British financial services group Provident Financial has reported 22% rise in customers to a total of 1.1 million for its Vanquis Bank credit card in 2013.
Provident Financial Group CEO, Peter Crook, said demand remains strong and the consistent investment in the customer acquisition programme generated bookings of 411,000 for 2013, up from 375,000 in 2012.
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However, the company’s consumer credit division (CCD) has reported fall of customer numbers by 17.3% in 2013, compared to 2012 figures.
Shore Capital analyst, Gary Greenwood, said the different performances of Vanquis and its CCD division is down to them serving different demographics.
“Vanquis serves people who are typically in regular employment but for some reason have had problems with their credit history, whereas the people at the bottom of that spectrum [CCD customers] are very much impacted by inflationary pressures like food prices and utility bills rising,” Greenwood added.
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