View more on these topics

Paragon reveals £30m profit

The Paragon Group has revealed pre-tax profits of more than £30m over the last quarter.

Paragon’s latest statement has revealed profits of £30.2 million. Pre-tax profits included of an “exceptional profit” of £4.6 million on the purchase of group securitised bonds over the last quarter.

The group, which includes Paragon Mortgages, says the proportion of its buy-to-let portfolio three months or more in arrears improved slightly to 1.71 per cent, compared to 1.74 percent in the last quarter.

The buy-to-let lender says the impact of the funding shortage on the availability of competitor products, combined with its customer retention programme has served to keep the level of redemptions low.

Paragon has purchased £23.2m nominal value of A-rated, AA-rated and AAA-rated securities at a total cost of £11.7m, creating a profit of £11.5m over the last six months.

Paragon chief executive Nigel Terrington says: “We remain financially strong and, as has been demonstrated in recent months, and continue to manage our portfolio carefully in the weakened economic environment.

“The group continues to work on a range of income generating initiatives through additional services to landlords, third party administration, portfolio acquisitions and debt purchase.”


British GDP worse than expected

The contraction in British GDP in the second quarter of 2009 was worse than expected, according to figures from the Office for National Statistics.GDP fell 0.8% over the second quarter compared with a 2.4% contraction in the first three months of the year.Although a slower rate of contraction, there was little upside as the latest […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm