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Shares in Vanquis Banking Group soared on Tuesday morning after the bank confirmed that it returned to profit in the third quarter.
Provident Financial announced solid growth in line with market expectations for the first half of the year and is set to recommend an interim dividend of 5p per share. The specialist banking group’s continuing profit before tax was at £54.3m compared to £63.5m in the first half of 2021 which the company said showed growth [...]
Lender Provident Financial reported swelling losses today as costs ballooned for the wind-down of its doorstep lending unit.. Provident said statutory pretax loss totalled £44.2m in the six months ending 30 June, compared to £28.1m the previous year. Away from its consumer credit division (CCD) however Provident saw adjusted profit jump a hefty from £4.9m [...]
The City watchdog has hit out at Provident Financial over plans to cap compensation for customers of its failed doorstep lending arm, but said it would not oppose the lender in court. Provident has set aside £50m under a so-called scheme of arrangement to reimburse customers who were mis-sold loans by its home credit unit. [...]
Royal Mail and ITV look to be strong contenders for promotion to the index of the UK’s 100 biggest public companies during next month’s FTSE reshuffle. ITV, which has been boosted by the return of ad revenue, is considered a strong outsider to inch back into the top flight, according to analysis from Hargreaves Lansdown. [...]
Troubled sub-prime lender Provident Financial today confirmed plans to shutter its doorstep lending arm as it reported a hefty loss for the full year. The Bradford-based company said it was withdrawing from the home credit market after 141 years, adding that it has begun a consultation process for 2,100 employees. “In light of the changing [...]
Provident Financial today said it was undecided over whether to shut its doorstep lending business following media reports that the company was planning to close the unit. The company, which has been trying for years to turn around the division after a mishandled restructuring, said a review into the unit was nearing completion. The Mail [...]
The financial watchdog has fined car finance provider Moneybarn £2.77m for treating customers unfairly when they fell behind on loan repayments. Moneybarn, which is part of Provident Financial, has voluntarily repaid over £30m to almost 6,000 customers potentially effected by the failings, the Financial Conduct Authority (FCA) said. The FCA also found that Moneybarn was [...]
Shares Provident Financial rose today after the subprime lender said its credit card business, Vanquis Bank, performed “modestly above expectations” in the fourth quarter. Provident Financial led the FTSE 250 index risers on Wednesday, with shares up as much as 5.85 per cent to 446.6p by lunchtime. Read more: Non-Standard Finance abandons offer for Provident [...]
A major shareholder in Provident Financial has come out to publicly oppose rival doorstep lender Non-Standard Finance’s (NSF) hostile takeover bid. Aberdeen Standard Investments, which owns 3.1 per cent of the sub-prime lender, said it would not accept NSF’s offer. Read more: Watchdog probes Non-Standard Finance's hostile takeover of Provident Head of UK equities Andrew [...]
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