March 13, 2019 / 7:15 AM / a month ago

Provident Financial swings to profit in 2018

March 13 (Reuters) - Troubled subprime lender Provident Financial Plc swung to a pretax profit in 2018, bolstering its defence against a hostile takeover by smaller rival Non-Standard Finance Plc..

The company, which has been trying to revive its performance after a mishandled restructuring of its home credit business, posted a statutory pretax profit of 90.7 million pounds ($118.88 million) for the year ended Dec. 31, compared with a pretax loss of 147.9 million pounds in 2017.

Provident, which suspended its dividend in 2017, also declared a nominal dividend of 10 pence per share for 2018.

($1 = 0.7630 pounds)

Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru; Editing by Anil D'Silva

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