It also makes a quarterly profit of over £47 million
Non-bank lender Together Financial Services has reported another strong performance in the quarter to September 30, significantly growing its loan book to £6.6 billion.
Group net loan book increased by 16.3% compared to the same period of the previous year and was also up by 3.1% on the previous quarter, while average monthly lending was down 22.9% annually but increased by 2.3% compared with that of the prior quarter.
The group’s underlying profit before tax grew by 36.2% to £47.3 million annually but was down 23.7% quarterly due to higher charges relating to impairment, a discretionary staff bonus accrual and temporary fair value movements.
The Cheadle-based property lender, in its financial results announcement, said it continued to strengthen and diversify its funding, raising or refinancing around £1 billion of facilities and ending the quarter with £1.2 billion of funding headroom.
“The UK economy continues to face headwinds, with GDP growth forecast to remain subdued as interest rates remain higher well into 2024,” stated Gerald Grimes (pictured), group chief executive designate at Together. “Against this backdrop, many more customers may find themselves underserved and look to specialist lenders for support.
“With a clear purpose, a proven and well-funded business model and a successful multicycle track record, Together will be there to help customers solve problems and realise opportunities, as we have been for the last 50 years.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
