Aldermore shrugs off Brexit fears with H1 profit increase
Aldermore Group PLC yesterday announced it’s Half Year results for 2016, reporting strong returns and continued growth, profit before tax increased by 50% to £59m.
Phillip Monks, CEO, commented:
“It has been another strong six months of operational and financial performance as we delivered double digit growth and an underlying return on equity in the high teens. New lending increased by more than a quarter compared with the first half of last year as we continue to expand our customer base. I’m very pleased with the strong and balanced growth we have achieved across our diversified portfolio whilst maintaining our prudent underwriting approach.
“We have also driven another significant increase in profits as we have successfully maintained our net interest margin and leveraged the scaleability of our operations, further reducing our cost to income ratio. These actions, combined with our continued focus on prudent lending, have led to a 45% increase in the Group’s underlying profit before tax to £63 million for the first six months.
“Following the EU Referendum, we all face a period of heightened political and economic uncertainty. As a purely UK-focused business, we are not directly exposed to potential changes in access to European markets. However, we are exposed to the wider economic effects of the result. To date, we have seen no direct impact on our business but we continue to monitor the situation closely and have a proven ability to react quickly to a changing environment.
“We remain optimistic about our future. We are a diversified business and continue to focus on supporting our customers who are under- or poorly served by the wider banking market. Building on our strong track record of delivery across our prudently constructed portfolio and with our experienced management team, modern systems and efficient operating platform, we remain confident that we will successfully navigate the challenges ahead as well as take advantage of the opportunities that change may bring.”
To read Aldermore Group PLC half year 2016 report in full click here
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