Paragon Banking Group Plc. (PAG.L), in its third-quarter trading update, said that it continues to deliver strong performance, with volumes, margins and costs in line with its expectations. The company re-confirmed all elements of its guidance for the full year.
The company noted that buy-to-let application flows remain strong, resulting in the pipeline increasing slightly during the quarter, at 888.5 million pounds, and significantly higher than the 594.6 million pounds at September 2023.
Redemption levels remain at historically low levels and in line with management expectations. Buy-to-let redemptions increased slightly in third quarter.
The combination of new lending levels and strong customer retention has resulted in the net loan book increasing by 5.0% year-on-year, to 15.4 billion pounds.
The Group's net interest margin remained strong and the guidance for the full year of over 310 basis points is reconfirmed.
Paragon noted that it will release its full year results for the 12 months to 30 September 2024 on 3 December 2024.
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