Paragon Bank’s parent company, The Paragon Group of Companies, has announced today its half-year results for the period ending 31 March 2016.
It has been a busy six months for the Group, with growth across each of its three business areas, including Paragon Bank.
Our savings deposits at the end of March totalled £1.4 billion. This meant that during the first six months of the year we were able to increase our lending to customers based in the UK, either through a car finance loan, second mortgage or a buy-to-let mortgage.
We also completed the acquisition of Five Arrows Leasing in November 2015, which has now been re-branded Paragon Bank Asset Finance. This provides Paragon Bank with a strong foundation for increasing lending to small and medium sized enterprises across the UK, helping them to finance a wide range of assets from printing technology to specialist construction vehicles.
Richard Doe, Managing Director of Paragon Bank, said:
It has been a fantastic start to the year for Paragon Bank and the wider Group, with profits Group-wide increasing by 12.5%. We have seen strong levels of growth across all of the bank’s specialist lending areas and in our level of retail deposits. We go in to the second half of the year with plans to grow our business lines further and explore the wealth of opportunities in the asset finance market – our newest business area.