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Markets News

Doorstep lender Provident slips into red, cancels dividend

Aug 26 (Reuters) - Doorstep lender Provident Financial sank to a loss in the first half of 2020 and suspended its interim dividend, as customers struggle to pay off their debts in the coronavirus crisis.

The company, which provides credit to people who do not meet the lending criteria of mainstream banks, on Wednesday reported a pretax loss of 28 million pounds ($36.77 million) for the six months ended June 30 compared with a profit of 43.1 million pounds a year earlier. ($1 = 0.7616 pounds) (Reporting by Muvija M in Bengaluru; Editing by Amy Caren Daniel)

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