British banking newcomer Aldermore Group
Plc said first-quarter lending rose 7 percent as it
added more customers including homeowners and small and medium
enterprises.
The bank, founded by former Barclays executive Phillip Monks
in 2009 with backing from AnaCap, said it was on track to
achieve targeted 1.4 billion pounds of net new lending in 2015.
Net lending to customers in the first quarter ended March
rose to 5.1 billion pounds ($8.03 billion) from 4.8 billion
pounds at the end of 2014.
Total customer deposits in the period grew by 4 percent to
4.7 billion pounds.
"Double-digit growth in SME deposits provides continued
funding diversification as lending remains primarily funded by
our dynamic online savings franchise," Chief Executive Phillip
Monks said in a statement.
Most "challenger" banks are planning to operate online and
use new technology allowing a quicker and cheaper platform.
British regulators and lawmakers are keen for banks such as
Aldermore to challenge the dominance of the so-called 'Big
Four', which provide nine out of every 10 business loans.
Shares in the SME-focused bank have gained 32 percent in
value since their stock market listing in March. They closed at
254 pence on Wednesday.
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