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

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Share Price:
Up 489.20p
Change Today:
4.40p
Market Cap:
1,256.16m
Sector:
Financial Services

Paragon Bank lending volumes fall as Covid lockdowns stall house sales

By Frank Prenesti

Date: Friday 29 Jan 2021

LONDON (ShareCast) - (Sharecast News) - Specialist lender Paragon Bank reported a fall in first quarter lending volumes as Covid-19 lockdowns stalled house sales, but said it expected a pickup as buyers rushed to complete purchases ahead of the end of the stamp duty holiday in March.
The bank on Fridays said buy-to-let volume fell 110.8m to 298.7m year on year, largely reflecting lagged impacts of the first lockdown and "market wide challenges facing the execution of housing transactions".

Total advances during the three months to December 31 fell to 521.8m, made up of 304.1m in mortgage loans and 217.7m in commercial advances, down from 684.9m last year.

Net loan balances grew to 12.67bn at the end of the period.

The buy-to-let pipeline at the end of the quarter stood at 966.8m, up 152.8m. Paragon said it expected this to convert at a faster rate in the second quarter as the government's stamp duty holiday ends on March 31.

Redemptions fell 21.5% to 169.2m. Commercial lending volumes remained strong at 217.7m with growth being led by development finance, where advances in the first quarter are ahead of 2020.

Lending to small and medium-sized businesses grew quarter on quarter and was lifted by a further 13.6m of loans as part of government-backed coronavirus relief schemes, but was still below the levels seen pre-Covid-19.

Payment holidays have been given on approximately 2.6bn of balances since last March. By the end of 2020 the remaining balance stood at 104.6m, of which 93.4m represented extensions due to mature over the coming few months.

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."

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PAG Market Data

Currency UK Pounds
Price 489.20p
Change Today 4.40p
52 Week High 493.80p
52 Week Low 294.00p
Volume 287,346
Shares Issued 256.78m
Market Cap 1,256.16m
Beta 0.02

Performance Indicators

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What The Brokers Say

Strong Buy 8
Buy 1
Neutral 3
Sell 0
Strong Sell 0
Total 12
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
  Final Final
Ex-Div 28-Jan-21 09-Jan-20
Paid 26-Feb-21 17-Feb-20
Amount 14.40p 14.20p

Trades for 07-May-2021

Time Volume / Share Price
16:35 123,887 @ 489.20p
16:29 108 @ 486.20p
16:29 23 @ 486.40p
16:29 250 @ 486.40p
16:28 24 @ 487.20p

PAG Key Personnel

CEO Nigel S Terrington
CFO Richard Woodman
Chair Fiona Clutterbuck