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Non-Standard Finance loan book 'strong', still engaging with Provident shareholders

By Michele Maatouk

Date: Tuesday 21 May 2019

(Sharecast News) - Doorstep lender Non-Standard Finance said on Tuesday that it is continuing to engage with shareholders of larger rival Provident Financial, as it reported "strong" growth in its loan book since the start of the year.
In an update ahead of its annual general meeting, the company - which is still trying to gain acceptance for its £1.3bn hostile takeover bid for Provident - said that in addition to the growth in the loan book, there has been a year-on-year reduction in the overall rate of impairment.

As a result, it remains optimistic about the full-year outlook.

NSF said that having already opened all seven of the new branches scheduled for this year, Everyday Loans has continued to enjoy "strong" loan book growth through a network of branches that now total 73 compared with 36 when it bought Everyday back in 2016.

In guarantor loans, the recent trends in loan book growth have also continued, while Loans at Home has seen a modest rise in risk adjusted margins as the company improves the mix of lending towards shorter-term loans.

As far as its bid for Provident is concerned, the group said it is also working towards satisfying all of the other outstanding offer conditions.

"This is an exciting moment for our company. We have a clear transformation plan for the enlarged group and are ready to start work on implementing it so that we can start to build a brighter future for all stakeholders."

At 1230 BST, the shares were up 1.4% at 48.90p.

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