Provident Financial plc swings to a loss in the fiscal first half

Provident Financial plc (LON: PFG) said on Wednesday that it concluded the fiscal first half (H1) in loss as it set aside £240 million to cover for expected credit losses due to the Coronavirus pandemic. In a bid to cushion the economic blow from COVID-19, Provident also decided in favour of suspending its dividend on Wednesday. For the consumer credit division (CCD), the British doorstep lender reported an increase in impairment coverage ratio to 71.6% as it warned that job losses will result in a sharp increase in bad loans. Provident named Margot James as a non-executive director in the