| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Paragon Banking Group reports fall in first quarter lending volumes
StockMarketWire.com
|
Paragon Banking Group reported a fall in the first quarter lending volumes as the Covid-19 hit house sales.
Specialist buy-to-let volumes fell £110.8 million to £298.7 million for the three months to 31 December compared to same period last year.
Paragon said this largely reflects the lagged impacts of the first lockdown on its pipeline and the market wide challenges facing the execution of housing transactions.
Total advances stood at £521.8 million, down from £684.9 million in the first quarter of 2020. Net loan balances grew to £12.67 billion at the end of the period.
Chief executive Nigel Terrington said: We have made an encouraging start to the year. Good momentum in new business flows has led to strong growth in the pipelines, particularly for buy-to-let and development finance.
Notwithstanding the economic environment, the group's loan portfolios have continued to demonstrate the quality of our underwriting with low levels of arrears. With strong capital ratios and high levels of liquidity, we are well positioned to face the challenges and opportunities ahead.
Story provided by StockMarketWire.com
|
|
|
|
|
|
