UK lender Paragon reports 10 percent rise in first-half profit

LONDON, May 19 (Reuters) - British buy-to-let mortgage lender Paragon (Xetra: 555869 - news) reported a 10 percent increase in first-half profit and said its recently launched bank was on track to break even next year.

Paragon made a profit before one-off items of 63.9 million pounds ($100 million) in the six months to the end of March, up from 57.9 million the year before. The company is paying an interim dividend of 3.6 pence per share, up 20 percent. ($1 = 0.6387 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)