PriyaPatelTLDR: Paragon Banking Group has announced that its first-quarter performance is in line with expectations and has reiterated its full-year guidance. New lending for the quarter reached £610.7 million, compared to £861.7 million for the same period last year. The company’s net balance sheet loans grew by 1.1% to £15.04 billion, and its capital ratios remained strong. Paragon’s CEO, Nigel Terrington, stated that the positive momentum seen in 2022 has continued into the new year.
Paragon Banking Group has reported that its performance in Q1 of 2022 is in line with market expectations. The specialist U.K. property-and-business lender stated that it made new loans of £610.7 million in the quarter, a decrease from £861.7 million for the same period a year earlier. The company reported that its buy-to-let lending pipeline ended the quarter at £559.6 million, comfortably above the 2023 year-end level. Paragon’s net balance sheet loans also increased by 1.1% to £15.04 billion during the period.
Despite the decrease in new lending, Paragon’s CEO, Nigel Terrington, remains positive about the company’s performance. He stated that the positive momentum seen in the business in 2023 has continued into the new year, along with strong margins and a resilient credit performance. The company’s common equity Tier 1 and total capital ratios remained strong at 14.7% and 16.7% respectively.
Paragon reiterated its full-year guidance, stating that it expects margins, new business flows, operating costs, and return on tangible equity for fiscal 2024 to remain unchanged. However, it noted that margins are currently running slightly ahead of expectations. Paragon’s performance in Q1 suggests that the company is on track to meet its goals for the year.
