Provident Financial Sees 2022 Performance Inline

Provident Financial plc (PFG), a specialist bank with a focus on underserved markets, on Thursday said that in the first quarter of 2022, it continued to trade in-line with management's expectations and remains on track to meet market expectations for 2022.

The company has been aiming at repositioning towards the near-prime and mid-cost segment of the market.

New customer bookings in the group's credit card business increased by almost 25 percent, even though tighter underwriting standards were introduced in 2021. Customer spend patterns recovered to 2019 levels whereas delinquency trends and receivables at the end of the quarter were broadly consistent with levels a year ago.

The vehicle finance business was marked by a buoyant second-hand vehicle market, credit issued and receivables at same levels as a year ago and lower arrears rates versus the fourth quarter.

The personal loans business recorded receivables slightly ahead of 2021 as open market loan volumes exceeded expectations.

In the first four months of 2022, the group has seen no discernible negative impact on its customers as a result of higher living costs.

Shares of Provident Financial closed Wednesday's trading at 2.43 pounds.

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