Paragon reports

In their latest trading update, Paragon Banking Group reported:

“We have seen an encouraging start to the financial year with improved customer sentiment leading to rising enquiry levels. We expect this to translate to improving volumes as the year progresses. New lending across the business for the quarter to 31 December 2023 totalled £610.7 million compared to £861.7 million in 2023 Q1. Within this, buy-to-let lending totalled £336.3 million (2023 Q1: £591.1 million) and Commercial Lending advances were £274.4 million (2023 Q1: £270.6 million). The buy-to-let pipeline ended the quarter at £559.6 million (September 2023: £594.6 million) but is now comfortably above the 2023 year end level.

Buy-to-let redemption rates continued to fall during the quarter, with £204.5 million of loans redeeming at an annualised redemption rate of 6.4% (2023 Q1: £407.8 million / 13.5%), reflecting strong retention levels at product maturity.

The Group’s loan portfolios continue to display strong credit resilience. Arrears remain below the industry average and although the variable rate legacy buy-to-let book continues to be impacted by the higher rate environment, the new buy-to-let book and all the commercial portfolios are seeing low and stable arrears.

 

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