Provident Financial consumer arm to book hefty losses

The group said its consumer credit division is expected to report a pre-exceptional loss of approximately £120 million.

Provident will book losses at its consumer division (PA)

By Ravender Sembhy, Press Association City Editor

Provident Financial’s consumer arm will book full-year losses at the upper end of guidance, with the troubled subprime lender blaming a poorly executed change of strategy.

The group, which is attempting to bounce back from a torrid 2017, said its consumer credit division is expected to report a pre-exceptional loss of approximately £120 million.