August 20, 2019 / 6:35 AM / a month ago

Lender NSF posts bigger loss as costs of failed M&A pile up

Aug 20 (Reuters) - Doorstep lender Non-Standard Finance posted a massive first-half loss on Tuesday, partly due to costs related to its failed takeover attempt of larger rival Provident Financial, while a strong market demand led to a jump in adjusted earnings.

The company, which had dropped its 1.3 billion pound bid to take control of Provident after months of back and forth between the sub-prime lenders, said loss before tax widened to 22.8 million pounds ($27.62 million) for the six months ended June 30 from 2.6 million pounds a year earlier. ($1 = 0.8254 pounds) (Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur)

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