Aldermore Group pre-tax profit of £48.8m in the year to June 30 2020 as it saw a £0.5bn growth in retail mortgages to £7.3bn.

The Group’s annual results revealed that it has arranged 45,000 repayment holidays during the virus crisis, but CEO Phillip Monks confirmed that most borrowers are now repaying as normal.

However Monks, who is set to retire during the course of 2021, warned that “there is significant uncertainty ahead” due to the COVID-19 pandemic.

Phillip Monks to retire

Monks said: “Aldermore was born out of a previous economic crisis and backing our customers to fulfil life’s hopes and dreams is in our DNA.

“The COVID-19 crisis has been massively challenging for many of our customers and we know how many difficulties they’ve experienced.

“I’m hugely proud of our dedicated colleagues who’ve worked hard to help nearly 45,000 of our customers through the effects of the crisis and the ongoing issues they face.

“From mortgage payment breaks and forbearance support; to providing businesses with guidance on the government support available and business topics such as safeguarding and protecting their employees; we’ve been there for our customers.

“I’m pleased that our results show a robust performance and the delivery of a profit for the year, despite a global health pandemic and continued Brexit uncertainty. Our business model and approach has again been proven to provide customers with award-winning financial services and the support they need when it matters most.

“Aldermore continues to have the financial strength and focus of purpose to support our customers in the future, but there remains significant uncertainty ahead.

“Therefore, as the country continues to deal with the effects of the pandemic, the UK government must do what it can to support a distressed economy, ensure an orderly Brexit at the end of the year, and mitigate any further shocks to help protect jobs and businesses in the future.”

Other highlights of the results include total customer deposits growing 21% to £10.9bn (30 June 2019: £9.0bn) whilst net lending to customers increased to £12.4bn (30 June 2019: £10.6bn).