July 31, 2018 / 6:34 AM / 4 months ago

Provident Financial records 24 pct drop in first-half profit

July 31 (Reuters) - Provident Financial reported a 24 percent drop in first-half adjusted pre-tax profit on Tuesday, hurt by disappointing collections results at its home credit business during the second quarter.

The sub-prime lender, which provides credit to people who do not meet the lending criteria of mainstream banks, said adjusted pre-tax profit fell to 74.9 million pounds ($98.33 million) in the six months ended June, from 98.6 million pounds a year earlier.

The company is trying to win back customers after problems at its door-to-door lending arm last year. ($1 = 0.7617 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

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