Business
Interim results for six months ended 30 June 2021
Interim results for six months ended 30 June 2021.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2211I\n Provident Financial PLC\n 11 August 2021\n \n \n \n \n Provident Financial plc\n \n \n Interim results for the six months ended 30 June 2021\n \n \n \n \n \n Provident Financial plc ('PFG' or 'the Group'), the leading provider of credit products to consumers who are underserved by mainstream banks, today publishes its interim results for the six months ended June 2021, unless otherwise stated.\n \n \n \n \n \n Malcolm Le May, Chief Executive Officer, commented:\n \n \n \n \n \n \n \"\n \n The first six months of 2021 showed a marked contrast to the extremely difficult conditions seen throughout 2020. Underlying customer trends and macroeconomic conditions have improved year-on-year, allowing us to focus on the core businesses, which is reflected in our results. For the first six months of the year, the Group generated an adjusted ongoing profit before tax, excluding our Consumer Credit Division (CCD), of £63.5m. Including losses from CCD, the Group generated a statutory loss before tax of £44.2m for the period.\n \n \n \n \n \n In March, we notified the market of our intention to launch a Scheme of Arrangement for CCD and in May, regrettably, we took the difficult decision to place the business into a managed run-off. I am pleased that the proposed Scheme of Arrangement for CCD, which was provided for in our 2020 accounts, was sanctioned by the High Court on 4 August. We can now continue to move forwards with our plans to close the business before paying customer redress claims during 2022.\n \n \n \n \n \n During the remainder of 2021, PFG will accelerate its transition towards becoming the leading specialist bank focused on financially underserved customers, serving growing market segments with a range of mid-cost products across credit cards, vehicle finance and unsecured personal loans. We are well positioned to complete this transition successfully and our strategy is underpinned by a robust balance sheet with access to a diverse range of funding options.\"\n \n \n \n \n \n Key financial results\n \n \n \n \n \n \n \n \n \n \n \n \n Six months ended 30 June\n \n \n \n \n \n \n \n \n \n \n \n \n \n 2021\n \n \n \n \n 20201\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m\n \n \n \n \n £m\n \n \n \n \n \n \n \n \n \n Adjusted profit/(lo...