Together loan book grows to £4.2bn

Together’s loan book has reached £4.2bn in the quarter to 30th September, a 5.4% increase compared to the previous three months.

Average monthly lending rose to £179m in the quarter, a 21.9% rise on the previous quarter (£146.9m) and a 310.6% uptick from the £43.6m registered in the same period the year before.

In September, the lender saw loan originations exceed £202m, rising above pre-pandemic levels.

Overall, its underlying profit before tax was up to £38.8m, 15.1% higher than the previous quarter (£33.7m). 

Weighted average origination LTVs remained conservative at 60.1%, slightly lower than 61.2% in the prior three months.

Commenting on the results, Gerald Grimes, group CEO designate at Together (pictured above), said: “Together has maintained the positive momentum from last year with another strong performance in the quarter to 30th September 2021.

“Following a strong recovery over the summer, UK economic growth slowed during the quarter to 30th September as Covid-19 support schemes were withdrawn — although the outlook remains broadly positive. 

“While we have seen a spike in inflation, and some commentators are forecasting that interest rates will rise from the current record lows, we are also seeing signs of a consumer recovery. 

“As we shape our business for an exciting future, we continue to believe that Together is well placed to help increasing numbers of customers to realise their ambitions and to play our part in supporting the UK’s economic recovery.”

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