Provident Financial CEO takes leave for heart surgery

0
Provident Financial provided an update for the stock market

Mr. Le May is expected to resume his duties in November. During this interim period, Patrick Snowball, Group President, will assume the role of Executive President.

In a business update released in May, Provident Financial said tighter underwriting rules resulted in lower business volumes in April, although it saw signs of a modest recovery in May.

Register now to our Business newsletter

Register now to our Business newsletter

The Bradford-based company, which provides credit to people who do not meet the lending criteria of traditional banks, said loans to existing customers in the consumer credit division are a third of expected volumes.

Provident is hoping to return its consumer credit division to profitability, after successfully fending off a hostile takeover bid from rival Non-Standard Finance last year.

However, the Covid-19 pandemic halted face-to-face visits due to the government lockdown, forcing the company to withdraw its targets for 2020.

Speaking in May, Mr. Le May said: “Although 2020 is a difficult and unprecedented year, the combination of our customer offering and our strong track record allows me to remain confident in the group’s ability to become a group. banking services for the financially disadvantaged population, while generating attractive returns for our shareholders in the medium term.

Support The Yorkshire Post and become a subscriber today.

Your subscription will help us continue to bring quality news to the people of Yorkshires. In return, you’ll see fewer ads on the site, get free access to our app, and receive exclusive member-only offers.

So please – if you can – pay for our work. Just £ 5 a month is the starting point. If you think what we’re trying to accomplish is worth more, you can pay us what you think we’re worth. In doing so, you will be investing in something that is becoming increasingly rare. Independent journalism that cares less about good and bad than good and bad. Journalism you can trust.


Source link

Share.

About Author

Comments are closed.