This small lender's plan to destroy Britain's biggest banks is working

Aldermore has unveiled a 4% rise in total customer deposits to £4.7 billion ($US7.4 billion) in the first quarter this year, compared to the whole of 2014.

The upstart lender said in a trading update, which is its first since its IPO in March, that deposits from small to medium enterprises (SME) also rocketed by by 10% to £1.1 billion ($US1.7 billion).

“It has been an exciting and busy quarter for the Group and our achievements to date give us confidence as we look forward to the rest of this year and beyond,” said Phillip Monks, CEO at Aldermore in a statement. “We remain on track to deliver our targeted £1.4 billion of growth in net lending for 2015 which equates to an expected full year growth rate of around 30%.”

“Double digit growth in SME deposits provides continued funding diversification as lending remains primarily funded by our dynamic online savings franchise.”

Other highlights include:

  • Net lending to customers up by 7% in Q1 to £5.1 billion.
  • Organic loan origination of £568 million, up by 9% on Q1 2014.

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