Together sees loan book hit £4.8bn

Together has revealed its loan book has reached a record of £4.8bn in the quarter ended March 31st.

This is an 8% increase compared to the previous quarter, and 21.5% higher than the results recorded in the same quarter last year.

The group’s average monthly loan originations saw a 17.4% quarterly increase to £234.7m, with record levels registered in February and March.

Weighted average origination and indexed LTVs remained conservative at 60.3% and 51.7%, respectively.

However, the group’s underlying profit before tax was down 4% to £41.3m compared to £43m in the previous quarter, due primarily to certain debt facility refinancing costs incurred and expenses related to the ongoing review of the strategic options for the business.

The lender also saw a 10.1% decrease in cash generation compared to the previous quarter, with cash receipts of £456m in the three months ended March 31st — according to

Together, the decrease in cash generation is due primarily to some specific, higher redemptions in the prior quarter in its bridging loan book.

Gerald Grimes, group CEO designate at Together, said: “We continued to shape our business for the future, delivering further improvements to our systems and to the experience for our customers and intermediaries.

“The UK’s economic outlook has become more uncertain, as global supply chain disruption and increasing energy and non-energy inflation, intensified by the war in Ukraine, have led to a tightening of monetary policy and rising interest rates. 

“Despite the economic uncertainty, with a strong track record, a clear purpose and strong diversified funding, Together remains well placed to help increasing numbers of customers realise their ambitions and to play our part in supporting the UK economy.”

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