23rd Dec 2021 12:21
PCF Group PLC - Parent of PCF Bank Ltd, serving individuals and small businesses - Says annual interest income for the year ended September 30 amounted to GBP42.2 million, up 22% from GBP34.5 million the year before. Attributes this to loan growth, particularly in Consumer and Bridging finance divisions. Reports swing to pretax loss of GBP4.8 million from a profit of GBP8.0 million the year prior. Explains this with operating expenses that more than doubled to GBP31.6 million from GBP15.3 million due to credit impairment charges. Plans to manage lending volumes carefully and maintain credit quality going forward. Seeks to reestablish guidance once the activity to counteract the pandemic's impact is fully complete. Expects to continue to incur high costs while it addresses it executes its remediation plan.
"The board is confident that the steps that have been taken under the remediation plan so far will place the Group in a stronger position for the future," Chair Tim Franklin commented.
Current stock price: 23.80 pence
Year-to-date change: down 20%
By Abby Amoakuh; [email protected]
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