Vanquis Banking Group’s 2024 Results: A Year of Strategic Turnaround

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Vanquis Banking Group’s 2024 Results: A Year of Strategic Turnaround

The latest update is out from Vanquis Banking Group ( (GB:VANQ) ).

Vanquis Banking Group reported its financial results for 2024, highlighting a pivotal year in its turnaround strategy. Despite facing challenges, the company achieved significant cost savings and improved its credit quality, positioning itself for future growth. The Group’s technology transformation program is expected to enhance its digital capabilities, supporting its goal of achieving mid-teens return on tangible equity by 2027. While the company faced a statutory loss due to a goodwill write-off and increased complaint costs, it remains focused on moderating growth in vehicle finance and prioritizing second charge mortgages and credit cards.

More about Vanquis Banking Group

Vanquis Banking Group is a specialist bank in the UK, focusing on providing financial services such as credit cards, vehicle finance, and second charge mortgages. The company aims to serve customers with financial resilience and is committed to sustainable growth through strategic transformations and technology enhancements.

YTD Price Performance: 23.37%

Average Trading Volume: 755,298

Technical Sentiment Consensus Rating: Buy

Current Market Cap: £132.1M

See more insights into VANQ stock on TipRanks’ Stock Analysis page.

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