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Annual Report and Accounts 2016 Aldermore Group PLC Annual Report and Accounts 2016 Aldermore Group PLC Annual Report and Accounts 2016

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Annual Report and Accounts 2016 Aldermore Group PLC Annual Report and Accounts 2016 Aldermore Group PLC Annual Report and Accounts 2016 Aldermore Group PLC Annual Report and Accounts 2016 Aldermore Group PLC Group Aldermore Annual Report and Accounts 2016 and Accounts Report Annual Aldermore Group PLC Annual Report and Accounts 2016 Introduction Aldermore provides specialist banking and underwriting expertise to help customers seek and seize opportunities in their professional and personal lives. Strategic report Corporate governance Financial statements Business overview 4 Corporate governance 39 Statement of Directors’ responsibilities 141 Financial highlights 5 Chairman’s introduction 40 Independent auditor’s report 142 Chairman’s statement 6 Board of Directors 42 Consolidated financial statements 148 Market overview 8 Executive Committee 44 Notes to the consolidated Our business model 10 Corporate governance structure 45 financial statements 153 Chief Executive Officer’s review 12 The Board - roles and processes 46 The Company financial statements 199 Chief Financial Officer’s review 16 Relations with shareholders 58 Notes to the Company financial statements 202 Business review Corporate Governance and Nomination Asset Finance 20 Committee Report 60 Appendices Audit Committee Report 62 Invoice Finance 22 Glossary 206 Risk Committee Report 70 SME Commercial Mortgages 24 Shareholder information 210 Buy-to-Let Mortgages 26 Remuneration Report 74 Residential Mortgages 28 Directors’ Report 100 Central Functions 30 Risk overview and culture 32 Risk management Principal risks 33 The Group’s approach to risk 107 Emerging risks 34 Risk governance and oversight 110 Corporate responsibility 36 Stress testing 111 Principal risks 112 @AldermoreBank AldermoreBank company/aldermore-bank-plc AldermoreBank For more information on our business visit www.aldermore.co.uk 1 Strategic report Corporate governance Risk management Financial statements Appendices Welcome to our 2016 Annual Report to Shareholders. It has been another year of remarkable achievement for Aldermore…” Phillip Monks OBE, Chief Executive Officer 2 Aldermore Group PLC Annual Report and Accounts 2016 Strategic report Making giant leaps in the banking industry Aldermore has come a long way since launching in 2009, with a vision to provide banking as it should be. We've had some great success, but the journey has only just begun... 2012 2010 Aldermore establishes Aldermore now a residential mortgage home to over £2bn of business, providing personal savings a refreshing alternative to traditional Lending to Small and 2009 high-street banks Medium Enterprises (SMEs) reaches £1bn Aldermore launches, aiming to Aldermore extends deliver “Banking as it should be” offering by launching a for UK businesses and savers business savings franchise Aldermore makes a profit for the first time, just 3 years after launching 3 Strategic report Corporate governance Risk management Financial statements Appendices 2016 2015 2013 Aldermore becomes Aldermore lists on the 2016 was another remarkable year the first UK bank to London Stock Exchange for Aldermore. Despite the economic allow customers and enters the FTSE 250 uncertainty in the UK we continued to to rate and review leading share index, as we deliver value to each of our stakeholders. products online exceed £6bn of lending With a growing customer base that rate to UK homeowners, us highly, record financial performance, an Unedited feedback landlords and businesses employee summit and more value given continues to be back to our local communities, we are proud published on our of our achievements and confident of much website today more to come. We have also redesigned our brand purpose – to help people seek and seize opportunities – launching a new visual identity, which has been designed to capture the bold and enterprising spirit of our customers. £7.5 bn £6.7bn loans to customers customer deposits 18.0% 11.5% underlying return common equity on equity tier 1 ratio 4 Aldermore Group PLC Annual Report and Accounts 2016 Strategic report Business overview We operate as a specialist Market size1 £bn and estimated market share % Asset Finance Mortgages player in large markets… c£30bn c£290bn … we are diversified Lending portfolio £bn Funding base £bn across both lending and funding portfolios… % % Asset Finance 21 Retail deposits 62 £7.5 bn £7.7bn Invoice Finance 2 SME deposits 22 SME Commercial Mortgages 12 Corporate deposits 3 Buy-to-Let 45 Government schemes 10 Residential Mortgages 20 RMBS 2 Other wholesale 1 … we operate well-secured Customer numbers 100k 130k 160k 195k 220k lending and savings portfolios across a broad customer base… 2012 2013 2014 2015 2016 … and generate strong Underlying2 return on equity % 1 12 15 21 18 risk-adjusted returns for shareholders. 2012 2013 2014 2015 2016 5 Strategic report Corporate governance Risk management Financial statements Appendices Strategic report Financial highlights Net loans £bn Customer deposits £bn 2016 was another year of considerable financial 2.1 3.4 4.8 6.1 7.5 2.2 3.5 4.5 5.7 6.7 progress for Aldermore, including record profits 2 +22% +16 % and an underlying return y-o-y y-o-y on equity of 18%.” 