LONDON, April 2 (Reuters) - New British bank Aldermore said it grew its balance sheet by two-thirds to over 4 billion pounds ($6.7 billion) in 2013, picking up customers shunned by larger rivals that are cutting back lending to meet new capital rules.
Aldermore, founded in 2009, is one of several newcomers trying to challenge Britain’s established banks and potentially increase competition in the highly-concentrated financial services sector.
The bank said its balance sheet grew by 66 percent to 4.2 billion pounds in 2013. Pretax profit increased to 22.4 million pounds from 1.5 million the year before.
$1 = 0.6011 British Pounds Reporting by Matt Scuffham; Editing by Chris Vellacott