Provident Financial boosted by credit crunch
Shares in sub-prime lender Provident Financial rose smartly as it repeated 2008 had got off to a strong start with customer numbers growing 6.3% at its core consumer credit division during the year to end-March.
Conditions in the UK non-standard lending market continue to be favourable for Provident Financial, it said. Mainstream and near-prime lenders have continued to tighten their credit granting criteria, thereby restricting the supply of credit to non-standard consumers.
(Article continues below)Advertisement
Vanquis Bank is also experiencing an increasingly strong flow of applications from both the internet and direct mail channels, Provident said.
"The strong start to the year and continuing favourable market conditions, coupled with the company's strong funding position and management's close attention to the quality of new business being written, should secure the delivery of high-quality profits growth in 2008," chairman John van Kuffeler added.
