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BRIEF-Paragon Group of Companies trading in line with expectations
July 29, 2016 / 6:21 AM / a year ago

BRIEF-Paragon Group of Companies trading in line with expectations

July 29 (Reuters) - Paragon Group Of Companies Plc

* In line with management’s expectations

* Pipeline at 30 June 2016 stood at £339.0 million compared to £350.6 million at start of quarter

* Capital ratios remain strong, with its CET1 and leverage ratios standing at 16.2% and 6.7% respectively at end of June

* There is potential for further disruption following referendum vote, although it is too early for scale of this to be determined

* Q3 pretax profit rose 9 percent to 106.3 million stg

* Trading update

* Underlying operating profits (before fair value items and acquisition related costs) were £109.9 million, 12.1% higher

* Group’s loan portfolios have maintained their strong performance in credit, profit and in cash flow

* Buy-To-Let lending for nine months to 30 June 2016 was £989.6 million, 21.2% higher

* New lending levels slowed during Q3 to £166.0 million

* Disruptions to market caused by combination of stamp duty changes and uncertainty in run up to referendum

* Redemption rate reduced in Q3 and is now trending more in line with longer term expectations.

* Expects to deliver profits for 2016 financial year in line with management’s expectations Source text for Eikon: Further company coverage:

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