Aldermore turns its maiden profit

The challenger bank Aldermore has made its first profit since it was founded three years ago.

The bank, backed by the private-equity giant AnaCap, turned in a profit of £759,000 last year against losses of £892,000 in 2011.

More impressively it grew its loan books – almost entirely mortgages and SME loans – by 77 per cent to £2.5bn, and its deposits by 60 per cent to £2.3bn.

"Three years ago we began with 30 people and assets of £50m," said the chief executive, Phillip Monks. "Today we have 600 staff and £2.5bn of assets, and have shown that it is possible to create a real and dynamic alternative to the traditional banks."

It has some 15,000 SME customers and 7,000 mortgage borrowers, funded almost entirely by about 80,000 savers. It has been among the top six users of the Funding for Lending Scheme.