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Provident Financial Q4 Trading Performance Ahead Of Management View

Provident Financial Plc. (PFG.L) said that its trading performance for the fourth quarter of 2021 continued to track ahead of management expectations driven by favorable macroeconomic conditions and demand for credit from customers.

The Consumer Credit Division was closed on schedule at the end of December and in accordance with the previously announced closure costs of 100 million pounds.

As a result of the improved trading conditions in the second-half of fiscal year 2021, Provident Financial anticipates being able to release about 20 million pounds of Covid-19 macroeconomic related provisions as it reappraises the Group's coverage ratios.

In a separate press release, Provident Financial said it has restructured the board of Vanquis Bank to substantially align its membership with the Board of PFG.

As part of the new governance structure, and with effect from Thursday, the directors of PFG have each been appointed to the Board of Vanquis Bank, such that they now hold roles on the PFG and Vanquis Bank Boards, as well as to the relevant Board Committees of Vanquis Bank.

Elizabeth Chambers will retain her position on the PFG Board as an Independent Non-Executive.

Angela Knight will take on the role of Risk Committee Chair of Vanquis Bank and Paul Hewitt will take on the role of Audit Committee Chair of Vanquis Bank.

As a consequence of changes, Robert East (Independent Non-Executive Director on PFG Board and Chairman of Vanquis Bank) will step down from the PFG Board and Vanquis Bank Board with effect from Thursday. Each of the other existing Non-Executive Directors on the Vanquis Bank Board will step down from the Vanquis Bank Board with effect from today.

In addition, Neil Chandler (Managing Director) and Gary Thompson (Finance Director) of Vanquis Bank have decided to leave PFG. They will each step down from their roles as directors on the Vanquis Bank Board as of today's date and will leave PFG on 31 March 2022.

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