Vanquis Banking Group plc (‘the Group’), a leading specialist banking group with a focus on customers in the mid-cost and near-prime credit markets, today publishes its results for the twelve months to the end of December 2022, unless otherwise stated.
Malcolm Le May, Chief Executive Officer, commented:
“I am pleased to report that the Group’s adjusted profit before tax for FY’22 is marginally ahead of market expectations. This excellent result reflects another year of important strategic change and progress for the Group and is the culmination of the hard work and dedication of colleagues across Vanquis Banking Group to whom the Board and I are extremely grateful.
We have delivered a substantial amount of progress since I took over as CEO in February 2018 and 2022 was another important year of strategic development for the Group. We reinforced our repositioning as a leading specialist banking group in the mid-cost and near-prime parts of the credit market with a focus on lower risk customers, which has resulted in credit risk across the Group reducing materially since 2019. The process of rebuilding the Group’s loan books back to pre-pandemic levels is underway, as demonstrated by the excellent growth and momentum we delivered in the fourth quarter of 2022. Reflecting this strong performance, and the Group’s strong financial foundations, the Board is proposing a final dividend of 10.3p per share. This equates to a total dividend of 15.3p and a pay-out ratio of 40% consistent with our dividend policy. The Group remains well positioned in growing addressable markets to deliver attractive and sustainable returns to shareholders over the medium-term whilst supporting our customers in this challenging macroeconomic environment.”