July 30, 2019 / 6:38 AM / 4 months ago

Provident Financial reports in-line adjusted profit

July 30 (Reuters) - Sub-prime lender Provident Financial on Tuesday reported adjusted first-half profit in line with its own estimates, as it works on reviving its battered home credit business.

The company, which provides credit to people who do not meet the lending criteria of mainstream banks, said adjusted profit before tax was unchanged at 74.9 million pounds for the six months ended June 30.

Provident, which recently fended off smaller rival Non-Standard Finance’s hostile takeover attempt, said it would have reported higher earnings if not for the 23.6 million pounds in costs related to the bid and other exceptional items. (Reporting by Muvija M in Bengaluru; Editing by Anil D’Silva)

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