Solihull bank posts record half-year profits

Soluhull-based Paragon Banking has posted record profits for its six months to the end of March.

The company has posted an underlying surplus of £82.9m – up almost 45% from its 2020 half year figures.

Nigel Terrington, chief executive of Paragon, said: “I am incredibly proud of these results. They reflect the hard work of our people during a challenging period as well as the success of our longstanding strategy to build a technology-enabled specialist banking group. We have delivered record half-year profits and go into the second half of 2021 with strong momentum, healthy new business pipelines and enhanced margins.

Our people continue to excel, maintaining both productivity and flexibility as we look to develop options for the future operating model of the Group. We look forward to the second half with strong capital ratios, prudent liquidity and with growing confidence as the UK emerges from the Covid crisis.”