Provident Financial in position to deliver strong growth for year

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​CREDIT lender​ Provident Financial said it has performed well over the past three months and it is on track to deliver good growth for the year as a whole.

The Bradford-based group said ​credit quality in all three ​of its businesses is “very sound” and the group’s funding position is strong​.

Provident said its credit card operation Vanquis Bank has generated further strong growth and margins through the third quarter of the year.

Investment in its customer acquisition programme generated year-on-year customer growth of 17 per cent and average receivables growth of 32 per cent.

​The company said d​elinquency levels remained favourable through the third quarter.

​The group has started a pilot credit card operation in Poland and by the end of last month, it had 50,000 customers and a receivables book of £13.4m.

​Provident’s chief executive Peter crook said ​“excellent” momentum has been maintained through the third quarter in its ​consumer credit division as the operation becomes leaner.

He added that the division is on track to deliver full-year trading results in line with internal plans as it enters the important fourth quarter trading period, which covers Christmas.

​However it said that ​demand from existing home credit customers remains relatively subdued as customer confidence has not yet shown any sign of improvement despite the improvement in the wider UK economy.