Cheadle lender reports ‘robust performance’ in last three months of 2020

Cheadle based lender, Together, has reported its results for the three months to December 2020, with the firm optimistic for the future.

After providing mortgage-payment deferrals to over 7,800 customers, Together has reported in its latest results that the business remains profitable and that 82% of those who had paused payments due to the pandemic were now making repayments in full once more.

The firm reported being in a strong position, with pre-tax profits rising to £38.2 million. Average monthly lending also rose during the final quarter of 2020 to £74.4 million. Following a bond issuance in January of £500 million, Together has been able to extend its funding headroom.

Gerald Grimes, Group CEO Designate at the Cheadle lender, said:

“Together delivered another robust performance in the quarter to 31 December, as we remained focused on supporting our customers, protecting our colleagues and shaping our business for the future.”

The firm also reiterated its commitments to modernisation and digitisation that are ongoing in the business. Gerald Grimes added:

While we expect economic conditions to remain uncertain for some time, with strong levels of capital and liquidity and our modernisation and transformation programmes underway, we believe the Group is well positioned to take advantage of future market opportunities and to play our part in supporting the UK’s economic recovery.”