Provident Financial expects to meet market expectations

PROVIDENT Financial today revealed that it expected to report results for 2012 in line with market expectations.

In a trading update, the Bradford-based company said that “continued outperformance” at Vanquis Bank was compensating for relatively subdued demand for credit in the Consumer Credit Division (CCD).

Provident Financial issued the update on trading for the financial year ended December 31 2012, ahead of its preliminary results for the year, which will be announced on February 26 2013.

Hide Ad
Hide Ad

In the statement, Provident Financial said that Vanquis Bank had generated strong growth and margins throughout the fourth quarter.

The statement added: “Demand remains strong with no discernible impact from competition and the business has continued to invest heavily in its customer acquisition programme. As a result, UK customer numbers ended the year at 899,000, 30 per cent higher than last year, and average receivables growth for the year was approximately 37 per cent.”

Commenting on the final quarter of the year, Peter Crook, the chief executive, said: “I am pleased to report that the group has traded well through the fourth quarter of 2012 and expects to report results in line with market expectations.

“Both businesses enter 2013 with sound credit quality and the group’s funding position remains very strong.”