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British bank Aldermore reports an H1 profit increase of 32%
  • 10 Aug 17
title

British bank Aldermore reports an H1 profit increase of 32%

  • 524 views
James Rippon

Contributing Editor

 
large Aldermore Bank billboard
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The Group says the results were helped by strong demand from small and medium-sized businesses, homeowners and landlords.

Companies: ALD SA


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Relative newcomer Aldermore Group (LON: ALD) has this morning released their 2017 Half Year results, reporting a noteworthy 32% rise in profit before tax for the first half of the year. Operating income is up 17% to £150m, and EPS grew by a healthy 45% to 14.9p.

 

Aldermore, who operate with an aim to directly challenge Britain's "Big 5" lenders, said loan growth also grew more than 19% to £8.1bn in the same period.

 

Panmure Gordon published a report this morning following the announcement. In it the analyst commented:

 

"The group continues to guide to loan growth of 10-15% in FY2017, in line with our forecasts. The group anticipates delivering a CET1 ratio above 12% by FY2017, enabling possible dividend payment this year. The group has increased its usage of TFS by £197m in 2Q17 to £947m."

The future for Aldemore looks promising, having doubled its revenue in the three years to 2016 to £278bn and expected to reach £328bn by 2018. With a net profit margin of 33% in 2016 and this margin is expected to remain steady in the coming two years. Panmure also said:

 

"Aldermore is our Top Pick in the sector and remains in our Conviction list for 3Q17. The bank is a relatively low-risk business with a diverse mix of mortgages and SME lending which gives the bank multiple levers of growth and is supported by a scalable digital platform and distribution channels. We continue to believe Aldermore remains significantly undervalued despite current worries regarding the UK economic outlook."

 Shares were up around 3% in early trading.

 


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The information contained within this post is based on personal experience and opinion and should not be considered as a recommendation to trade nor financial advice.

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