31st Jul 2020 11:05
Paragon Banking Group PLC - West Midlands, England-based specialist mortgage, savings and business finance provider - Trading since June 10 has been in line with expectations. The company's buy-to-let pipeline has recovered to GBP700 million from its May low of GBP598.7 million. Mortgage advances in the nine months to June 30 are down 13% to GBP1.03 billion from GBP1.2 million. Commercial advances were down 13% to GBP619.4 million from GBP709.4 million year-on-year. Total advances for the period are down 13% to GBP1.65 billion from GBP1.90 billion in the year prior. The company's net loans were up to GBP12.60 billion from GBP11.99 billion. The company did not declare an interim dividend. Paragon Banking said it is difficult to provide any guidance as the full economic effects of Covid-19 remain uncertain. Chief Executive Nigel Terrington said: "New business flows have picked-up from their April lows and with improving performance in customer payments no additional overlay provision has been required. There may well be further challenges to come from this crisis, which we are well placed to deal with."
Current stock price: 322.35 pence
Year-to-date change: down 40%
By Greg Roxburgh; [email protected]
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