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Paragon reports rise in profits

by Kevin Rose
19 July 2012
Paragon reports rise in profits
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The Paragon Group has reported profits of £68.9 million for the nine months to 30 June 2012, compared with £58.9 million for the corresponding period in the previous year.

It attributed the increase primarily to income generated from the Group’s acquired portfolios of consumer loans.

Pre-tax profits, inclusive of a credit of £0.6 million for fair value hedging items, were £69.5 million for the period.

During the quarter, £45.1 million of new buy-to-let loans were advanced and a further £2.1 million was lent as further advances to existing borrowers.

In the year to date advances total £136.4 million and the pipeline of new business at 30 June 2012 was £121.3 million.

At 30 June 2012 arrears of three months or more on the buy-to-let portfolio, including acquired loans and receivership cases, were 54bp (55bp at 31 March 2012).

At the same time, free cash balances were £126.9 million (£104.9 million at 31 March 2012).

Paragon said that negotiations are underway for an extension to the Group’s warehouse facility at the end of the current commitment period in December 2012 and an increase in its warehouse funding capacity to facilitate further development of the buy-to-let business.

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© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
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© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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