30th Jul 2024 10:44
(Alliance News) - Paragon Banking Group PLC on Tuesday announced strong results for the third-quarter and said it is "ahead of expectations" of financial year guidance.
Paragon is a mortgage and loan provider based in Solihull, England.
Paragon reported a 49% rise in buy-to-let application flows to GBP888.5 million for the third quarter, from GBP594.6 million at September 2023.
It attributed this to growth in small and medium enterprises as well as structured lending. However, it noted a decline in flows across motor finance and development finance operations.
Looking forward, Paragon said its performance remains in line with annual guidance, with new business levels in its divisions running "ahead of expectations".
Additionally, the firm expects that the government's focus on new housing developments will boost the mortgage and loan sector.
Chief Executive Nigel Terrington said: "We have delivered another quarter of strong performance and progression against our strategic priorities, with strong growth across our loan and retail deposit books. Margins, costs and credit performance continue to perform in line with expectations, whilst strong new business flows reflect improving customer sentiment and more favourable economic conditions."
Paragon shares were up 1.3% to 804.50 pence each in London on Tuesday morning.
By Lydia Doye, Alliance News reporter
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