A Greater Manchester-based lender has reported "robust" results for the second quarter - with average monthly lending up by over 70%.
Cheadle firm Together on Thursday announced results for the quarter to December 31, with average monthly lending of £74.4m per month during the period, up 70.6% on the three months to September 30.
The firm, established in 1974, reported "strong" profits and cash flow, with underlying profit before tax rising to £38.2m, up 11.8% on the previous quarter and up 4.7% on the same quarter last year.
Cash receipts were up 14.1% on the previous quarter and in line with the same period last year at £430.6m, the firm said.
Group CEO designate Gerald Grimes, said that with strong levels of liquidity and capital, the firm “remained focused on supporting our customers and shaping our business for the future”.
He added that the Group was “well positioned to take advantage of future market opportunities and to play our part in supporting the UK's economic recovery.”
It comes after the successful issuance of a £500m bond in January - the first sterling corporate bond issuance since Brexit. Together said it has now undrawn funding headroom of over £1bn to support new lending.
Marc Goldberg, commercial finance CEO, said: “This is another really strong performance, driven by our focus on helping our customers to achieve their ambitions and the motivation, dedication and hard work of all of our colleagues.”
Pete Ball, personal finance CEO, added: “While the economy may be challenging for some time, with significant funding and our modernisation and transformation programmes underway, we are in good place to further improve experiences for our customers, intermediaries and colleagues.”
