LONDON (dpa-AFX) - Paragon Banking Group Plc (PAG.L) said on Friday that its first-quarter trading was in line with expectations. The volumes were in line with expectations, while net interest margin outperformed the projections.
Nigel Terrington, Chief Executive of Paragon Banking, said: 'The first quarter of our new financial year has continued to see good progress with encouraging new business flows and margins running above expectations. The benefits of our digitalization program remain evident in both demand and efficiency, and we will roll-out further technology-driven changes during 2025.'
For the three-month period to December 31, 2024, new lending across the business totaled 677.4 million pounds, higher than 610.7 million pounds, recorded for the same period last year.
Buy-to-let lending rose to 423.2 million pounds from the previous year's 336.3 million pounds. However, Commercial lending advances slipped to 254.2 million pounds from 274.4 million pounds a year ago.
With the bulk of TFSME refinancing completed during 2024, deposit growth has been more aligned to the rate of loan book growth, increasing by 0.9 percent in the quarter, supporting the Group's NIM performance.
The Group's net loan balances grew by 1 percent to 15.9 billion pounds for the quarter, up 5.5 percent from the December 2023 level, maintaining the growth rate seen for the full-year 2024.
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