October 19, 2018 / 6:23 AM / in a month

Provident Q3 home credit collections still down 10 pct

Oct 19 (Reuters) - Sub-prime lender Provident Financial said collections in its home credit arm were still 10 percent below historic levels in the third quarter, as a botched reorganisation of the business last year continues to reverberate across the group.

The company, which serves 2.5 million customers, said it had almost completed a recovery plan for the home credit business but that customer numbers fell to 449,000 at the end of third quarter from 464,000 as of June.

Provident’s stock lost over two-third of its value in 2017 when it swung into the red after two profit warnings, prompting a suspension of dividend and the departure of Chief Executive Officer Peter Crook. (Reporting by Muvija M in Bengaluru; editing by Patrick Graham)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below