Paragon Banking Group release full-year results
Paragon Banking Group has revealed that its net interest margins dropped from 2.29% to 2.24% annually, which it outlined reflects the reduction in base rates.
The group detailed this in its full year results, which analysed performance for the year up to 30 September 2020.
Also within the report, it showed that its buy-to-let new business pipeline increase from £789.8m to £868.1m over the same timeframe.
In addition, development finance lending advances grew to £385.3m from £362.9m.
The bank also noted that its full year dividend of 14.4p was in line with policy.
Capital ratios also rose over the selected timeframe, up from 13.7% to 14.3%.
Nigel Terrington, chief executive of Paragon, said: “COVID-19 has impacted every individual and business across the UK.
“However, we entered this year from a position of strength, with strong capital and liquidity, an exemplary loan book and an increasingly diversified business.
“Our lending performance has been robust and we have seen a recovery and growing momentum in new lending activities.
“Our retail deposit division has had a transformational year, broadening its product range and distribution with balances increasing by 22.9%, at a lower cost, providing us with a reliable, scalable and cost-effective source of funding.”