October 19, 2018 / 6:23 AM / 10 months ago

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)

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