Bridging
Together sees ‘strong’ Q1 as lending rises 28 per cent
Together said “strong” new lending over the past year has driven its loan book to a high of £3.9bn for the three months ended 30 September 2019.
The lender generated originations of £2.1bn over the last 12 months, at average loan to values (LTV) of 58 per cent.
Together’s new lending during the period averaged at £176.2m per month, a 28.1 per cent increase on £137.5m average seen during the same period last year.
The group’s underlying profit before tax increased 13.6 per cent from £30.4m to £34.5m as the lender generated cash receipts of £437.6m.
Mike McTighe (pictured), group chairman, said: “Despite the macroeconomic uncertainty, we continue to see strong demand from our customers.
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“We believe the group remains well placed to deliver on its growth plans, underpinned by our robust asset quality, strong diversified funding base and through-the-cycle experience.”