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A focus on electric vehicles helped Paragon Bank’s Motor Finance first half business increase underlying profits by 22.2% to £128.9m on lending up 13.9% to £86.2m.
The growth in lending outstripped broader industry performance, with FLA numbers showing a 3% decline in car finance.
Paragon’s Motor Finance division has focused on building its lending in the electric vehicle market, as well as the leisure vehicle sector.
Julian Rance, Paragon Bank Motor Finance MD, said: “I am pleased to report strong growth in a market that stagnated during the period.
This growth is testament to our strategy of focusing on niche areas of the market, including electric vehicles and the leisure sector, such as motor homes.”
Total new lending across Paragon’s divisions increased by 6.9% during the first half to £1.59bn, driving a 4.6% year-on-year growth in the total loan book to £14.6bn