DOORSTEP lender Provident Financial posted an 11% hike in annual profits following a recovery in collections and demand for loans.
The Bradford-based group said business picked up as consumer confidence returned following details of the Government’s spending review – a trend that has continued into 2011.
But Provident said it would continue to take a cautious approach to lending as it fears further fall-out from the austerity cuts.
The group, which offers doorstep credit and also owns Vanquis Bank, posted underlying pre-tax profits of £144.5m in 2010, up from £130.1m in 2009.
Provident said its businesses also enjoyed a “good start” to 2011.