Together also saw a slight increase in originations on the previous quarter, with the group’s average monthly lending hitting £223.5m — up 2.3% on the quarter to June 30th.
Payment arrears remained “below pre-pandemic levels” although in line with the wider industry the group is seeing a gradual increase and will continue to monitor this carefully, a Together spokesperson stated.
- The Finance Professional Show 2023: The Video
- Autumn Statement 2023: Self-employed brokers 'will be pleased' about chancellor's tax cuts
- Autumn Statement 2023: The key points
The group also saw an underlying profit before tax (UPBT) of £47.3m, an increase of 36% on the previous quarters.
However, this represented a 24% fall on the same period in the previous year, which Together attributes to non-cash accounting adjustments across the two periods.
Gerald Grimes, group CEO designate at Together (pictured above), said: “The UK economy continues to face headwinds, with GDP growth forecast to remain subdued as interest rates remain higher well into 2024.
“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 past 50 years.”
Leave a comment