Challenger bank Aldermore's profits more than double amid reports its float is back on

Aldermore, the small business-focused bank seen as a challenger to the Big Four high street lenders, has said its profits more than doubled last year, as reports emerge that it may revive plans to list on the stock market.

The bank, which does not have branches, said pretax profit surged to £56 million pounds as it boosted lending to small firms and homeowners.

Founded in 2009 by former Barclays executive Phillip Monks and backed by private equity firm AnaCap, Aldermore has snatched customers from larger banks which are downsizing and building capital to meet tougher regulations.

It planned to float last October in deal valuing it at around £800 million, but pulled the plan after stock markets stumbled.

Sky News reported on Monday that the bank may resurrect the plan, selling £75 million in shares, but at a significant discount compared to its previous attempt.

Fellow challenger bank Shawbrook is also said to be looking at a float before May's general election.

Additional reporting by Reuters