We view today’s news that PCF Bank has reached the £100m milestone in retail deposits as positive. This represents a good uplift from the £81m at 28 February 2018 that was reported at the AGM on 2 March 2018. As we highlighted in the Flash Note at the time of the AGM, this reassures on growth and that the reduced cost of capital is enabling PCF to grow its new business origination and also increase profitability in due course. We maintain our 42p target price and Buy rating.
16 Apr 2018
£100m milestone in retail deposits achieved
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£100m milestone in retail deposits achieved
PCF Group plc (RLW:FRA) | 0 0 0.0% | Mkt Cap: 55.1m
- Published:
16 Apr 2018 -
Author:
Robert Sanders -
Pages:
2
We view today’s news that PCF Bank has reached the £100m milestone in retail deposits as positive. This represents a good uplift from the £81m at 28 February 2018 that was reported at the AGM on 2 March 2018. As we highlighted in the Flash Note at the time of the AGM, this reassures on growth and that the reduced cost of capital is enabling PCF to grow its new business origination and also increase profitability in due course. We maintain our 42p target price and Buy rating.