Paragon Banking Group's full year results reveal a 50% increase in motor finance lending.
Paragon has reported underlying profits of £145 million in its full year results for the year ended September 30.
Paragon’s total lending grew by 29% to £1.9 billion and included a 50% increase in its motor finance lending to £120m.
Motor finance balances grew by 71% to £163m and profits for Paragon’s commercial lending operations, which include motor finance, increased to £14m from £9m in 2016.
Since launch in 2014, Paragon’s motor finance team has maintained a steady focus on prime lending with a range of traditional hire purchase and lease purchase products for new and used vehicles.
This year, the team has boosted performance by further expanding its network of approved broker and dealer partners and introducing a competitive finance range for LCVs, motorhomes and caravans.
Paragon’s director of motor finance Julian Rance (pictured) 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.”