Bradford-based Provident Financial's results 'in line with plans'

The Bradford-based firm said all three divisions produced good business volumes and a stable impairment performance.

It will use a Capital Markets Day to outline the group’s clear vision for the future, including growth initiatives and medium term financial commitments.

Malcolm Le May, Group Chief Executive Officer, said: “I am pleased to report third quarter performance in line with internal plans, with continuing good momentum in new customer volumes and stable delinquency. The ongoing improvement in performance leaves the group well placed as we enter the important fourth quarter trading period.

"I am also delighted that we will be presenting our medium-term strategic vision for Provident at today’s Capital Markets Day. We believe our plans will ensure that the group continues to be the market leader in the provision of credit products to the under-served."

"We are well placed to meet changing customer needs, respond to the evolving regulatory environment whilst at the same time delivering attractive and sustainable returns for shareholders.”

Vanquis Bank customer numbers ended the third quarter at 1,811,000, 2% higher than last year. Customer numbers are expected to reduce in the fourth quarter due to de-activation of dormant accounts but this is not expected to have an impact on Vanquis Bank’s result for the year.

Moneybarn has again delivered strong new customer volumes and receivables growth during the third quarter. New business volumes showed year-on-year growth of approximately 36%, ahead of management’s plans. As a result, customer numbers at the end of September 2019 stood at 73,000, up 24% on September 2018.

CCD, which comprises the group’s home credit business, Provident, and the digital loans business, Satsuma, has delivered results broadly in line with internal plans during the third quarter. The company says the ongoing turnaround of the home credit business continues to progress well.