Provident Financial PLC Provident Financial plc Q1 2022 Trading Statement (0242M)
19 Maio 2022 - 3:00AM
UK Regulatory
TIDMPFG
RNS Number : 0242M
Provident Financial PLC
19 May 2022
Provident Financial plc
Q1'22 Trading Statement
19 May, 2022
Provident Financial plc ('the Group' or 'PFG') is a leading
specialist bank with a focus on underserved markets. Today's
statement covers the Group's trading for the first three months of
2022, unless otherwise stated.
Malcolm Le May, Chief Executive Officer, commented:
"I am pleased to report that the Group continued to trade
in-line with management's expectations during the first quarter of
2022. This performance reflects the work that we have carried out
over the last two years to reposition PFG towards the near-prime
and mid-cost segment of the market.
Underpinned by its strong balance sheet and risk management
framework, PFG remains prudently positioned for the current
inflationary environment in the UK and will continue to support its
customers through additional support and increased communication.
For the first quarter of 2022 and April, we have seen no
discernible negative impact on our customers as a result of higher
living costs. For the remainder of 2022, we will focus on cementing
PFG's place as a leading specialist bank whilst continuing to
provide our customers with access to credit products not generally
available to them elsewhere."
First quarter trading
The Group continued to trade in-line with management's
expectations during the first three months of the year, and remains
on track to meet market expectations for 2022.
Performance by business:
-- The Group's credit card business experienced a recovery in
customer spend patterns to 2019 levels and delinquency trends
remained stable and consistent with Q4'21. New customer bookings
increased by approximately 25% year-on-year despite the tighter
underwriting standards introduced during 2021. Receivables at the
end of Q1'22 were broadly consistent with FY'21.
-- The Group's vehicle finance business continued to see a
buoyant second hand vehicle market during Q1'22 whilst credit
issued was broadly flat year-on-year. Arrears rates reduced
slightly from their seasonal highs in the fourth quarter, and the
business continued to see elevated levels of early customer
settlements driven by second hand car pricing dynamics. As a
result, receivables were broadly flat versus FY'21.
-- The Group's personal loans business saw open market loan
volumes continue to track ahead of expectations, demonstrating
strong underlying demand from customers. As a result, receivables
ended the period slightly ahead of FY'21. It is anticipated that
the open market pilot phase will conclude at the half year and PFG
will provide a further update with its H1'22 results.
Enquiries:
Analysts and shareholders:
Owen Jones, Group Head of Investor Relations 07341 007842
Owen.jones@providentfinancial.com
Media:
Richard King, Provident Financial 07919 866876
Nick Cosgrove/Simone Selzer, Brunswick 0207 4045959
providentfinancial@brunswickgroup.com
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END
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