Business
First quarter trading statement
First quarter trading statement.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n\n\n \n \n \n \n \n \nFirst quarter 2025 trading statement\nReturn to profit\n \nLondon - 14 May 2025 - Vanquis Banking Group plc ('the Group' or 'Vanquis'), the specialist bank, today published its first quarter trading statement for the three months to 31 March 2025.\n \nIan McLaughlin, Chief Executive Officer, commented: \"Vanquis' strategic delivery remains on track. The Group returned to profitability and grew gross customer interest earning balances, building on the momentum shown during 4Q 2024.\n \n\"Operating costs remained well controlled and credit quality was robust, with our customers continuing to show financial resilience. Our technology transformation programme, Gateway, is progressing as planned, enhancing our efficiency, scalability, and unlocking further long-term cost benefits.\n \n\"We welcome the revised Financial Ombudsman Service (FOS) fee structure implemented on 1 April, which has led to a reduction in unmerited Claims Management Company (CMC) complaint referrals to the FOS since its introduction. Complaint costs were in line with expectations in the first quarter.\n \n\"Vanquis plays an important role in UK banking, and I am pleased with the momentum we are building. We remain focused on supporting our customers while delivering sustainable and profitable growth for all stakeholders.\"\n \nKey metrics\n\n\n\n\nThree months ending\n\n\n31 Mar 25\n\n\n31 Dec 24\n\n\nQoQ % Change\n\n\n31 Mar 244\n\n\nYoY % Change\n\n\n\n\nGross customer interest earning balances1\n\n\n2,313\n\n\n2,308\n\n\n0.2%\n\n\n2,273\n\n\n1.8%\n\n\n\n\n- Excluding Personal Loan portfolio sale\n\n\n2,313\n\n\n2,259\n\n\n2.4%\n\n\n2,180\n\n\n6.1%\n\n\n\n\nNet receivables\n\n\n2,176\n\n\n2,155\n\n\n1.0%\n\n\n2,039\n\n\n6.7%\n\n\n\n\n- Excluding Personal Loans portfolio sale\n\n\n2,176\n\n\n2,111\n\n\n3.1%\n\n\n1,957\n\n\n11.2%\n\n\n\n\nNet interest margin (NIM)2\n\n\n17.8%\n\n\n17.8%\n\n\n-\n\n\n18.9%\n\n\n(1.1%)\n\n\n\n\nTier 1 capital ratio3\n\n\n18.8%\n\n\n18.8%\n\n\n-\n\n\n19.6%\n\n\n(0.8%)\n\n\n\n\n \nFinancial highlights\n· Gross customer interest earning balances grew 0.2% in the quarter to £2,313m, or 2.4% excluding the Personal Loan portfolio sale announced with FY24 results.\no ...