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

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

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

Paragon in 40m buyback as interim profits soar

By Frank Prenesti

Date: Tuesday 08 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Buy-to-let specialist lender Paragon Bank on Tuesday reported higher interim profits and a 40m share buyback as the housing market recovered from the Covid pandemic.
The company posted a 68.8% rise in profits to 96.4m and declared a 7.2p-a-share dividend for the six months to March 31. Net interest margin, the difference between savings and lending rates, rose 3 points to 2.32%.

Impairment charges fell to 6m compared to 30m in the same period in 2020 although the group maintained a cautious outlook as "uncertainties remain" about prospects for small businesses and retail customers once government Covid support schemes are unwound.

Buy-to-let advances fell 5% to 714.9m, although were 57.8% higher on the second half of 2020, with the period-end pipeline up 17.3% from its March 2020 level to 926.7m.

New mortgage loans were up 45% to 1.13bn, while buy-to-let advances rose 58% to 715m with the portfolio worth 10.9bn.

Paragon said it still had around 40m of customer balances subject to payment holidays compared to 2.5bn at the peak of the pandemic last year as the government introduced measures to stop people sliding into debt.

"The loan-to-value position of the buy-to-let portfolio continues to improve, reflecting strong house price appreciation since September 2020," the bank said.

"The markets in which we operate have seen healthy quarter-on-quarter improvements in activity and our business has been building momentum, whilst maintaining our traditional prudent risk appetite. The group has a strong capital base, high levels of liquidity and is well-positioned to capitalise on any opportunities that may emerge in the future."

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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

Performance Indicators

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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