Profits rise at Provident Financial

PROVIDENT Financial has seen its half year profits rise after recording a “strong” trading performance.

Provident Financial has issued its interim results for the six months ended June 30 2015. First half adjusted profit before tax was up 34.5 per cent to £126.6m. The company’s first half statutory profit before tax rose by 23.3 per cent to £111.1m.

Peter Crook, the chief executive, commented: “Vanquis Bank has further developed its presence in the under-served, non-standard credit card market and delivered first half UK profits growth of 29.6 per cent.

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CCD has delivered increased first half profits, reflecting the successful repositioning of the home credit business as a leaner, better-quality business focused on returns rather than growth. This result is after stepping up the investment in the Satsuma online instalment lending business which is developing rapidly and represents a substantial market opportunity.

“The progress of the Moneybarn acquisition is very encouraging with growth in new business volumes and profits running ahead of our internal plans.

“In view of this strong trading performance, I am pleased to announce a 15.0 per cent increase in the interim dividend which is fully supported by adjusted earnings per share growth of 29.9%, strong capital generation and an extremely robust funding position.”

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