Provident Financial weak as the sub-prime lender reveals that its Satsuma business will now make a loss
Provident Financial shares fell today after the sub-prime lender confirmed its online, short-term loans business Satsuma will no longer squeeze out a profit this year.
The FTSE 100-listed lender said back in July that Satsuma would break-even in 2016, while in January it was even expected to make a modest profit for the full year.
But this morning, in a third quarter trading update, the company said the business will now make a small loss for the year.
As a result, shares in Provident Financial fell 2.3 per cent, or 72p at 3,008p - making it one of the top fallers on the FTSE 100 index in... read more
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