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Vanquis Banking Group (VANQ) investor relations material

Vanquis Banking Group H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary7 Aug, 2025

Executive summary

  • Returned to profitability in H1 2025 with profit after tax of £5.6m, three consecutive quarters of balanced growth, and ROTE of 3.1% in line with guidance.

  • All product lines were profitable; customer balances grew 7% year-over-year to £2,459m.

  • Cost control and technology transformation (Gateway program) are progressing, with over half of £15m targeted cost savings already delivered.

  • Complaint costs fell 36% year-over-year to £16m, aided by regulatory changes and FOS fee structure.

  • Customer engagement and satisfaction remain high, with Trustpilot scores rated "great" and over 80% five-star reviews.

Financial highlights

  • Gross customer interest earning balances reached £2.46bn, up 7% year-over-year; net receivables up 8%.

  • Net interest margin (NIM) was 17.4%, expected to remain above 17% for the full year.

  • Cost/income ratio improved to 62.5%, with further improvement targeted for H2.

  • Profit before tax from continuing operations was £6.2m; profit after tax £5.6m.

  • Return on tangible equity (ROTE) was 3.1%, in line with low single-digit guidance.

Outlook and guidance

  • Upgraded year-end guidance for customer balances to over £2.6bn; 2026 guidance c.£3.0bn.

  • Full-year NIM guidance unchanged at >17%; cost/income ratio expected in the high 50s by year-end, trending to low 50s in 2026.

  • ROTE guidance: low single digits for 2025, low double digits for 2026.

  • Impairment expected to rise in H2 due to new originations but remain within guided ranges.

  • PRA capital review expected in H2; capital ratio guidance >17.5% by year-end.

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Frequently asked questions

Vanquis Bank is a UK provider of credit cards, loans, mortgages and insurance. Provident Financial provides personal credit products to the non-standard lending market in the United Kingdom and the Republic of Ireland. The company operates through Vanquis Bank and Moneybarn segments. Provident Financial plc was founded in 1880 and is headquartered in Bradford, the United Kingdom.

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