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Vanquis Banking : Report (VBG FY24 Results Presentation Analyst and Investor Conference Call Q and A)
Vanquis Banking : Report (VBG FY24 Results Presentation Analyst and Investor Conference Call Q and
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n Investor Relations\n \n \n Vanquis Banking Group FY 2024 Results\n \n \n Analyst and Investor Conference Call Q&A\n \n \n 14 March 2025\n \n \n (Transcript amended in places to improve accuracy and readability)\n \n \n Gary Greenwood, Shore Capital\n \n \n Thanks for taking my questions. Morning. I've got a couple, if I can, and they're linked. First one's just on your growth trajectory, which has obviously been moderated. I just wanted you to contextualise that in terms of the size of the market opportunity and whether that market opportunity is still as large as you previously thought it was or indeed if it's actually maybe got a little bigger post the Budget.\n \n \n Secondly, just with regards to the growth in Second Charge Mortgages, which looks to be prioritised at the moment, just to invite you to talk about why you see that as so attractive. What are the customers like that you're lending to there? Why are they borrowing? Just a little bit more colour around that, if you can. Thank you.\n \n \n Ian McLaughlin, Chief Executive O3icer\n \n \n Gary, thank you. Two really helpful questions. If I take them in the order you gave them. It was a challenging year, as I said - I can't remember how many times I've used the word challenging in that presentation - but we do see the opportunity as big if not even bigger, as you said, than we did when we talked at our half year results or even back when I started at the beginning of 2023. Depending how you cut it, there are up to 24 million customers in the UK who at some stage struggle to access credit from the mainstream lenders, and that's who we're there to serve. We do see the opportunity as extensive. We've got about 1.7 million of those customers so far. The upside opportunity for us is definitely there. We're feeling good about that.\n \n \n If we turn then to your point on mix, and Second Charge Mortgages in particular - we've got a balanced portfolio here. We're growing in Savings. We're back to growth in Cards. Vehicle Finance has been very di7icult to track through and obviously a lot of uncertainty until we get to the other side of the Supreme Court hearing. But Second Charge Mortgages is one where that market is growing, and actually it fits really nicely into where we serve customers. We've got a couple of thousand customers on the books now.\n \n \n Impairment is n...