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Paragon Banking Group FY Underlying Operating Profit Declines - Quick Facts

Paragon Banking Group Plc (PAG.L) reported profit on ordinary activities before tax of 118.4 million pounds for the year ended 30 September 2020 compared to 159.0 million pounds, prior year. Earnings per share was 35.6 pence compared to 48.2 pence. Underlying operating profit was at 120.0 million pounds, down 27.0% from prior year. Underlying profit reduced driven by IFRS 9 Expected Credit Loss charges of 48.3 million pounds, reflecting the impact of Covid-19. Underlying earnings per share was 36.5 pence compared to 51.1 pence.

Fiscal year net interest income was 278.1 million pounds compared to 278.4 million pounds, last year.

The Board is proposing a dividend for the year of 14.4 pence for 2020. This dividend would be in line with the stated policy, giving a dividend cover of 2.50 times.

The Board also affirmed the existing dividend policy going forward. The Board noted that, due to paying the full 2020 dividend as a final dividend, any interim dividend declared for 2021 would not necessarily bear the normal relation to the preceding final distribution.

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