Together unveils latest financial results
Together Financial Services Limited’s group loan book saw a year-on-year increase of 3.2% in the quarter to 30 September 2020, reaching £4bn.
In addition, the average monthly loan originations of £43.6m in September 2020 dropped by 75.3% between Q1 and the end of Q3.
Average loan book LTVs reduced to 52.4%, compared with 55% at the same time in 2019 and 54.9% recorded in June.
Almost a quarter (23%) of Together’s customers took a payment holiday as a result of coronavirus, however as of 5 November, only 3% continue to defer their payments.
Of the accounts who have exited payment deferrals 80% have resumed payments, 15% are making part-payments and 5% are making no payments.
Gerald Grimes, group chief executive designate of Together, said: “Together delivered a resilient performance in the quarter to 30 September, despite the ongoing challenges of COVID-19, as we continued to focus on supporting our customers, protecting our colleagues and shaping our business for the future.
“We prudently increased originations, lending £130.7m as the loan book ended the quarter at £4bn, while maintaining very conservative portfolio LTVs of 52.4%.
“The group remained robustly profitable and cash generative, with underlying profit before tax of £33.9m and cash receipts of £377.3m.
“At 6 November, the group had undrawn facility headroom of £937m and accessible liquidity of £287m.
“While we expect conditions to remain challenging for some time, as we deliver our modernisation and transformation programmes and with strong levels of capital and liquidity, we believe Together is well positioned for the future and to play our part in supporting the UK’s economic recovery.”