For the three months ending 30th September, gross new originations came close to the £1billion figure for the first time. And when compared with the equivalent period of trading in 2002, the number of new accounts written rose by 21% and their total value by 23%. This puts the company on track to break through the £3.5 billion new lending figure by the end of the year.
For the year to date (nine months ending 30th September 2003) igroup reported it had 106,000 accounts under management for a value of £5.25 billion.
Commenting on the results, Colin Sanders, Chief Executive Officer, said, "Our third quarter results confirm igroup's continuing appeal as a responsible provider and servicer of specialist mortgage products. The sector in which we compete as a leading player is without doubt the most dynamic and exciting part of the whole UK market. Our challenge is to ensure we remain, or become, a first choice provider for many of the excellent and efficient introducers working hard to satisfy continuing consumer demand. To do this we must evolve our business to make sure our products and services remain fresh and appealing. Importantly, we must also ensure they meet and exceed the expectations of an industry and public ever more demanding of high business and regulatory compliance standards. We ignore this at our peril. Quite simply, therefore, standing still is not an option. And those who currently work with us know it is not the igroup way. We expect our full year results and those for 2004 to reflect this."
