RNS Number : 2156S

Vanquis Banking Group PLC

08 March 2023

Vanquis Banking Group plc

Update on capital requirements from the PRA

8 March 2023


Vanquis Banking Group plc ('the Group'), a leading specialist banking group with a focus on customers in the mid-cost and near-prime credit markets, today publishes an update regarding its capital requirements.

The Prudential Regulation Authority (PRA) has concluded its Capital Supervisory Review and Evaluation Process (CSREP) of the Group's capital requirements, based on the Internal Capital Adequacy Assessment Process (ICAAP) undertaken during 2022.

The outcome is that the Group's Total Capital Requirement (TCR) has reduced by more than a third, from 18.3% to 11.9%. Including the current regulatory combined buffers of 3.5% (capital conservation buffer of 2.5% and countercyclical buffer of 1.0%), the Group's overall capital requirement has reduced by 6.4% from 21.8% to 15.4%*.

The reduction in capital requirements will support the Group's focus on organic loan book growth, which is further supported by the receipt of a large limit waiver from the PRA in November 2022, providing access to retail deposit funding for the Group's vehicle finance business.

As previously announced, the Group has been repositioned as a specialist banking group focused on lower risk customers and has also undertaken a significant amount of work to strengthen the Group-wide risk management framework. The Group will provide a further update on its capital management framework with its FY'22 results on 31 March, 2023.

*Excludes confidential and management buffers.

 Analysts and shareholders: 
 Owen Jones, Group Head of 
  Investor Relations                                          07341 007842 
 Richard King, Vanquis Banking 
  Group                                                       07919 866876 
 Nick Cosgrove/Simone Selzer, 
  Brunswick                                                   0207 4045959 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

March 08, 2023 02:00 ET (07:00 GMT)

Provident Financial (LSE:PFG)
Gráfico Histórico do Ativo
De Mai 2023 até Jun 2023 Click aqui para mais gráficos Provident Financial.
Provident Financial (LSE:PFG)
Gráfico Histórico do Ativo
De Jun 2022 até Jun 2023 Click aqui para mais gráficos Provident Financial.