Positive start for Together as loan portfolio reaches £ 4.2bn

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Together Financial Services increased its loan portfolio to £ 4.2 billion after another strong performance.

The Cheadle-based group said its loan portfolio was up 5.7% for the quarter at the end of September.

This was largely lower than the increase in average monthly lending of 21.9% from the previous quarter to £ 179million, with mountings in September surpassing pre-pandemic levels at £ 202million.

In the quarter, the group’s underlying pre-tax profits rose 14.5% to £ 38.8million from £ 33.9million in the fourth quarter.

Together has also increased the diversity, liquidity and maturity of its funding, raising or refinancing more than £ 1.4 billion since June 2021.

Cash generation remained strong, with inflows of £ 420.8m, up 11.5%.

Gerald Grimes, CEO of Together Designated Group, said Together has “maintained the positive momentum of the past year”.

He said: “After a strong recovery over the summer, UK economic growth slowed in the quarter through September 30, as Covid-19 support programs were withdrawn, although the outlook remains largely positive.

“While we have seen a spike in inflation and some commentators expect interest rates to rise from current record lows, we are also seeing signs of a pickup in consumption.

“As we shape our business for an exciting future, we continue to believe that Together is well positioned to help a growing number of customers achieve their ambitions and play our role in supporting the UK’s economic recovery. “


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