Provident Financial plc has published its interim results for the six months ended 30 June 2016.
The impaired credit provider’s first half adjusted profit before tax was up 17.6% to £148.9m, from £126.6m during the same period in 2015.
Provident Financial has 2.4 million customers in the UK and its operations consist of Vanquis Bank, the Consumer Credit Division (CCD) comprising Provident, Satsuma and glo, and Moneybarn.
Peter Crook, chief executive, said: “I am pleased to report that all three businesses have delivered excellent performances through the first half of the year and contributed to the strong increase in adjusted profit before tax of 17.6%. The bank corporation tax surcharge introduced on 1 January 2016 moderated the growth in adjusted earnings per share to 10.7% and is also reflected in the interim dividend increase of 10.2%.
“Credit quality in all three businesses is very sound and the group is fully funded through to May 2018 reflecting the group’s substantial funding capacity and strong liquidity position.
This, together with the strong start to the second half, provides the foundation for delivering good quality growth for 2016 as a whole, continuing to deliver on the group’s medium-term growth objectives as well as trading soundly through any slowdown that may emerge from the uncertainties currently present in the UK macroeconomic outlook.”
