Specialist lender Aldermore issued an upbeat trading update on Monday but remained silent on when it might kick start its £800m stock flotation, which was pulled last month.
Philip Monks, the chief executive of Aldermore, said he was “not in any hurry” to resume the process of floating the bank, which specialises in lending to small businesses and households.
Virgin Money, which called a halt to its float at about the same time as Aldermore amid market turmoil in October, has since resumed the process and is expected to join the stock market this month.
Aldermore did not publish precise figures for the third quarter but said its profits for the nine months were “almost double” the £19m in the first six months of the year.
“Looking at the third quarter in isolation, profits generated were close to those for the first two quarters of the year combined and the return on equity was approaching 20%,” Monks said.
The flotation of Aldermore, founded in 2009 by private equity company AnaCap, was intended to allow the business to raise £75m and allow the private equity backers to cash in some of their investment.
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