paragon banking group plc on friday said firstquarter new lending increased 22 on year and raised its net interest margin growth guidance for fiscal 2023 the specialist uk propertyandbusiness lender said total new lending for the three months to dec 31 was 8617 million pounds 107 billion from gbp7080 million in the same quarter the previous year new buytolet mortgage advances increased to gbp5911 million from gbp4085 million a year earlier it said the buytolet pipeline was hit by the disruptions from the shortlived uk government mini budget in october and decreased to gbp748 million for the period from gbp103 billion the company said secondquarter completions are expected to be below the first quarter levels but since the market stabilized it has seen encouraging new business flows it added the group increased its net interest margin growth guidance by 5 basis points to 25 basis points for the year it kept its guidance for new business flows operating costs and return on tangible equity unchanged the economic backdrop remains uncertain but our financial year has started well with good loan book growth and net interest margins running at levels above expectations said chief executive nigel terrington