British challenger bank Aldermore has reported a pre-tax profit of £95m for 2015, a jump of 88% compared to £50m in the prior year.

Total deposits surged 29% year-on-year to £5.7bn from £4.5bn, while net loans soared by 28% to £6.1bn.

Net interest margin increased to 3.6% in 2015 from 3.4% in 2014, the bank said in its earnings statement.

Underlying cost/income ratio was 51% for 2015, compared to 60% a year earlier. CET1 capital ratio increased to 11.8% from 10.4% a year ago.

Aldermore CEO Phillip Monks said: "It has been an excellent year, both operationally and financially, for the Group. We have delivered record levels of profitability with our profit before tax up by 88%.

"Today’s results clearly demonstrate our continued focus on delivery across a range of key metrics, with our net interest margin exactly as expected, continued improvement in our cost/income ratio and another strong credit performance."

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