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Provident Financial ups dividend as financial pressures ease

Statutory profits rose by a third as the costs of the various regulatory investigations Provident has faced in recent years eased

Provident Financial -
Lending by Vanquis Bank reduced by 2.2%

Provident Financial PLC’s (LON:PFG) lending growth slowed in 2019 as tighter regulation hit credit card arm Vanquis Bank.

Statutory profits rose by a third as the costs of the various regulatory investigations Provident has faced in recent years eased, but on an underlying basis there was an increase of just 1.6% to £162.6mln. 

Group receivables edged up by 0.4% in 2019 (4.9%) though Vanquis Bank's receivables reduced by 2.2% to £1.46bn

Car lender Moneybarn boosted its loan book by 21% while lending by the home credit business fell by 15%.

Reflecting its improved financial health, Provident upped the dividend by 150% to 25p.

Malcom Le May, chief executive, reiterated the target is to grow the loan book by between 5% and 10% per annum over the next five years.

Quick facts: Provident Financial

Price: 161.6 GBX

LSE:PFG
Market: LSE
Market Cap: £409.84 m
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