We aim to consistently grow our earnings and create attractive returns on the money we invest.
The group has four key strategic objectives which are measured through a number of key performance indicators (KPIs), both financial and non-financial.
1 . Growing high-return businesses in non-standard markets
- Maintain strong growth in Vanquis Bank within the UK non-standard credit card market, whilst seeking opportunities to utilise the existing business model to expand into other markets and products;
- Maximise returns within the Provident home credit business whilst developing the Satsuma online loans business to generate sustainable growth;
- Develop the glo guarantor loans business to be capable of delivering the group’s target returns;
- Continue to unlock the growth potential within Moneybarn in the non‑standard vehicle finance market; and
- Extend our product offerings to ensure that we have the appropriate range of products for our chosen markets.
2. Generating high shareholder returns
- Generate sustainable growth in profits and dividends to deliver increasing shareholder returns; and
- Maintain a dividend cover of at least 1.25 times.
3. Maintaining a secure funding and capital structure
- