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Paragon reports 34.8% increase in pre-tax profits

Buy-to-let lender Paragon has reported a 34.8 per cent increase in pre-tax profits to £39.5m in the first half of 2011, up from £29.3m in the first six months of 2010.

The lender has advanced £50.2m to customers since returning to new lending in September last year after a two and a half year lending sabbatical, with £94.7m in the pipeline.

Its arrears rate stands at 0.75 per cent, down from 1.17 per cent in the first six months of last year.

The lender has cash reserves of £179.7m compared to £128.1m in the first six months of 2010.

Director of mortgages John Heron says: “The performance of the buy-to-let portfolio continues to be exemplary, with strong customer retention and low arrears levels combining to deliver excellent revenues and profits for the period.

“Arrears across Paragon’s £8.2bn of buy-to-let loan assets continues to fall and at 0.75 per cent, including receiver of rent cases, is outperforming both market peers and the wider mortgage sector.”


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