Paragon Banking H1 Profit Climbs, To Buy Back Up To GBP 40 Mln Shares; Sees Strong Momentum In H2

Paragon Banking Group PLC (PAG.L) reported Tuesday that its first-half profit before tax climbed 68.8 percent to 96.4 million pounds from last year's 57.1 million pounds. Earnings per share grew to 28.3 pence from 17.3 pence last year.

Underlying profits increased 44.9 percent to 82.9 million pounds and underlying earnings per share increased 43.2 percent to 25.2 pence.

Total operating income was 154.7 million pounds, up from 149.7 million pounds a year ago. Net interest income grew to 147.5 million pounds from 141.4 million pounds last year.

Further, the company declared an interim dividend for the year of 7.2 pence per share, 50 percent of the 14.4p final dividend declared for 2020.

In addition, the Board has authorised a buyback of up to 40.0 million pounds of shares in the market, initially to be held in treasury.

Nigel Terrington, Chief Executive of Paragon said, "We have delivered record half-year profits and go into the second half of 2021 with strong momentum, healthy new business pipelines and enhanced margins.... We look forward to the second half with strong capital ratios, prudent liquidity and with growing confidence as the UK emerges from the Covid crisis."

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