Aldermore sees 24% rise in new mortgage lending

Its interim results for the first nine months of 2016 show continuing growth in lending and capital generation, with £2.3bn in originations and net loans up 15% to £7.1bn.

Total new lending is up by 20% to £2.3bn year-to-date, balanced across SME, landlord and mortgage customers.

Phillip Monks, CEO, commented: “I am delighted that Aldermore continues to deliver on our strategy with another strong quarter.

“While the economic and regulatory environment continues to evolve, we have seen no changes in customer demand, our pipeline remains strong and our credit performance robust. As a result, in the first nine months of 2016 we have grown the loan book by over £900m balanced across SME and mortgage customers, whilst maintaining our strict controls on underwriting standards.

“New lending has been funded through the growth of our deposit franchises as well as the use of Government funding schemes, including the Bank of England’s newly launched TFS which we began to utilise in September.

“I am also pleased to report that strong organic profit generation has driven our CET1 capital ratio to 11.5% in the quarter, delivering on our IPO commitment of capital self-sufficiency by the end of 2016."