Vanquis Banking Group PLC (VANQ.L) Thursday reported profit before tax from continuing operations of 6.2 million pounds for the first half compared with loss of 46.1 million pounds in the same period a year ago, primarily helped by decline in operating costs as well impairment charges.
Impairment charges reduced 18% to 76.1 million pounds and operating costs decreased 24% to 137.4 million pounds.
Profit after tax from continuing operations was 4.9 million pounds or 2.2p per basic share compared with loss of 35.5 million pounds or 14.1p per basic share last year.
Net interest income slightly declined to 202.2 million pounds from 207.3 million pounds in the prior year.
Total income, including non-interest income, was 219.7 million pounds, down from 226.8 million pounds last year.
Additionally, the company has decided not to declare a dividend for the first half, as it plans to deploy capital to support growth initiatives.
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