Aldermore has recorded a 12% rise to £3.4bn (€3.8bn) in business finance in the financial year to 30 June 2019.

The Aldermore results were for its 10th year of operation and first full financial year as part of the FirstRand Group. The business finance sector of the Group is made up of asset finance, invoice finance, and SME commercial mortgage activities.

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Across the company net lending to customers now totals £10.6bn, up from £9bn in 2018. Retail finance lending was up 15% to £6.8bn, and motor finance via MotoNovo Finance was at £400m, driven by originations since May 2019. Full-year July 2018-June 2019 profit before tax was £129.6m, an 11% rise from the 2018 figure of £117.1m.

A significant event for Aldermore in the year was the acquisition of MotoNovo, and Mark Standish, chief executive officer of MotoNovo, has joined the Aldermore Group leadership team.

Phillip Monks, chief executive officer of Aldermore Group, said: “I am pleased that the last year, the first under our parent company FirstRand, has been a successful one for Aldermore. Our performance in the lending and savings markets has been strong against a backdrop of intense competition and economic and political uncertainty.

“I am excited about the potential which we can unleash by combining forces with MotoNovo. This is a new source of growth for us and we believe the opportunities created will bring great benefits to customers, with an even more competitive offering available, as well as being a significant contributor to profits going forward.

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“With Brexit on the horizon, there is of course uncertainty in the air, with downward pressure on net interest margins and worsening credit performance likely to remain a feature of the market. As we look forward, our diversified lending book together with our strong savings base continues to position us well. We are excited about the potential opportunities our enlarged Group can bring to benefit customers.”

The latest Aldermore Future Attitudes study has shown that nearly a fifth (19%) of UK SMEs have missed a new opportunity in the past 12 months due to a lack of available funding.