Paragon posts record profits and awaits banking license

Consumer finance group Paragon has posted bumper profits in its preliminary results for the year ended 30 September. Profit before tax jumped by 10.4 per cent to £105m while operating income rose by 4.5 per cent to £177.9m.

The company saw a growth in buy-to-let loans of 90.5 per cent to £359.8m while £93m was invested in consumer loan portfolios. The group believes the good progress made by its banking license application and plans for a return to consumer finance lending place the company is a strong position for further growth.

Commenting on today's results, chief executive, Nigel Terrington, said:

The Group's actions to increase its warehouse facilities, its successful securitisations and the new retail bond programme all combine to provide substantial capacity to support further growth in our existing business areas.