Together Q2 loan book grows nearly 14 per cent to £4.4bn – results

The group’s loan book stood at £3.9bn in December 2020 and was £4.2bn in September 2020.

The weighted average loan to value (LTV) is at 51.6 per cent,

The company said average monthly loan origination in Q2 came to £199.9m, which is up from £74.4m in Q2 2021 and up from £179m in Q1 this year.

It added that in November and December last year loan originations exceeded £200m, which is above its pre-pandemic levels.

The report added that its profit before tax in the period was £43m in Q2, an increase from £38.2m in the same period last year and up from £38.8m in Q1 2022

The report said that it expected demand for specialist lending products to “grow strongly over the medium term”.

To take advantage of the growing demand, the group said that it would improve customer experience by investing in people and digital capabilities, optimising business processes, leveraging its brand to expand distribution and addressable markets and build capacity for agility and flexibility.

Together added that it was working with advisers and shareholder to “explore a range of options in relation to our ownership structure”.

Gerald Grimes, Together’s designate group chief executive officer, said: “Although the UK economy is continuing to recover at a rapid rate, it is likely that consumers will be impacted by rising inflation, higher interest rates, and fiscal changes.

“While economists are forecasting a slowdown in economic growth in 2022, Together remains well placed to help increasing numbers of customers realise their ambitions and to play our part in supporting the UK’s economic recovery.”

The company appointed an environmental, social and governance (ESG) consultancy in September to develop an ESG strategy that was being reviewed and prioritised.

It added that it had formalised its diversity and inclusion strategy and signed up to the Women in Finance Strategy.