In their half-year results for the six months to 31 December 2022, Aldermore Group delivered statutory profit before tax of £111.9m in H1 2023, up 2% on the prior year (H1 2022: £110.1m).
The Group continues to deliver growth in lending, improved margins, and a lower cost to income ratio whilst investing for future growth.
Motor lending stood at £4.2 billion, increasing by £0.2bn or 6% since June 2022, with continued high demand in the used car market being partly offset by prioritising margin in a competitive environment.
Business finance lending for the six months to 31 December 2022 stood at £3.7 billion, increasing by 2% from £3.6bn in June 2022, driven by increased average deal sizes.
Steven Cooper (pictured above), CEO of Aldermore Group said: “We’re pleased to announce a robust set of H1 results despite a difficult period for the UK economy, with profits and net lending both increasing and growth across all our business lines. I’ve been encouraged that the strategic refresh we undertook last year is starting to bear fruit and we have seen customer numbers grow to over 800,000, whilst deepening our expertise in markets where we already have a longstanding presence.
“In our Motor business, net lending continues to grow considerably, supported by high demand in the used car market.
“Business Finance lending is growing steadily driven by an increase in average deal sizes and our footprint in new areas, including fleet funding.
“We are acutely aware that high rates of inflation and tough economic conditions have placed significant pressure on many families and businesses. To help with these challenges we’ve been offering extra support to customers and made a special effort to contact those we think are most vulnerable so we can help them navigate through difficult circumstances.
“Despite this we are cautiously optimistic for the future. We’re modernising Aldermore and in recent months we’ve added highly experienced new leaders to our team, bringing new perspectives and expertise to drive our strategy forward. By continuing to invest in both our people and technology, while remaining focused on providing a service to customers that surpasses that of the high street banks, we can build significant growth in our business for the future.”
