Paragon’s annual results reveal their commercial lending division led new business growth for the banking group over the past year.
The commercial lending division includes development finance, SME lending, structured lending and motor finance.
The firm reported a 36% increase in new lending volumes to £968m and a 28% expansion in the loan book to £1.45bn.
Overall underlying profits for the group increased by 5% to £164m for the 12 months to 30 September 2019, up from £157m in 2018.
Dave Newcombe, managing director of commercial lending at Paragon said: “Strong growth in Paragon’s lending, particularly to UK SMEs, is truly reflective of our commitment to support British businesses, helping them to grow and achieve their ambitions.”
