Aldermore Asset Finance more than doubled its net profit in 2013 to £12.7m (€15.3m), up from £6.2m the year before.

The bank-owned UK lender reported a 74.3% increase in new business volume to £609.8m for the year and grew its balance sheet to £710.2m compared to £375.4m in 2012.

Costs for the Asset Finance division increased from £5.1m to £9m with a rise in impairment charges to £2.3m from £1m the previous year resulting in a loan loss ratio of 0.42% compared to 0.36% in 2012.

The bank’s financial report described 2013 as "a year of strong growth" for its Asset Finance division and said it had capitalised on the "£1.2bn market opportunity" created by the withdrawal of ING Lease from the UK at the end of 2012.

Aldermore also highlighted the broadening of its lending proposition to include finance for agricultural equipment and said a near-doubling of headcount in the asset finance division had supported its growth.

The firm has continued its hiring spree into 2014 with 10 appointments since the start of the year and also appointed Carl D’Ammassa as managing director in September 2012 following the departure of George Ashworth after four years in the role.

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By GlobalData

Aldermore Group reported pre-tax profit of £22.4m, up from a restated £1.5m in 2012, a rise in total lending to SMEs by 53% to £1.69bn and increased deposits, which contributed the "vast majority" of funding, by 61% year-on-year to £3.4bn.