<
p>Aldermore has announced that 2014 made for another record year after its underlying profits before tax came in as more than double of 2013’s takings.
The specialist lender has revealed that its underlying PBT stood at £56 million last year, and a return on equity also surged to 15 per cent – three per cent higher than in 2013.
Aldermore’s net loans to customers were also up by 42 per cent, taking the £3.4 billion figure in 2013 up to £4.8 billion in 2014, showing a rise in support for UK SMEs and homeowners.
Lending to SMEs has grown to £2.2 billion and residential mortgages have also increased by a staggering 53 per cent.
Commenting on the outstanding results, Phillip Monks, CEO of Aldermore, said: “2014, was another great year with profit before tax on a like-for-like basis more than double that generated in 2013 and a return on equity approaching 20 per cent for the second six months of the year.”
“We continue to support SMEs and homeowners with our straightforward products and granted £2.4 billion of new loans in 2014, our highest level to date. Our innovative online savings franchise also goes from strength to strength, with total deposits up by 29 per cent to £4.5 billion overall and, within this, SME deposits almost doubling to over £1 billion.”
“Our confidence in the outlook is reflected in our improved guidance. In 2015, we again expect to grow net loans in line with the current nominal run rate. We will continue to leverage our legacy-free operating platform and I now expect to deliver a cost/ income ratio of below 40 per cent by the end of 2017.”
Following the lender’s profit surge announcement, speculation hit the press alleging that Aldermore is looking to float on the London Stock Exchange with a discounted price to its shares.
When asked, Aldermore declined to comment on the speculation.
A spokesman from Aldermore also stated that its CE has denied any takeover talks with TSB Banking Group Plc.
Aldermore Bank enjoyed a record year in 2014 after its underlying profits before tax doubled 2013's takings... .
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