Paragon Banking Group PLC doubled interim profit to £110.6m due to lower fair value reversals and rising savings/lending rates.

Paragon Banking Group PLC, a UK financial services firm, doubled its interim profit to £110.6m for the six months to March 31, mainly due to lower fair value reversals and rising savings and lending rates. The bank plans to extend its £50m share buyback and raised its interim dividend 20% to 13.20p per share. The net loan book grew by 4% YoY to £13.1bn, while new buy-to-let mortgage lending fell 36.2% to £0.65bn.