28th Jan 2019 08:07
LONDON (Alliance News) - Paragon Banking Group PLC on Monday said it has begun its new financial year well, with lending operations performing particularly strongly.
Paragon's total new lending in the three months to December, its first quarter, has increased 41% year-on-year to GBP660.5 million. Total mortgages have risen 22% to GBP448.6 million.
Commercial lending has more than doubled to GBP211.9 million. Buy-to-let mortgages make up the majority of mortgages, and they have climbed 24% year-on-year to GBP424.7 million.
Paragon's buy-to-let pipeline as of December's end stood at GBP729.1 million, 18% higher year-on-year.
The company's capital position "remains strong", with its common equity tier 1 ration at 13.9% at the end of December.
"The group has started the year well, delivering strong lending growth across all our core business areas," said Chief Executive Nigel Terrington.
"Our retail deposit base continues to grow, creating further efficiencies in our funding structure. We remain confident in the outlook, but will maintain our capital, liquidity and broader risk disciplines in case the external operating environment should deteriorate."
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