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Non-Standard Finance to increase loan book by 20%

Non-Standard Finance to increase loan book by 20%

Non-Standard Finance has announced plans to increase its loan book by 20% in 2016.

The lender owns a portfolio of consumer credit businesses serving around 12 million UK adults and is currently awaiting Financial Conduct Authority approval to complete the takeover of Everyday Loans from Secure Trust Bank.

Speaking at the company’s annual general meeting, Chairman John van Kuffeler, reported a year-end loan book of £114m in the year to 31st December 2015, an increase of 26% on the previous year.

He also said adjusted profits for the year equalled £17m compared to £15.5m in 2014.

John said: "Our home credit business, Loansathome4u, achieved strong loan growth as compared to the first quarter last year together with slightly improved collections quality, and is consequently trading marginally ahead of plan.

"Having established the foundations upon which to grow the group, we are confident of achieving our objective of growing loan books in our three operating businesses by 20% in 2016 while maintaining our current revenue yield, operating margins and conservative approach to underwriting risk."

Speaking about the acquisition of Everyday Loans, which includes Trusttwo, John added: "Completion of the acquisition will result in us having established credible business platforms in our three target areas of home credit, branch-based lending and guaranteed loans which, combined with our central costs, would together have delivered historical operating profits of some £20m.

“We will measure future profit growth against this benchmark.”

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