Together Financial Services saw its loan book grow to £4.2bn in the quarter ended September 30, 2021, up 5.7% compared on the £4.0bn seen at September 30, 2020, and 5.4% compared with the £4.0bn at June 30, 2021.
Average monthly loan originations stood at £179.0m, up a whopping 310.6% in the quarter compared with £43.6m in Q1‘21 and up 21.9% when compared with £146.9m in Q4‘21 as the Group continued to increase lending volume.
September 2021 loan originations exceeded £202m, rising above pre-pandemic levels while weighted average origination LTVs remain conservative at 60.1%.
Gerald Grimes, Group CEO Designate of Together, said: “Together has maintained the positive momentum from last year with another strong performance in the quarter to 30 September 2021.
“Average monthly lending was up 21.9% on the previous quarter at £179m, with originations in September rising above pre-pandemic levels to £202m. This resulted in the loan book increasing by 5.4% to end the quarter at £4.2bn.
“In parallel, we have further increased the diversity, liquidity and maturity of our funding, raising or refinancing over £1.4bn since June 2021.
“Most recently, we refinanced the Senior PIK toggle notes and issued an additional £120m of our 2026 bonds, in a transaction that was upsized by £20m, underlying the quality of our loan book and the strong levels of investor support for Together.
“Following a strong recovery over the summer, UK economic growth slowed during the quarter to 30 September as Covid-19 support schemes were withdrawn, although the outlook remains broadly positive.
“While we have seen a spike in inflation and some commentators are forecasting that interest rates will rise from the current record lows, we are also seeing signs of a consumer recovery.
“As we shape our business for an exciting future, we continue to believe that Together is well placed to help increasing numbers of customers to realise their ambitions and to play our part in supporting the UK’s economic recovery.”
Earlier this month Together completed a £120m notes issuance. You can read more here.
