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Distribution Finance Capital says improvement in performance continues

Mon, 25th Jan 2021

Distribution Finance Capital said the quality of its arrears performance had continued to improve, and now was 'significantly' lower than the levels seen in periods prior to the onset of the global pandemic. Its loan book was now entirely supported by retail deposits, which significantly improved its anticipated net interest margin to approximately 6% on a look forward basis from 1 January 2021, the company said. 'Given the strength of depositor demand, expected savings rate trend and the short tenor of the Company's current lending products, the Group does not currently anticipate participating in the Bank of England's TFSME scheme,' it added. The backlog - following Brexit uncertainties and delays at ports in December - had now extensively been cleared and the group was 'seeing strong demand for its lending products as dealers continue to replenish their stock levels following a successful period of trading through the second half of 2020,' the company said. At 22 January 2021, the group's loan book stood at approximately £125 million. At 10:03am: (LON:DFCH) share price was 0p at 44.5p Story provided by StockMarketWire.com

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