Sponsored by
Provident Financial sees full-year growth
Sub-prime lender Provident Financial said it would deliver further profitable growth this year thanks to cautious lending during the economic downturn and the collapse of rivals.
The Bradford-based company, which lends small sums to borrowers who cannot get credit from mainstream banks, said on Friday that the "sound overall condition" of its loan book meant the company was well positioned ahead of the busy Christmas season.
"As we enter the peak trading period, we are well placed to deliver further profitable growth for 2009," said chief executive Peter Crook in a statement.
The group said it had deliberately slowed the rate of new customer growth in 2009 in its Consumer Credit Division and said customer numbers were around 4 percent higher than the same period in 2008.
It added only around 17 percent of card applications were being accepted at its Vanquis Bank.
Provident Financial said its senior bond launched in October and tender offer had raised additional facilities of around 160 million and said it was sufficient to fund the group's organic growth plans into 2011.
The company said its focus on lending small sums of money to consumers with low debt levels had also increased its resilience but cautioned it saw no prospect of a quick economic rebound.
"The group's current planning assumes that there will be no material improvement in the rate of increase in unemployment until next Spring, and that a cautious approach to new lending will remain in place until then," the company said.
Email to a friend
Print this page- Leeds lose Ward to Palace: Is there anyone they can afford now?
- Sheffield Wednesday leaving it late to hijack Leeds United over Ward
- As Snodgrass dithers over Leeds, Warnock throws a lifeline
- Ball is in Leeds United’s court over contract - Snodgrass
- Police turning blind eye to Asian voter fraud, says MP
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Friday 25 May 2012
Today
Sunny
Temperature: 10 C to 23 C
Wind Speed: 20 mph
Wind direction: East
Tomorrow
Sunny
Temperature: 8 C to 20 C
Wind Speed: 16 mph
Wind direction: East
