Vanquis Banking Group (GB:VANQ) has released an update.
Vanquis Banking Group has announced a balance sheet review resulting in a £29m downward revaluation of certain assets, leading to a more stable financial position but a revised Tier 1 capital ratio of 19.7%. Despite a disappointing forecast not meeting the FY24 guidance, the company reported encouraging signs of growth including increased customer numbers and receivables in the latter half of the first semester. A full update is expected in the forthcoming Interim Results on 1 August 2024.
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