Aldermore
the specialist finance lender has recently released its full year results, revealing growth in its mortgage lending sector despite the current economic crisis resulting from Covid-19.
The report revealed that total net lending totalled £12.4bn in the year to 30th June 2020, a significant increase from the £10.6bn recorded in the previous 12 months.
Aldermore believe that the £0.5bn growth in retail mortgages to £7.3bn has been driven by strong retention activity due to improved customer loyalty propositions.
The Group’s results also revealed that 45,000 repayment holidays were arranged during the Covid-19 crisis, however CEO Phillip Monks confirmed that most borrowers are now repaying as normal as lockdown restrictions ease.
Monks, who is due to retire during 2021, warned that “there is significant uncertainty ahead” as a result of the ongoing COVID-19 pandemic.
Monks said: “Aldermore was born out of a previous economic crisis and backing our customers to fulfil life’s hopes and dreams is in our DNA.
“The COVID-19 crisis has been massively challenging for many of our customers and we know how many difficulties they’ve experienced.
“I’m hugely proud of our dedicated colleagues who’ve worked hard to help nearly 45,000 of our customers through the effects of the crisis and the ongoing issues they face.
“From mortgage payment breaks and forbearance support; to providing businesses with guidance on the government support available and business topics such as safeguarding and protecting their employees; we’ve been there for our customers.
“I’m pleased that our results show a robust performance and the delivery of a profit for the year, despite a global health pandemic and continued Brexit uncertainty. Our business model and approach has again been proven to provide customers with award-winning financial services and the support they need when it matters most.
“Aldermore continues to have the financial strength and focus of purpose to support our customers in the future, but there remains significant uncertainty ahead.
“Therefore, as the country continues to deal with the effects of the pandemic, the UK government must do what it can to support a distressed economy, ensure an orderly Brexit at the end of the year, and mitigate any further shocks to help protect jobs and businesses in the future.”
Other highlights of the results include total customer deposits growing 21% to £10.9bn (30 June 2019: £9.0bn) whilst net lending to customers increased to £12.4bn (30 June 2019: £10.6bn).
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