Paragon Banking Group Q3 Performance In Line With Board's View

Paragon Banking Group plc (PAG.L), on Wednesday, issued trading update for the period from 1 October 2021 to 30 June 2022, and reported strong performance over the quarter in line with the Board's expectations with continued momentum in lending volumes, improved margins and an exemplary credit performance.

Further, the company re-confirmed its guidance for the fiscal year 2022. The company still expects mortgage lending advances to be over £1.8 billion, commercial lending advances of over £1.2 billion, and NIM increase of 20bp.

Nigel Terrington, Chief Executive, said, "Paragon has delivered another strong performance, with continued momentum in new business flows and improving margins driving robust revenue growth, whilst maintaining a tight cost focus. With strong levels of capital and an exemplary credit performance, we are well positioned to deal with any economic weakness that emerges. We continue to deliver against our strategy to the benefit of all our stakeholders and are particularly excited about the benefits our digitalisation programme will create."

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