CHALLENGER bank Aldermore said it continues to grow at a rapid pace after lending £4.4 billion since its launch in 2009.

The group, which has a regional office in Cleckheaton, said lending was up 30 per cent in the year to date and by 10 per cent in the most recent quarter to September 30. Customer deposits were up by eight per cent in the quarter to total £4.2 billion.

Aldermore was recently forced to scrap a flotation plan because of turbulence on global stock markets – a move which would have raised about £75m and valued the bank at £800 million.

It is one of a group of challenger banks set up in the wake of the financial crisis, aimed at breaking the dominance of the major high street lenders. Aldermore said profits in the first nine months of the year were almost double the figure of £18.6m it made in the first half of the year, but did not disclose this figure. Third quarter results were in line with expectations.

At the end of its third quarter it had lent £2.1b to small businesses and £2.3b to homeowners since its launch five years ago.