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Find all the latest press releases from Paragon Bank.
Paragon Banking Group’s first half results announced today show a strong increase in asset finance lending to small and medium sized UK businesses, up 54% to £164 million compared with the same period last year.
Existing operations, combined with Paragon’s new aviation finance proposition, grew lending by 14% to £121 million.
In addition, Iceberg, a specialist broker and lender in the professional services sector added a further £42 million of new lending, following its acquisition in December 2017. Iceberg focuses principally on short-term unsecured business funding for solicitors and, through solicitors, in lending to parties in inheritance and matrimonial proceedings.
Total loan balances for Paragon’s asset finance operations increased to £428 million at 31 March 2018 from £314 million twelve months ago as the business continued with its strategic repositioning to address the larger, mid-range segment of the market.
Overall, underlying half-year profits for Paragon Banking Group grew by almost 5% to £73 million, up from £70 million in the first half last year.
Gary Leitch, Managing Director of Asset Finance at Paragon said:
“We continue to see exciting opportunities to expand Paragon’s expertise and reach in the asset finance market. The launch of our new aviation proposition and the acquisition of legal specialist, Iceberg, expands our sector expertise and underpins our progress in the first half.”
24 May 2018
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551