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Paragon Banking applies payment deferrals to around 21% of loan balances

By BFN News | 07:09 AM | Friday 31 July, 2020


Specialist lender Paragon Banking said payment deferrals had been applied to just under 21% of its loan balances owing to the Covid-19 crisis. Of that 21%, 75% of them had not requested any further support, the company said in a trading update for the nine months through June. 'However, the position remains a dynamic one with customers having the option to request a payment deferral up until the end of October,' Paragon Banking said. 'The group continues to liaise closely with customers who have sought an extension to better understand their circumstances and future intentions.' The company said that the range of economic scenarios it disclosed at the half year remained appropriate and therefore no additional overlays had been required for provisioning during the third quarter. 'The group has not experienced any significant credit losses or made any material specific provisions during the quarter,' it added. Advances in the financial year to date, including mortgage advances and commercial advances, were down 13% to £1.65bn. Paragon Banking said a recovery in new business flows following the Covid-19 lockdown had been encouraging. 'Despite the ongoing macro uncertainties as a result of Covid-19 there are some encouraging signs of recovery in the economy and in the markets in which the group trades,' it said. 'However, it is still early in this stage of the pandemic crisis and uncertainty will remain for some time to come.' Story provided by StockMarketWire.com

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