IN BRIEF: Vanquis Banking restates 2024 results to show wider loss
Vanquis Banking Group PLC - Bradford, England-based lender - Restates its 2024 results to reflect changes within the company. Back in March, Vanquis had reported a pretax loss of GBP136.3 million in 2024, widened from GBP12.0 million in 2023. On Friday, Vanquis restates its pretax loss to be a loss on continuing operations, which is a slightly wider GBP138.0 million, having reclassified its Personal Loans portfolio as a discontinued operation. A GBP17.4 million tax credit and a GBP1.3 million profit from the discontinued operations leaves Vanquis with a GBP119.3 million after-tax loss last year. Vanquis says among other changes to its reporting going forward will be to report its key metrics on a purely statutory, rather than adjusted, basis. The company said its financial guidance remains unchanged, and it will release its results for the first half of 2025 on August 7. Read More