"Sustained momentum": Vanquis records increase in credit card customers and use of Snoop money management app
Bradford-based Vanquis Banking Group has recorded an increase in credit card users and customers using its Snoop money management app.
The company, which specialises in customers who struggle to get credit from mainstream lenders, said it now has 1.37m credit card customers while active users of the Snoop app grew seven per cent year-on-year to 344,000, including 44,000 Vanquis customers.
The app allows users to track spending across different bank accounts, set budgets and get money-saving tips.
A Vanquis spokesperson said: “Snoop continues to enhance customer engagement through money management tools and provides an additional source of funding through its savings proposition.”
Vanquis published its first quarter results for 2026 showing gross customer interest earning balances grew 4 per cent in the quarter and 27 per cent year-on-year to £2,932m.
Its results said: “Credit card balances increased for the fourth consecutive quarter, driven by higher utilisation, strong retention and continued new customer growth. As expected, growth was lower than in 2025.”
Ian McLaughlin, Chief Executive Officer, said: "In the first quarter of 2026, we continued to build scale, with gross customer interest-earning balances increasing 4 per cent.
"Margins remained resilient, with the trajectory in line with our expectations, and the group delivered a statutory profit, demonstrating sustained momentum.
"We remain on track to deliver a low double-digit statutory Return on Tangible Equity (ROTE) for the full year.
"The benefits of our transformation are increasingly evident in our performance, efficiency and customer proposition. We continue to maintain strong cost discipline, while Gateway, our technology modernisation programme, remains on course for completion in 2026.
"Credit quality remains strong, with customers continuing to demonstrate financial resilience. Against an uncertain external backdrop, we remain focused on delivering sustainable, profitable growth for all stakeholders."
Shares in the company dropped by around six per cent in early Wednesday trading.
Abid Hussain, a research analyst at Panmure Liberium, said Vanquis is “still delivering” and gave the company a ‘buy’ rating.
He said: “In-line results and strong delivery is the story once again for Vanquis. Following a significant operational recovery in 2025, the company has remained diligent, delivering a statutory profit and progress toward operational targets.
"Importantly, full year guidance has been reiterated despite the uncertain external backdrop. Impressive loan book growth, particularly in second-charge mortgages and credit cards, will continue to drive recovery in profits.”