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Satsuma Loans predicted to make loss
Weekly instalment lender Satsuma Loans is expected to make a small loss for the year.
Satsuma’s parent company Provident Financial made the admission in an interim statement for the third quarter, despite reporting good progress following a significant tightening of credit standards towards the end of 2015.
Provident claimed that Satsuma’s credit quality during 2016 has developed satisfactorily, with the business generating a strong flow of further lending to established customers and reporting an 11% rise in receivables on the previous quarter.
Peter Crook, chief executive of Provident Financial, said: "I am pleased to report that the group has continued to perform in line with its internal plans through the third quarter and is in good shape to deliver further good-quality growth as it enters the important fourth quarter trading period."
In August, Satsuma announced a partnership with Premier League football club Sunderland AFC.
Provident revealed that Satsuma currently has an app in testing prior to roll-out and a new monthly product will be launched during the fourth quarter.
Elsewhere, Provident reported that Vanquis Bank, the group’s credit card arm, had enjoyed good growth and margins throughout the third quarter.
The business is close to completing the platform to support a wider loans proposition, which will also boost the development of guarantor lending through 2017.
Provident stated that headroom on the group’s debt facilities at September 2016 amounted to £131m, which combined with Vanquis Bank’s retail deposits programme would be sufficient to fund maturities and projected growth until May 2018.
Launched in 2003, Vanquis Bank currently has over 1.4 million customers.
The firm offers credit limits of between £250 and £4,000 to those who may be excluded by mainstream credit card providers.
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