Paragon Banking Group, one of Britain’s biggest buy-to-let lenders, has reassured the City over its prospects after posting a big rise in new lending volumes and low levels of arrears.
The group said yesterday that total advances between October 1 and June 30 were up by almost 17% year-on-year to £2.2bn, while net loans had risen by 7.2% to £14bn.
It said its portfolio was resilient despite growing fears about the wider economy. “Credit performance remains exemplary across each of the group’s portfolios with no evidence of deterioration around any of the portfolios.”
Nigel Terrington, its chief executive, added: “We’re not seeing any signs of stress at the moment, either on the book or in the lead indicators.”
