PROVIDENT Financial, the money lending firm, revealed a 17 per cent increase in pre-tax profits to £72.9m yesterday due to a surge in people using its low-limit credit cards.
The jump was led by its Vanquis Bank business, which increased pre-tax profits by 60 per cent to £28.2m.
Chief exec Peter Crook told City A.M.: “It’s a part of the market where really we’re the only active players. High street banks have retreated and we’re enjoying a period where we haven’t got a huge amount of competition.”
Full price for the risks we take. A lot of banks don’t want credit cards out there at high rates.”