LONDON (dpa-AFX) - Paragon Banking Group PLC (PAG.L) on Wednesday reported an increase in earnings for the first half, helped by improved net interest income and a narrower fair value net loss. In addition, the lender has increased its share repurchase program to up to 100 million pounds from up to 50 million pounds.
For the six-month period to March 31, the company posted profit before tax of 140.1 million pounds, higher than 110.6 million pounds in the same period last year. Excluding items, pre-tax income increased to 149.4 million pounds from 146.3 million pounds in 2024.
Net profit stood at 100.8 million pounds, or 48.2 pence per share, as against 81.9 million pounds, or 36.9 pence per share, a year ago. Underlying earnings were 110 million pounds, compared with 106.4 million pounds a year ago.
Net fair value loss moved down to 2.8 million pounds from the previous year's loss of 35.7 million pounds. Total operating income was 254 million pounds, up from last year's 246.6 million pounds.
Net interest income increased to 247.9 million pounds from the prior year's 239.9 million pounds. Net Interest Margin, or NIM, was 3.13%, less than 3.19% a year ago.
Total new loans were 1.380 billion pounds, compared with 1.239 billion pounds last year.
The company will pay an interim dividend of 13.6 pence per share on July 25 to shareholders on the register as of July 4.
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