Aldermore to float on stock exchange

Announcing its half year results the bank said it was looking for £75m to "to support the medium-term growth of the business".

Aldermore recorded pre-tax profits of £18.6m in the first six months of 2014, a 249% increase on the £5.3m made in H1 2013.

Phillip Monks, chief executive officer, said: “This has been an excellent six months for Aldermore as we continue to focus on providing attractive lending and savings products to UK SME and retail customers. We’ve again grown organically with our loan book up by 19% since the end of 2013 and loans to customers passing the £4bn mark. Our deposit business continues to attract customers and I’m particularly pleased by the 51% growth in our SME deposits which demonstrates our ability to deliver products which meet the needs of this underserved customer base.”

And he added: “As we continue to leverage our operating base, we’ve more than tripled profit before tax, driving an £18.6m profit in the first six months of 2014 compared to £5.3m for the same period last year. Our cost/income ratio was 64% excluding costs relating to the IPO.”

“Our first half results again demonstrate our ability to deliver growth and profitability and we announced today our intention to list on the London Stock Exchange. This is an important step in the Bank’s development which will enable us to lend more to British SMEs and homeowners. As we enter this new and exciting stage, I’d like to thank all of our customers, employees and shareholders for their ongoing support."

The public offering is being co-ordinated by Credit Suisse and Deutsche Bank.

Nomura and Numis have been named as co-lead managers and Lazard is financial adviser.