Brief: Vanquis Banking Group says Q3 complaint costs in line, balances stable

Vanquis Banking

07/11/2024 07:05

Nov 7 (Reuters) - Vanquis Banking Group PLC  VANQ.L :
    * VANQUIS BANKING GRP  - 3RD QUARTER TRADING STATEMENT
    * GROSS CUSTOMER INTEREST-EARNING BALANCES WERE STABLE AT
£2,254M:
    * CREDIT CARD BALANCES WERE MARGINALLY DOWN, AS GROWTH FROM
RECENT
ORIGINATIONS WAS OFFSET BY CONTINUED PAYDOWNS AND OUTWARD
BALANCE TRANSFERS
    * YEAR-TO-DATE NIM REDUCED 0.2% TO 18.6%, DRIVEN BY MIX
EFFECT OF
GREATER LOWER-MARGIN SECOND CHARGE MORTGAGES
    * GROUP WILL HAVE DELIVERED £60M OF GROSS COST SAVINGS BY
END OF
2024, IS ON TRACK FOR A FURTHER £15M OF SAVINGS BY END OF 2025
    * COMPLAINT COSTS REMAIN BROADLY IN LINE WITH EXPECTATIONS
AND ARE
FORECAST TO INCREASE C.50% YEAR-ON-YEAR IN 2024

Source text:  ID:nRSG2656La 
Further company coverage:  VANQ.L 

 (Reporting By Sinead Cruise)
 ((sinead.cruise@thomsonreuters.com;))