StockMarketWire.com - Subprime lender Provident Financial booked a deeper first-half loss, owing to costs associated with a winding up of is struggling consumer credit division.

Pre-tax losses for the six months through June amounted to £44.2 million, compared to year-on-year losses of £28.1 million.

Adjusted ongoing pre-tax profit, which excluded the consumer credit division, rose to £63.5 million, up from £4.9 million.

Provident Financial said the improvement reflected a reduction in impairment and costs year-on-year, which combined to offset a fall in revenue.

The company said it was not proposing a dividend 'as the focus remains on preserving capital during the period of closure of the CCD business'.

It added, however, that it would revisit its policy at the year end, allowing time to assess the impact of the end of furlough, and any future lockdown restrictions, on its customers.


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