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British bank Aldermore's full-year profit jumps 34 pct
March 2, 2017 / 7:37 AM / 7 months ago

British bank Aldermore's full-year profit jumps 34 pct

March 2 (Reuters) - Aldermore Group Plc reported a 34 percent jump in full-year profit as the British bank issued more mortgages and loans to homeowners as well as small and medium enterprises.

The bank, founded in 2009 by former Barclays executive Phillip Monks with backing from AnaCap, said underlying pretax profit rose to 133 million pounds ($163 million) for the year ended Dec. 31, from 99 million pounds a year earlier.

Loan originations - the process by which a borrower applies for a new loan - grew 24 percent to 3.2 billion pounds from the previous year, resulting in a total loan growth of 22 percent at 7.5 billion pounds, Aldermore said.

“We were able to deliver such a strong performance despite the uncertainty presented by the UK’s referendum on EU membership,” Aldermore Chief Executive Phillip Monks said in a statement.

“While the full political and economic implications of this decision are as yet unknown, the UK economy has remained resilient to date, and we continue to closely monitor our operating environment for any change,” he added. ($1 = 0.8145 pounds) (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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