LONDON (dpa-AFX) - Paragon Banking Group plc (PAG.L), on Tuesday, issued Q3 trading update, and said it expects to report results for the year in line with expectations.
The company noted that it continues to deliver strong performance, with volumes, margins and costs in line with its expectations. Also, the company re-confirmed its guidance for the full year.
Nigel Terrington, Chief Executive, said, 'The Group has delivered another strong trading performance with robust new business flows, strong customer retention and good margins. We expect to deliver results for the year in line with expectations. This has been achieved despite continuing volatility in the financial markets and higher interest rates.'
The Group's retail savings balances continued to grow in the quarter, standing at over £12.3 billion at the quarter end, up 21.6% year-on-year. The predominantly fixed term, FSCS protected, deposit book provides a stable and reliable basis of funding for the business.
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