BTL lender Aldermore Group has revealed a 13% growth in operating profit before tax in H1 2024, hitting £132.8m compared with the £117m seen in H1 2023.
Despite the subdued lending market, the group was able to drive portfolio growth in higher returning lending segments, and continued deposit growth.
Profits have also benefited from a more stable macroeconomic outlook leading to a reduced impairment charge.
Steven Cooper, CEO at Aldermore Group, said: “We’re pleased with our performance in the half, delivering strong underlying profits supported by increased revenues, a fall in impairments and steady growth in customer deposits despite fierce competition.
“This has been achieved against a backdrop of difficult economic conditions and a property market which has been at its most subdued in many years.
“We’re now supporting over 800,000 customers — helping those that the traditional high street banks typically overlook, to ensure they get the support to go for it in life and business.
“Looking ahead, we’re optimistic about what the future holds.
“Our BTL and asset finance businesses have been performing particularly well and with confidence slowly starting to return to the property market, we think we’re well placed to take advantage of improving conditions.
“However, there is no room for complacency as economic headwinds may persist in 2024.
“That’s why we continue to maintain a strong and resilient capital and funding position, while investing in our people and technology so that we can build great products and services for our customers.”
