Vanquis outstrips Provident’s other divisions as customer numbers grow

BRADFORD-HEADQUARTERED Provident Financial has reported a healthy performance for the third quarter of the year.

Vanquis Bank, which has set out to build up credit ratings for customers, “continues to outperform” with customer growth of 12%, developing the under-served, non-standard credit card market, for individuals who are not served by mainstream banks.

Michael Lenora, managing director of Vanquis Bank, has announced his retirement on a high. He will be leaving in 2016 to be replaced by Chris Sweeney, currently group executive, Cards and Payment Solutions at Standard Bank which operates in 18 countries.

The Consumer Credit Division and Moneybarn are performing in line with internal plans, but the firm has had a difficult year so far, after losing £215m off its value as its shares dropped 5% at the end of August.

The FTSE 250 company also announced that 493 jobs across the UK would be cut after removing the need for administrative clerks in its home credit business.

 Peter Crook, chief executive, said: “I am pleased to report that the group has performed well through the third quarter of the year. Vanquis Bank continues to outperform and CCD and Moneybarn are both performing in line with internal plans.

“Credit quality in all three businesses is sound which leaves the group in good shape to deliver further good-quality growth as it enters the important fourth quarter trading period.”