Vanquis Banking Group plc (VANQ.L) reported Friday sharply wider pre-tax loss in fiscal 2024, hurt by charges and weak net interest income.
Further, the specialist bank said its Board of Directors has decided not to declare a dividend for 2024, compared to dividend of 6.0p per share last year, with the focus on deploying capital to support growth initiatives.
Looking ahead, the company projects gross customer interest earning balances of around 2.6 billion pounds for fiscal 2026 and around 3.0 billion for fiscal 2026.
In fiscal 2024, loss before tax was 136.3 million pounds, ompared to loss of 12.0 million pounds a year ago. The latest results included 71.2 million pounds of goodwill write-off related to Moneybarn.
Adjusted loss before tax was 34.8 million pounds, compared to prior year's profit of 17.3 million pounds. Adjusted basic loss per share were 9.7 pence, compared to prior year's profit of 4.5 pence.
Interest income grew 2 percent to 565.4 million pounds from prior year's 556.0 million pounds.
Net interest income dropped 5 percent to 420.0 million pounds from last year's 442.6 million pounds. Total income was 458.5 million pounds, down 6 percent from 488.8 million pounds a year ago, driven largely by higher cost of funds.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
For comments and feedback: editorial@rttnews.com