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Paragon Banking FY22 Profit Surges, Lifts Dividend; Plans Up To £50 Mln Share Buyback

Paragon Banking Group plc (PAG.L) reported Tuesday that its fiscal 2022 profit before tax increased 95.6 percent to 417.9 million pounds from last year's 213.7 million pounds.

Earnings per share were up 98.2 percent to 129.2 pence from 65.2 pence last year.

Underlying earnings per share were 69.9 pence, compared to 59.3 pence a year ago.

Total operating income grew to 393.0 million pounds from last year's 324.9 million pounds. Net interest income was 371.2 million pounds, up from 310.5 million pounds in the last year.

Further, the company announced total dividend of 28.6 pence per share, up 9.6 percent, reflecting smoothing of pandemic catch-ups in 2021.

The Board also decided that it was appropriate to authorise a further buy-back programme of up to 50.0 million pounds for the 2023 financial year. This will commence shortly after the announcement of the Group's 2022 year end results.

Looking ahead, Nigel Terrington, Chief Executive, said, "Our cautious risk appetite, high quality loan book and extensive through-the-cycle experience ensure we are well positioned as we head into 2023 and are fully prepared to support our customers' needs."

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