Aldermore, the specialist finance lender, has published its annual results for the financial year ended 30th June 2021. Aldermore Group’s pre-tax profits have more than trebled from 2020 levels, having risen to £157.8m.
A strong performance across corporate, business and personal is evident, with a 14% surge in customer deposits, to £12.4bn. A rise of 8% in overall net lending to customers was achieved, at £13.4bn.
A drop was seen in business finance lending, down 5% to £3.1bn. The lender attributed this to the impact of lockdowns on customer activity levels, and the decision to only participate in CBILS and RLS government Covid-19 assistance schemes. In recent months though, customer activity has increased and net loans are in line with those of December 2020.
Steven Cooper, CEO at Aldermore Group, said: “During the year, we’ve delivered a robust performance and achieved growth through a period of unprecedented economic uncertainty.
“Our priorities throughout the Covid-19 pandemic have been to support our customers as well as safeguard our colleagues’ wellbeing.
“We helped almost 200,000 customers buy a vehicle and increased deposits by 14% with our consistently competitive savings products.
“We also granted payment breaks to almost 57,000 customers, with 98% now resuming full repayments, and provided over 800 SMEs with government-backed funding.
“As the UK begins to recover from the pandemic, we’re working even harder to ensure that SMEs and individuals can seize the opportunities that lie ahead.
“We’re enhancing our customer propositions across the group by providing tailored commercial mortgage products, delivering industry-leading motor finance with our MotoRate pricing solution, reintroducing our wide residential mortgage product range, and continuing to support business and personal savers with our award-winning offering.
“We’re also increasing investment in technology, people, customer experience and operating capacity to ensure the group can deliver on its longer-term growth ambitions, and ensure we continue to provide customers with a great experience and competitive products they’ve come to expect from us.”
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Aldermore recently relaunched its 95% LTV range for purchase only, and refreshed its wider owner occupied range. The lender is offering the two-year fixed rate at 5.08% and a five-year fix at 5.28%, both at 95% LTV with a £999 product fee.