Hargreaves Lansdown

PCF Group loan quality improves as Covid-19 disruptions ease

Fri 26 March 2021 09:03 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Specialist bank PCF Group said on Friday that loan quality had improved as a result of Covid-19 disruptions easing of late.

PCF stated its continued focus on lending to "better quality customers" had led to new business volumes being in line with management's adjusted targets during the first five months of its current trading year.

The AIM-listed firm said new business originations in the first five months of the current year totalled £104.0m, down from £127.0m a year earlier, including a record single transaction of £6.9m placed by Azule.

PCF's total loan book grew to £440.0m from £392.0m, while the number of customers in forbearance continued to reduce, with their obligations currently standing at £20.0m - less than 5% of the company's portfolio.

Chief executive Scott Maybury said: "While the outlook remains volatile and the exit route from the pandemic remains uncertain, it is essential that we focus on loan book performance and protecting the strong franchises we have in our markets. We remain confident that we are well placed to take advantage of opportunities in more prosperous times."

As of 0900 GMT, PCF shares were up 1.49% at 23.85p.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.


    More AIM news from ShareCast

    No results were found