Aldermore Bank has achieved a 32% year-on-year rise in pre-tax profit in the first half of this year, according to its results.
The British bank reported £78m (€86.4m) in pre-tax profits for the first six months of 2017, compared with the £59m achieved a year earlier.
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Aldermore’s operating income also rose, increasing by 17% year-on-year to reach £150m in the first six months of the year. The bank saw a small improvement in underlying cost to income ratio, achieving 44% compared with 46% in the same period of 2016.
Loan originations made by the bank increased by 10% year-on-year to £1.6bn in the first six months of 2017, and loan growth increased by 8% to £8.1bn in the same period.
Business finance loans made by Aldermore increased by 8% year-on-year to reach £8.1bn in the first half of this year.
Phillip Monks, chief executive officer of Aldermore, said: ““We have made excellent progress during the first half of 2017, building on our track record of delivery in loan growth, deposit growth and profitability, leaving us well positioned entering the second half with a strengthened capital position and a strong pipeline of new lending.
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By GlobalData““We are delighted with the performance and strategic progress made so far in 2017. Whilst we remain vigilant to the risks posed by the economic uncertainty facing the UK, continued earnings and balance sheet momentum provide us with greater resilience and position us well to capitalise on further strategic opportunities.”
