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July 1, 2010updated 12 Apr 2017 4:22pm

Aldermore expects profit

New UK bank Aldermore, the first in Britain to be backed by private equity, is expected to make a profit this year. It is reportedly looking at a modest gain thanks to its commercial mortgages, asset finance and invoice finance arms, which performed better than expected.

By Claire Hack

New UK bank Aldermore, the first in Britain to be backed by private equity, is expected to make a profit this year.

Aldermore, which is owned by AnaCap and Morgan Stanley, began lending to small businesses and entrepreneurs last summer.

It is reportedly looking at a modest gain thanks to its commercial mortgages, asset finance and invoice finance arms, which performed better than expected.

So far, the bank has lent about £300 million (€369 million) to SMEs and has reportedly been processing 500 mortgage applications from companies every quarter.

Aldermore is to carry on growing its balance sheet slowly, according to chief executive Phillip Monks said, and will continue to “stick to the knitting” of its business.

Claire Hack

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