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 How much our customers have …How much our savers have borrowed from us... deposited with us Net interest margin % Underlying2 cost/income ratio % 2.2 3.0 3.4 3.6 3.5 90 66 60 51 45 James Mack, 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Chief Financial Officer The rate of income we earn from lending 45p of operating costs are incurred less the rate we pay on savings to generate each £1 of income Read more about the financial performance on pages 16-30. Reported profit before tax £m Reported earnings per share p 0.3 25.7 50.3 94.7 128.7 0.5 10.0 13.0 22.7 25.2 +36% +11% y-o-y y-o-y 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 The overall profit we generated Profits after tax and AT1 payment as a business, before paying tax attributable to each share in the business 1 Source: Council of Mortgage Lenders, De Montfort University, FLA, Aldermore estimates. 2 Underlying: Excluding goodwill impairment of £4.1m (pre and post tax) in 2016. Excluding IPO related costs in 2015 of £4.1m pre-tax and £3.4m post tax. 6 Aldermore Group PLC Annual Report and Accounts 2016 Strategic report Chairman’s statement Another year of substantial progress During the year the Group has continued executing on its strategy to deliver ‘banking as it should be’ to more customers and generating strong, sustainable returns for shareholders. Earnings per share have increased As your Interim Chairman, I am by 11% to 25.2p, generating an underlying return on average equity honoured to be presenting our 2016 of 18%. These are excellent results in competitive markets and a testament Annual Report, which highlights to the dedication of colleagues across another year of excellent progress the Group. Resilience in an uncertain against our strategic objectives.” operating environment As well as being a year of considerable progress for Aldermore, 2016 has been a year of change and uncertainty for the banking industry as a whole, with evolving regulation, political developments and their corresponding impacts on the global economy. In particular, the UK’s referendum on EU membership and vote to leave introduced considerable volatility to financial markets, which impacted the share price of many companies, including Aldermore and other specialist lenders, as shown in the chart opposite. Following the vote, Aldermore’s business model has remained resilient, demonstrated by our financial results and partly reflected in the share price performance Danuta Gray, during the second half of the year. Interim Chairman There remains much uncertainty regarding the precise nature and timing of Britain’s exit from the EU. However, the Board remains confident that the business can continue to respond to the opportunities and threats this presents and continue to successfully deliver against our strategic objectives. 7 Strategic report Corporate governance Risk management Financial statements Appendices Commitment to strong We are progressing in our search Outlook Governance for a successor for Glyn and are confident we will secure a strong The Board is committed to supporting The Board’s responsibility to provide the substantial progress Aldermore strong and effective governance replacement to oversee Aldermore’s continuing progress. is making in operational development remains paramount. Throughout 2016 and financial performance, as well we were fully compliant with the Our communities as managing the challenges that Corporate Governance Code 2014 We remain committed to investing in this presents. and having overseen the Board our communities, whether that is within The EU referendum introduced greater effectiveness review in my capacity Aldermore through development of the uncertainty. However, the UK economy as Senior Independent Director, I have team; our local communities through has remained resilient to date. every confidence in the continued volunteering and fundraising; or the strength and cumulative experience broader UK economy through lending to Your Board remains confident that of the Board. businesses, homeowners and landlords. Aldermore can continue to grow within I would like to take this opportunity to We are also committed to strong existing risk appetite generating strong, welcome Chris Patrick to the Board corporate citizenship. sustainable returns for shareholders. and to thank Peter Cartwright and Neil We support the drive to create greater Cochrane for their services as Non- accountability and transparency Executive Directors. Both Peter and throughout the banking sector and Neil made valuable contributions to the have worked to ensure compliance Aldermore Board, as representatives with the FCAs Senior Management of our Principal Shareholders, AnaCap Regime from March 2016, as well as Financial Partners LLP. joining the Banking Standards Board in On behalf of the Board I would also like the year. We are also proud signatories to extend particular gratitude to Glyn of the Women in Finance Charter and Danuta Gray, are committed to both developing Jones, who has served as Chairman Interim Chairman of the Aldermore Board since March greater female representation in 2014.
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