Paragon new vehicle lending up 50% to £120 million

Paragon Banking Group PLC has confirmed profits of £145 million in its full year results for the year ended 30 September 2017.

The firm’s total lending figure of £1.9 billion, included a 50% increase in its motor finance lending to £120 million. Motor finance balances on the lenders books were up by 71% to £163 million, contributing to Paragon’s commercial lending division’s profits, which increased to £14 million from £9 million in 2016. 

Paragon expanded its network of approved broker and dealer partners in 2017 and entered the finance market for LCVs, motorhomes and caravans.

 Julian Rance, Director of motor finance at Paragon said: “We’ve stepped up business over the last twelve months, deepening our relationships with existing introducers, developing our contacts with new partners and introducing finance for a broader range of assets. Our targeted approach has allowed us to focus our expertise on specialist segments where we’ve identified scope to boost competition through more thoughtful underwriting and a more flexible approach.”