Together grows loan book to £6.8bn

Together posted a profit of £47.7m in the quarter to December 31st 2023, as its loan book increased to £6.8bn.

The group reached an average monthly lending figure of £233m – up 9.7% on the same quarter the previous year.

In its latest results, Together revealed a “strong and sustainable financial performance,” with underlying profit before tax up 84.8% on the same period the previous year.

Mike McTighe, group chairman at Together, said: “Together achieved another strong set of results in the quarter to 31 December, reflecting the sustainability of our business model and the commitment and dedication of our team.

“We maintained a controlled growth in lending at attractive margins and delivered increased net interest income, profit before tax and cash receipts.

“We also continued to diversify our funding, raising or refinancing over £1.1bn of facilities and achieving a rating upgrade to ‘BB’ from Fitch during the quarter.”

During the period the group achieved CCA Global Accreditation for excellence in customer services and launched a retention product to support existing customers.

This month, Together launched its first above the line TV campaign to mark its 50th anniversary, ‘Opening Doors Since 1974.’

David Broadbent joined the business as personal finance CEO, following Pete Ball’s resignation, and will take up his new position from next month subject to regulatory approval.

McTighe added: “Looking ahead, while inflation has continued to fall, GDP growth is forecast to remain subdued and interest rates to remain higher for longer.

“Despite the prevailing economic uncertainties, as we enter our 50th year in business we remain cautiously optimistic about the future and will continue to help our customers realise their ambitions and play our part in supporting the UK economy.”