Paragon increases profits
Solihull-based Paragon has recorded a rise in profits for the period from 1 October to date as a result of income generated from the group's new business developments.
The mortgage origination group increased operating profit to £20.3m, up from £18.1m last year. Pre-tax profit, which included a £500,000 credit for fair value hedging items, was £20.8m for the period.
"During the period, the group has made excellent progress, continuing the successful management of the existing and acquired books whilst developing the new lending business, completing its first securitisation since 2007 and securing attractive portfolio acquisition investment opportunities. The group will continue to pursue this strategy," Paragon told the Stock Exchange.
During the quarter, £37.4m of new buy-to-let loans were made and a further £1.2m was advanced to existing borrowers. At 31 December 2011, the pipeline of new business amounted to £95.1m.
