4th Jul 2024 11:47
(Alliance News) - Distribution Finance Capital Holdings PLC surged on Thursday after it said 2024 "started exceptionally well," hailing a sound operational performance and portfolio management.
The specialist bank said it expects its results for 2024 to be significantly ahead of market expectations, citing strong momentum in the first half.
Distribution Finance shares jumped 25% to 33.80 pence each on Thursday morning in London.
The company said new loan origination jumped to a record GBP709 million in the first half of the year, up 17% from GBP607 million a year prior.
Further, its loan book as at June 30 climbed 16% year-on-year to GBP600 million from GBP519 million.
The company said: "In light of the strong performance during the six month period, the group's underlying trading performance is expected to be ahead of market expectations for the full year, driven by stronger net interest income, lower impairments and loss provisions and stronger cost control."
Chief Executive Carl D'Ammassa said: "2024 has started exceptionally well, with strong operational and commercial execution as well as portfolio management and control.
"Our products and services clearly resonate with our customers and seeing continued record new loan origination is a testament to the entire team's focus on providing high quality service and the deep relationships we have with our dealer and manufacturer partners."
Distribution Finance will release its half-year results in September.
By Tom Budszus, Alliance News slot editor
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