TIDMALD
RNS Number : 7882E
Aldermore Group PLC
11 May 2017
11 May 2017
Aldermore Group PLC
Q1 2017 Interim Management Statement
Strong customer driven growth with organic new lending of
cGBP1bn
-- Net loans up 6% to GBP7.9bn (end 2016: GBP7.5bn)
-- Growth driven by strong levels of new lending up 17% to GBP949m (3M 2016: GBP814m)
- New lending to Business Finance customers up 11% to GBP303m (3M 2016: GBP272m)
- New lending to Mortgage customers up 19% to GBP646m (3M 2016: GBP542m)
-- Customer deposits increased 5% to GBP7.0bn (end 2016: GBP6.7bn)
-- Net interest margin remains stable at 3.5% in the quarter
Robust capital position in line with Management expectations
-- CET1 capital ratio(1) stable at 11.5% (end 2016: 11.5%)
-- Tangible book value per share(2) increased by 5% to 160.3p (end 2016: 152.5p)
-- Announced our intention to call GBP40m Tier 2 notes in May
2017, as part of on-going capital management
Continued progress in strategic priorities outlined in March
-- Industry recognition for our customer driven strategy: Winner
of the Best Service from a Buy-to-Let Mortgage Provider and Highly
Commended as Best Service from a British Bank at the Business
Moneyfacts Awards 2017
-- Maintained focus on being securely managed, with credit
performance stable and well within risk appetite
Phillip Monks, CEO, commented:
"Aldermore has made an excellent start to the year, with
continued strong progress on our strategic priorities and financial
performance ahead of our expectations.
"New lending to British SMEs, homeowners and landlords has
driven loan book growth of over GBP450m to GBP7.9bn in the first
three months of 2017. We saw strong growth in Asset Finance and, as
expected, delivered particularly significant growth in Buy-to-Let,
as we converted the strong pipeline of applicants with which we
closed 2016. Subsequent to this active period and regulatory
changes to affordability tests for buy-to-let mortgages, we
continue to anticipate a lower level of growth for the second
quarter of 2017 while remaining on track to deliver loan growth in
our guided range of
10 - 15% for the full year.
"We have continued to grow our dynamic deposit franchise,
providing accounts to individuals, SMEs and larger corporates. We
have also increased our use of the Bank of England's Term Funding
Scheme, with the amount drawn now exceeding GBP750m.
"We've made a strong start to 2017 and remain on track to
deliver the financial guidance outlined in March, as we continue to
provide Banking as it should be for our customers and strong,
sustainable returns for our shareholders."
(1) Fully loaded CRDIV CET1 as at 31 March 2017 includes Q1 2017
profits and the annual update to operational risk charge under the
Basic Indicator Approach
(2) Outstanding number of shares: 344.9m (end 2016: 344.7m)
Enquiries
Analysts Media
Martin Adams Holly Marshall Tom Baldock -
Lansons
Tel: +44 (0) 20 8185 Tel: +44 (0) Tel: +44 (0)
3108 20 3553 4828 786 010 1715
Ryan Jones Andy Homer
Tel: +44 (0) 20 8185 Tel: +44 (0)
3146 20 3553 4244
Important disclaimer
This document contains certain forward-looking statements with
respect to the business, strategy and plans of Aldermore Group PLC
("Aldermore") and its current goals and expectations relating to
its future financial condition and performance. Such
forward-looking statements include, without limitation, those
preceded by, followed by or that include the words "targets",
"believes", "estimates", "expects", "aims", "intends", "will",
"may", "anticipates", "projects", "plans", "forecasts", "would",
"could", "should" or similar expressions or negatives thereof.
Statements that are not historical facts, including statements
about Aldermore's, its directors' and/or management's beliefs and
expectations, are forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to events and depend upon circumstances that will or
may occur in the future. Factors that could cause actual business,
strategy, plans and/or results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in
such forward-looking statements made by Aldermore or on its behalf
include, but are not limited to: general economic and business
conditions in the UK and internationally; market related trends and
developments; fluctuations in exchange rates, stock markets,
inflation, deflation, interest rates and currencies; policies of
the Bank of England, the European Central Bank and other G8 central
banks; the ability to access sufficient sources of capital,
liquidity and funding when required; changes to Aldermore's credit
ratings; the ability to derive cost savings; changing demographic
developments, and changing customer behaviour, including consumer
spending, saving and borrowing habits; changes in customer
preferences; changes to borrower or counterparty credit quality;
instability in the global financial markets, including Eurozone
instability, the potential for countries to exit the European Union
(the "EU") or the Eurozone, and the impact of any sovereign credit
rating downgrade or other sovereign financial issues; technological
changes and risks to cyber security; natural and other disasters,
adverse weather and similar contingencies outside Aldermore's
control; inadequate or failed internal or external processes,
people and systems; terrorist acts and other acts of war or
hostility and responses to those acts; geopolitical, pandemic or
other such events; changes in laws, regulations, taxation,
accounting standards or practices, including as a result of an exit
by the UK from the EU; regulatory capital or liquidity requirements
and similar contingencies outside Aldermore's control; the policies
and actions of governmental or regulatory authorities in the UK,
the EU or elsewhere including the implementation and interpretation
of key legislation and regulation; the ability to attract and
retain senior management and other employees; the extent of any
future impairment charges or write-downs caused by, but not limited
to, depressed asset valuations, market disruptions and illiquid
markets; market relating trends and developments; exposure to
regulatory scrutiny, legal proceedings, regulatory investigations
or complaints; changes in competition and pricing environments; the
inability to hedge certain risks economically; the adequacy of loss
reserves; the actions of competitors, including non-bank financial
services and lending companies; and the success of Aldermore in
managing the risks of the foregoing.
Any forward-looking statements made in this document speak only
as of the date they are made and it should not be assumed that they
have been revised or updated in the light of new information of
future events. Except as required by the Prudential Regulation
Authority, the Financial Conduct Authority, the London Stock
Exchange PLC or applicable law, Aldermore expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
document to reflect any change in Aldermore's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based. The information, statements
and opinions contained in this document and subsequent discussion
do not constitute a public offer under any applicable law or an
offer to sell any securities or financial instruments or any advice
or recommendation with respect to such securities or financial
instruments.
Aldermore
Aldermore Group PLC is a specialist bank offering
straightforward products to Small and Medium-sized Enterprises
(SMEs), homeowners, landlords and individuals.
Aldermore has no branch network but serves customers and
intermediary partners online, by phone and face to face through its
network of regional offices located around the UK. Building on its
core values of being reliable, expert, dynamic and straightforward,
Aldermore aims to deliver banking as it should be.
Established in 2009, Aldermore has grown significantly. At the
end of March 2017, lending to customers stood at GBP7.9
billion.
For more information, please visit www.aldermore.co.uk.
Follow us on Twitter: @AldermoreNews
Aldermore Bank PLC is an operating entity of Aldermore Group
PLC. Aldermore Group PLC's shares (ALD.L) are listed on the Main
Market of the London Stock Exchange. Aldermore Bank PLC is
authorised by the Prudential Regulation Authority, regulated by the
Financial Conduct Authority and the Prudential Regulatory Authority
and is registered under the Financial Services Compensation
Scheme.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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