Business
Trading Statement
Trading Statement.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 9850N\n Provident Financial PLC\n 27 May 2020\n \n \n \n \n Provident Financial plc\n Trading Statement\n 27 May 2020\n \n \n \n Provident Financial plc, the leading provider of credit products to consumers who are underserved by mainstream lenders, has published a trading statement this morning covering the period from 1 January to 30 April 2020, unless otherwise stated.\n Highlights\n Operational adaptations to Covid-19 are underpinned by strong capital and liquidity positions\n \n · Our businesses have adapted well to the unprecedented challenges of Covid-19 and our operational response has been swift and effective.\n \n \n \n \n · The Group's priority was to keep supporting our customers through implementing new lending and collections practices. Tighter underwriting standards across the Group saw new business volumes reduce in April, however, there are signs of a modest recovery in May.\n \n \n \n \n · The Group's capital and liquidity positions remained strong, with regulatory capital of c.£710m equating to a CET1 ratio of c.33.4% and a surplus above the minimum regulatory requirement of c.£190m1. Total Group liquidity, including Vanquis Bank, stands at c.£1.2bn2.\n \n \n \n \n · Vanquis Bank adapted well to Covid-19. By mid-April, c.80% of contact centre colleagues were working remotely. Customer spending has contracted, in line with peers, but the take-up of payment holidays has been modest.\n \n \n \n \n · Moneybarn has remained open to new business, enabling brokers to keep serving customers and, indeed, lending to key workers has accounted for c.40% of new business.\n \n \n \n \n · CCD has fundamentally adapted its operations in response to Covid-19. All home credit collections are now being carried out remotely and are tracking at over 80% of pre-Covid expectations.\n \n \n \n Malcolm Le May, Group Chief Executive, commented:\n \"During these challenging times, the Group has adapted quickly and efficiently. Our priority has been to keep supporting the financial needs of our customers, whilst safeguarding our colleagues, by implementing new lending and collecting practices, the results of which have been encouraging. I would like to thank my colleagues for their perseverance and hard work over recent weeks in continuing to support our customer...