PCF’s FY2017 final results beat expectations as adj. PBT of £5.0m added back only £1.37m banking costs vs our £1.5m forecast. The portfolio of receivables grew to £146m (SSL forecast £145m) from £122m and the quality was reflected by the record low impairment charge of 0.5%. Most importantly, PCF bank was launched in July and received £53m in deposits by 30 September. In our view, this access to lower cost of capital will enable PCF to achieve i
05 Dec 2017
New bank has started strongly
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New bank has started strongly
PCF Group plc (RLW:FRA) | 0 0 0.0% | Mkt Cap: 55.1m
- Published:
05 Dec 2017 -
Author:
Robert Sanders -
Pages:
8
PCF’s FY2017 final results beat expectations as adj. PBT of £5.0m added back only £1.37m banking costs vs our £1.5m forecast. The portfolio of receivables grew to £146m (SSL forecast £145m) from £122m and the quality was reflected by the record low impairment charge of 0.5%. Most importantly, PCF bank was launched in July and received £53m in deposits by 30 September. In our view, this access to lower cost of capital will enable PCF to achieve i