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Paragon Banking Grp (PAG)

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Wednesday 20 March, 2019

Paragon Banking Grp

IFRS 9 Transition Report

RNS Number : 3538T
Paragon Banking Group PLC
20 March 2019
 

Under stock exchange embargo until 7.00am Wednesday 20 March 2019

 

IFRS 9 Transition Report

 

Paragon Banking Group PLC ('Paragon' or the 'Group'), has today published its IFRS 9 transition report, giving details of the impact on its balance sheet and capital position of the adoption of IFRS 9 'Financial Instruments', which principally affects its accounting for loan impairments.

To view the transition report, please follow the link below:

http://www.rns-pdf.londonstockexchange.com/rns/3538T_1-2019-3-19.pdf

As previously disclosed in the financial statements of the Group for the year ended 30 September 2018, the transition to IFRS 9 will result in an increase in impairment provision of approximately £27 million at 1 October 2018.  The principal impacts on its balance sheet and capital ratios are set out below:

1 October 2018

IAS 39
£m

IFRS 9
£m

Change
£m

Change

%

Loans to customers

 

 

 

 

Mortgages

10,473.5

10,449.5

(24.0)

(0.2)%

Commercial Lending

1,133.2

1,131.3

(1.9)

(0.2)%

Idem Capital

521.1

519.8

(1.3)

(0.3)%

Total

12,127.8

12,100.6

(27.2)

(0.2)%

 

 

 

 

 

Equity

1,095.9

1,073.9

(22.0)

(2.0)%

 

 

 

 

 

CET 1 Ratio

13.8%

13.5%

(0.3%)

 

Total Capital Ratio

16.2%

15.8%

(0.4%)

 

UK Leverage Ratio

6.4%

6.3%

(0.1%)

 

 

Capital ratios set out above are calculated on a fully loaded basis.  The change in capital ratios after relief is minimal.

The Group will adopt the impairment requirements of IFRS 9 in the preparation of its half yearly financial report for the six months ending 31 March 2019, will be published on Wednesday 22 May 2019.

 

 

For further information, please contact:

Paragon Banking Group PLC

 

Richard Woodman, Chief Financial Officer

 

 

 

Tel: 020 7786 8455 / 020 7786 8494

 

 


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