Aldermore reaches break even

New bank Aldermore has broken even, two years after its launch, and has accumulated total assets of more than £1bn, the company said on Monday.

Aldermore said it now had loans of more than £800m for 9,500 customers, and had 42,000 deposit accounts.

Aldermore and other new entrants such as Metro Bank, Haymarket Financial are aiming to challenge the dominance of Britain's "Big Four" banks – Barclays, Lloyds, Royal Bank of Scotland and HSBC.

Aldermore was set up in 2009 and is backed by private equity companies AnaCap and Morgan Stanley Alternative Investment Partners.

Metro Bank, which launched last year, said last month that it hoped to break even by 2013.