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2020 Annual Report and Accounts

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2020 Annual Report and Accounts Paragon Banking Group PLC 2020 Annual Report and Accounts CAUTIONARY STATEMENT Sections of this Annual Report, including but not limited to the Directors’ Report, the Strategic Report and the Directors’ Remuneration Report may contain forward-looking statements with respect to certain of the plans and current goals and expectations relating to the future financial condition, business performance and results of the Group. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. These have been made by the directors in good faith using information available up to the date on which they approved this report and the Group undertakes no obligation to update these forward-looking statements other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority). By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Group and depend upon circumstances that may or may not occur in the future that could cause actual results or events to differ materially from those expressed or implied by the forward- looking statements. There are a number of factors that could cause actual future financial conditions, business performance, results or developments to differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements and forecasts. As a result, you are cautioned not to place reliance on such forward-looking statements as a prediction of actual results or otherwise. These factors include, but are not limited to: material impacts related to foreign exchange fluctuations; macro-economic activity; the impact of outbreaks, epidemics or pandemics, such as the Covid-19 pandemic and ongoing challenges and uncertainties posed by the Covid-19 pandemic for businesses and governments around the world; potential changes in future dividend policy; changes in government policy and regulation (including the monetary, interest rate and other policies of central banks and other regulatory authorities in the principal markets in which the Group operates and the consequences thereof (including, without limitation, actions taken as a result of the Covid-19 outbreak); actions by the Group’s competitors; the UK’s exit from the EU which may result in a prolonged period of uncertainty, unstable economic conditions and market volatility, including currency fluctuations; general changes in government policy that may significantly influence investor decisions; and other risks inherent to the industries in which the Group operates. Nothing in this Annual Report should be construed as a profit forecast. PARAGON IS A SPECIALIST BANKING GROUP We help individuals and small businesses across the UK prosper and grow with a range of savings and specialist lending products. Contents Financial Highlights Corporate Governance The Accounts Results in brief How the business is controlled The financial statements of the Group and how risk is managed P5 Financial Highlights P164 D1. Financial statements P70 B1. Chair's statement on P171 D2. Notes to the accounts corporate governance P72 B2. Corporate Governance Strategic Report Statement The business and its P74 B3. Board of Directors and Appendices to performance in the year Senior Management the Annual Report P80 B4. Governance Framework Additional financial information P8 A1. Chair of the Board's P95 B5. Nomination Committee introduction P288 E1. Appendices to the P10 A2. Business model P98 B6. Audit Committee Annual Report and strategy P106 B7. Remuneration P28 A3. Chief Executive’s review Committee P31 A4. Review of the year P134 B8. Risk management Useful information P53 A5. Future prospects P145 B9. Directors’ report Additional information for P56 A6. Citizenship and P148 B10. Statement of directors’ shareholders and other users sustainability responsibilities P67 A7. Approval of P294 F1. Glossary Strategic Report P296 F2. Shareholder information Independent P298 F3. Other public reporting Auditor’s Report P299 F4. Contacts On the financial statements P152 C1. Independent auditor’s report to the members of Paragon Banking Group PLC Five year performance summary 2016 2017 2018 2019 2020 £m £m £m £m £m Underlying profit before taxation 143.8 145.2 156.5 164.4 120.0 Profit before taxation 143.2 144.8 181.5 159.0 118.4 Profit after taxation 116.0 117.2 145.8 127.4 91.3 Total loans to customers 10,737.5 11,124.1 12,127.8 12,186.1 12,631.4 Shareholders’ funds 969.5 1,009.4 1,095.9 1,108.4 1,156.0 2016 2017 2018 2019 2020 Return on tangible equity 12.9% 13.4% 16.1% 14.1% 9.7% Earnings per share - basic 40.5p 43.1p 55.9p 49.4p 36.0p - diluted 39.7p 41.9p 54.2p 48.2p 35.6p Dividend per ordinary share 13.5p 15.7p 19.4p 21.2p 14.4p The exclusions from underlying results relate principally to acquisitions in prior periods and significant asset sales in the period and the preceding period, which do not form part of the day-to-day activities of the Group and which have impacted on the reported results for the year. The calculation of return on tangible equity is shown in note 54. The derivation of underlying profit before taxation and other underlying measures is described in Appendix A. Page 4 Financial highlights Underlying profit before tax Profit before tax £120.0 million 27.0% lower (2019: £164.4 million) £118.4 million 25.5% lower (2019: £159.0 million) 200 200 181.5 156.5 164.4 159.0 143.8 145.2 143.2 144.8 150 150 120.0 118.4 100 100 £ million £ million 50 50 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Underlying basic earnings per share Basic earnings per share 36.5 pence 28.7% lower (2019: 51.2 pence) 36.0 pence 27.1% lower (2019: 49.4 pence) 60 60 55.9 51.2 48.2 49.4 43.3 43.1 40.7 40.5 40 36.5 40 36.0 pence pence 20 20 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Dividend per share Capital - CET1 ratio 14.4 pence 32.1% lower (2019: 21.2 pence) 14.3% Remains strong (2019: 13.7%) 25 25 21.2 19.4 20 20 15.7 15.9 15.9 14.4 14.3 15 13.5 15 13.8 13.7 pence 10 percent 10 5 5 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Total loans to customers Retail deposits £12.6 billion 3.7% higher (2019: £12.2 billion) £7.9 billion 22.9% higher (2019: £6.4 billion) 15 10 12.6 12.1 12.2 7.9 8 10.7 11.1 6.4 10 6 5.3 £ billion £ billion 4 3.6 5 1.9 2 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Underlying return on tangible equity Return on tangible equity 9.8% (2019: 14.6%) 9.7% (2019: 14.1%) 20 20 16.1 14.0 14.6 14.1 15 12.9 13.5 15 12.9 13.4 9.8 9.7 10 10 percent percent 5 5 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Page 5 During 2020, Paragon formed its first Equality, Diversity and Inclusion Network to support all employees and encourage a diverse range of talent. A. Strategic Report The business and its performance in the year P8 A1. Chair of the Board's introduction The year in summary P10 A2. Business model and strategy An overview of what the Group does and the significant risks to which it is exposed P28 A3. Chief Executive’s review Strategic summary of the Group’s performance and position P31 A4. Review of the year The financial and operational performance of the Group in the year P53 A5. Future prospects How the Group is placed looking forward P56 A6. Citizenship and sustainability The Group’s impact on its employees, the environment and the community, including non-financial reporting P67 A7. Approval of Strategic Report Approval of the Strategic Report The response to the pandemic has demonstrated the strength of the Group’s proposition... Fiona Clutterbuck Chair of the Board A1. Chair of the Board's introduction Dear Shareholder I find myself introducing my third report and accounts as Chair at levels across all business areas, preserving the availability of new the end of one of the most extraordinary years in the history of lending, providing access to CBILS and BBLS and continuing to the Group, and indeed in the history of the UK corporate sector offer attractively priced deposits. This was a great demonstration as a whole, and a year which demonstrated the fundamental of how we aim to fulfil our purpose – to support the ambitions of resilience of the Group. I am very proud of the way in which the people and the businesses of the UK by delivering specialist the business responded to the Covid-19 pandemic, prioritising financial services. supporting our customers, protecting our people, preserving our capital and ensuring the ongoing future value of the business. We pride ourselves on our culture and I believe that the way in which our colleagues responded to the crisis has further We have provided additional information in this report to highlighted how embedded that ethos is within the business help you understand the impact of Covid-19 on the Group’s and its people.
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