Aldermore Group has posted a 13% growth in operating profit before tax to £132.8m (H1 2023: £117.0m).

Net lending at £15.0bn decreased £0.5bn or 3% (H1 2023: £15.5bn), reflecting subdued lending markets.

Despite this, the group was able to deliver targeted lending growth in buy to let and asset finance, whilst continuing to maintain a disciplined price approach across all portfolios

Commenting on the latest figures Aldermore chief executive Steven Cooper 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.

He added: “Looking ahead, we’re optimistic about what the future holds. Our Buy to Let 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.”