Vanquis Banking Group PLC - lender, formerly called Provident Financial PLC - Publishes first quarter trading statement for the first three months of 2024. Gross customer interest earning balances fall to £2.22 billion at March 31, from £2.35 billion at the end of 2023. It explains that the fall is ‘due to the action taken at the end of 2023 to moderate unprofitable lending growth, as well as customers spending less in the current economic environment and paying down more debt than forecast.’ Net interest margin improves to 19.3% from 19.0% at the end of 2023, reflecting the re-pricing in Cards at the end of 2023. Common equity tier 1 ratio rises to 20.8% from 20.5%. Says underlying credit quality remains stable, and remains well capitalised with strong levels of liquidity and funding. Chief Executive Ian McLaughlin says: ‘We still have challenges to address...but we are making good progress in building our customer proposition and risk management capabilities to meet growing customer needs.’
Current stock price: 58.40 pence
12-month change: down 73%
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