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Prices & Quotes - UK Markets - Paragon Banking Group (PAG)

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Share Price:
Up 552.50p
Change Today:
4.50p
Market Cap:
1,400.13m
Sector:
Financial Services

Commercial lending unit boosts Paragon Banking profits

By Michele Maatouk

Date: Tuesday 26 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Underlying pre-tax profit at specialist lender Paragon Banking rose in the year to the end of September thanks to strength in the commercial lending division.
Underlying pre-tax profit was up 5% at 164.4m as lending volumes rose 8.5% to 2.53bn. The net interest margin - the difference between what it earns from loans and pays for deposits - improved to 229 basis points from 221 basis points in 2018 and the dividend was lifted 9.3% to 21.2p a share.

The cost income ratio increased to 42.1% from 40.6% and retail deposit balances grew 20.7% to 6.39bn.

The results were boosted by a solid performance from the commercial lending division, which saw new loans and advances rise 36.3% to 968m, while the net loan book grew 28.1% to 1.45bn.

Chief executive Nigel Terrington said: "We are delighted to report another excellent financial and operational performance, underpinned by our effective diversification strategy and focus on specialist lending. Volumes, profits and dividends are up strongly, and we are moving closer to our medium-term target of over 15% return on tangible equity.

"Paragon's transformation to a broadly based specialist banking group has continued over the last year. Our customers have increasingly complex needs which are supported by ongoing technology investments and the deep experience of our employees. This approach, alongside a disciplined and prudent risk appetite, has enabled us to achieve strong lending growth at improving margins, whilst maintaining an exemplary credit performance."



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PAG Market Data

Currency UK Pounds
Price 552.50p
Change Today 4.50p
52 Week High 569.50p
52 Week Low 294.00p
Volume 290,693
Shares Issued 253.42m
Market Cap 1,400.13m

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What The Brokers Say

Strong Buy 9
Buy 0
Neutral 4
Sell 0
Strong Sell 0
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PAG Dividends

  Latest Previous
  Interim Final
Ex-Div 01-Jul-21 28-Jan-21
Paid 23-Jul-21 26-Feb-21
Amount 7.20p 14.40p

Trades for 30-Jul-2021

Time Volume / Share Price
16:35 80,322 @ 552.50p
16:29 45 @ 554.00p
16:29 58 @ 554.00p
16:28 157 @ 554.00p
16:28 41 @ 554.00p

PAG Key Personnel

CEO Nigel S Terrington
CFO Richard Woodman
Chair Fiona Clutterbuck