7th Nov 2019 11:08
(Alliance News) - Provident Financial PLC on Thursday said it has continued to deliver results in line with internal plans during the third quarter, with all three divisions producing "good" business volumes and a "stable" impairment performance.
The Bradford-headquartered consumer finance company said new customer bookings continue to benefit from the implementation of the new underwriting platform in late 2018. Third-quarter new customer bookings of 90,000 were consistent with the second quarter of the year.
Whilst this was 13,000 lower than the third quarter of last year, it reflects tighter underwriting standards, Provident explained.
Customer numbers, meanwhile, ended the third quarter at 1.8 million, 2% higher than last year.
Costs remain tightly controlled and are running at a similar level to last year, the company noted.
"I am pleased to report third quarter performance in line with internal plans, with continuing good momentum in new customer volumes and stable delinquency. The ongoing improvement in performance leaves the group well placed as we enter the important fourth quarter trading period," said Chief Executive Malcolm Le May.
Provident shares were trading 3.7% higher in London on Thursday at 453.30 pence each.
By Evelina Grecenko; [email protected]
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