(RTTNews) - While issuing a trading update, Provident Financial plc (PFG.L) stated that it experienced strong momentum across each of its products during the fourth quarter, underpinned by its strong capital position and access to retail deposit funding. The Group said it continued to trade in-line with management and current market expectations for fiscal 2022 during the fourth quarter of the year. New lending during the period was strong, with credit issued and customer acquisition volumes increasing significantly.
Provident Financial has decided to change its name to Vanquis Banking Group plc. The change of name is expected to be effective in March 2023.
The Group has launched a pilot phase for a new secured product offering of second charge mortgages. During the pilot phase, Provident Financial will acquire existing second charge mortgage loans on a forward flow basis and will recognise the loans on its balance sheet as customer receivables. If the pilot phase is successful, the Group plans to start to originate its own flow of new loans directly to new and existing customers.
Provident Financial plc also announced that Malcolm Le May has decided to step down as CEO. The Group appointed Ian McLaughlin as CEO and Executive Director. Ian is expected to join PFG in the summer.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
