans by 6% year-on-year in the first quarter of 2017, to reach £7.9bn (€9.4bn).
The challenger bank saw an increase in new lending of 17% year-on-year to £949m, of which business finance accounted for £303m, increasing by 11% over the same period.
Aldermore did not provide an asset finance breakdown figure, but Aldermore chief executive Philip Monks stated the bank saw “strong growth” in asset finance.
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Aldermore’s customer deposits increased by 5% year-on-year to £7bn, and net interest margins remained at 3.5%. The bank’s common equity tier one (CET1) ratio was unchanged from Q1 2016 at 11.5%, and tangible book value per share rose by 5% to 160.3p.
Aldermore said that the capital position was in line with management expectations, and said that they would call £40m tier 2 notes in May 2017.
Monks said: “Aldermore has made an excellent start to the year, with continued strong progress on our strategic priorities and financial performance ahead of our expectations.
“We’ve made a strong start to 2017 and remain on track to deliver the financial guidance outlined in March, as we continue to provide Banking as it should be for our customers and strong, sustainable returns for our shareholders.”
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