Together ups profit and lending

Ryan Bembridge

September 7, 2018

Together increased profit and lending in the first half of 2018 year-on-year.

The lender increased pre-tax profit by 29.2% to £121.7m, up from £94.1m in the first half of last year.

Meanwhile it upped average monthly loan originations by 40% to £138.3m.

Mike McTighe, group chairman of Together, said: “We maintained our strong growth momentum in the year while continuing to invest in our people, products, distribution channels, systems and governance.

“We also continued enhancing our senior management team with several senior appointments across the group, including the arrival of John Lowe from Coventry Building Society.

“We also added further depth and diversity to our funding structures, issuing our first public residential mortgage backed securitisation for £275m, upsizing our 2024 bonds with a successful £150m issuance, extending our £255m Lakeside securitisation on improved terms and launching our inaugural £525m Highfield warehouse facility for small balance commercial real estate. The group’s continued progress was reflected in rating upgrades from both S&P and Fitch.”

Together grew its loan book by 32% to £3bn, up from £2.2bn

In June the lender recorded its highest ever month of lending, at £169.2m.

Pete Ball, personal finance chief executive, said: “We are excited to have achieved another period of record lending during the year as we grew our loan book to £3bn.

“Particular highlights over the year have included building out our distribution partnerships with the UK mortgage clubs and networks, as well as continuing to invest in our people, product range and service offering.”

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