Pre-tax profit jump 95.6pc for Paragon
Banking group Paragon saw pre-tax profits grow by 95.6 per cent for its latest financial year.
The Solihull-based specialist lender and banking group said they were up from £213.7 million to £417.9m for the year to the end of September.
Chief executive Nigel Terrington said: "These results reflect an outstanding financial and operational performance, delivering good growth, enhanced margins and improved cost efficiency, all combining to deliver strong returns to shareholders.
"As a leading specialist banking group we are increasingly using technology to strengthen our franchises. New digital platforms introduced in the last year are already seeing tangible evidence of an enhanced customer proposition and service delivery, as well as improved cost efficiencies.
"Our cautious risk appetite, high quality loan book and extensive through-the-cycle experience ensure we are well positioned as we head into 2023 and are fully prepared to support our customers' needs."
Paragon's total dividend was up 9.6 per cent to 28.6p per share.
A shares buy-back of up to £50m has been announced for the 2022-2023 financial year.
In the year total new lending was up 23.6 per cent to £3.21 billion and mortgage lending advances increased by 17.2 per cent to £1.91bn
Retail deposits were up 14.7 per cent to £10.7bn, exceeding £10bn for the first time.
