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Paragon Banking HY Underlying Profits Climb 8.7%

Paragon Banking Group Plc. (PAG.L) released its half year results for the six months ended March 31 on Tuesday, reporting underlying profits increased by 8.7% to 79.8 million pounds from 73.4 million pounds in the first half of 2018.

Meanwhile, Paragon said its statutory profit after taxation declined to 58.1 million pounds from 62.0 million pounds share last year.

The company said the difference between underlying and statutory relates to fair values of hedging items, impacted by disruption in interest rates around period end, but which will revert to zero over time.

Net interest income was 13.8% higher than for the same period in 2018 at 138.1 million pounds, driven upwards by both a higher net interest margin and year-on-year increases in loan balances.

Total lending was 1.29 billion pounds, an increase of 30.2% on the first half of 2018.

Total operating income increased by 13.8% to 148.0 million pounds from 130.1 million pounds in the prior year.

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