January 16, 2018 / 7:29 AM / 3 months ago

Provident Financial sees FY loss of 120 mln stg at consumer credit unit

Jan 16 (Reuters) - Provident Financial, which is battling unresolved problems at its door-to-door lending business, said it expected to report a pre-exceptional loss of about 120 million pounds ($165.49 million) at the consumer credit division, at the upper end of its guidance.

“This reflects a lower than expected rate of reconnection through the fourth quarter with those home credit customers whose relationship had been adversely impacted following the poorly executed migration to the new operating model in July 2017,” the company said on Tuesday.

The British sub-prime lender has suffered from a botched reorganisation of its door-to-door lending business that led to a profit warning, the departure of its CEO, and a share price plunge. Britain’s financial watchdog has also launched two probes into Provident Financial’s lending practices. ($1 = 0.7251 pounds) (Reporting by Noor Zainab Hussain in Bengalurul; Editing by Bernard Orr)

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