Provident sees gross profit increase 23% y/y, plans further expansion

Consumer finance firm Provident Polska recorded PLN 148.2 million in gross profit in H1 2014, 23 percent more than in the corresponding period of last year, the company said in a statement. The lender also said it is entering the Spanish market, where it is planning to start trading in early 2015. “We are making good progress on our journey to grow the business and our strategy continued to deliver strong levels of growth and profit in the first half of the year,” said Gerard Ryan, CEO of IPF, owner of Provident Polska. “I am also very pleased to announce our entry into Spain – a market which offers an exciting opportunity to add significant scale to our business in Europe,” he added. The value of all loans granted by the firm increased by 10 percent and its client base grew by 3 percent to 853,000. Its revenue rose by 15 percent y/y, as did its average net receivables, while its impairments as a share of annual revenues remained within the firm’s set perimeters, at 29.7 percent. The company is also growing its business in Lithuania, where its client base has increased to 3,700 and the number of representatives to app. 150, the company stated.