DOORSTEP lender Provident Financial said its policy of cutting back on lending to new customers had put it on track for a good result this year.

The Bradford-based group, which provides short-term loans to people facing difficulties borrowing from mainstream lenders, said business was stable – despite its core hourly-paid customer base being squeezed by rising inflation and the threat of job losses.

Consumer credit loans rose by 3.7% in the three months to September 30, but customer numbers fell by 2.2% as Provident focused on lending to existing borrowers.

Credit card arm Vanquis continued to grow strongly and increased customer numbers by 659,000, or 31.5%, with loans up by 35%.