LONDON (dpa-AFX) - Paragon Banking Group Plc (PAG.L) on Tuesday reported an increase in preliminary pre-tax earnings for the full year, helped by a decline in net fair value losses and an improvement in net interest income.
For the 12-month period to September 30, the lender reported a pre-tax income of 253.8 million pounds, higher than 199.9 million pounds, registered last year.
Net fair value losses were 38.9 million pounds narrower than the prior year's loss of 77.7 million pounds.
Net profit stood at 186 million pounds or 85.2 pence per share, higher than 153.9 million pounds or 66.3 pence per share in 2023.
Underlying profit was 292.7 million pounds, compared with 277.6 million pounds last year.
As of September 30, Tangible Net Asset Value per share was 6.11 pounds, up from 5.79 pounds per share, as of September 30, 2023.
Loans and advances to customers improved to 15.705 billion pounds from last year's 14.874 billion pounds. Retail deposits were up at 16.297 billion pounds, compared with 13.265 billion pounds a year ago.
Interest receivable increased to 1.314 billion pounds from 1.010 billion pounds in 2023.
Net interest income stood at 483.2 million pounds, higher than prior year's 448.9 million pounds. This growth was primarily driven by net loan book growth, with average outstanding balances increasing by 5.1 percent to 15.289 billion pounds from last year.
The Group will pay a final dividend of 27.2 pence per share, bringing the total dividend for the year to 40.4 pence per share, higher than last year's 37.4 pence per share.
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