Paragon’s commercial lending division expanded its loan book by 28% to £1.45bn in the 12 months to 30th September 2019, according to the group’s annual results.
The division — which includes development finance, SME lending, structured lending and motor finance — also reported a 36% increase in new lending volumes to £968m.
Other highlights from the group’s annual results included:
- underlying profits for the group increased by 5% to £164m (2018: £157m)
- new lending to developers rose to £363m (2018: £137m)
- SME lending grew by 15% to £407m (2018: £355m)
- the specialist bank’s structured lending team had eight transactions in place, compared with three at the end of 2018, having delivered £50m of net new lending
- new motor finance lending fell from £178m to £149m
Dave Newcombe, managing director of commercial lending at Paragon (pictured above), said: “Strong growth in Paragon’s lending, particularly to UK SMEs, is truly reflective of our commitment to support British businesses — helping them to grow and achieve their ambitions.”
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