Bradford-based credit lender Provident Financial has delivered an increase in profits as it continues to emerge from a turbulent period.

And it is set to reward shareholders with a 150 per cent increase in the total dividend.

​Today, the firm revealed that adjusted pre-tax profit rose 1.6 per cent to £162.6m in 2019 as the business continues to adapt to what it described as "the evolving regulatory environment" and its successful defence against the hostile bid from rival Non-Standard Finance.

The group's board proposes a final dividend of 16.0p per share – a 150 per cent increase in the total dividend in 2019.

Malcolm Le May, Group Chief Executive, said: "I am pleased with both the group’s operational and financial performance in 2019 and the momentum behind our strategic initiatives as we enter 2020. We have delivered an increase in profits as we have continued to adapt our businesses and culture to changing customer needs and the evolving regulatory environment.

"As a result of our good progress and the group’s strong funding and capital positions, the Board proposes a final dividend of 16.0p per share, which represents a 150% increase in the total dividend in 2019 and a dividend cover of 1.9 times as we progress towards our dividend cover target of at least 1.4 times.

"All of our businesses have progressively tightened underwriting over the last two years and we have built good momentum entering 2020 as we continue to adapt the group to the evolving regulatory landscape and to meet our customers’ needs. We are making good progress towards the medium-term financial targets set out at our Capital Markets Day in November.”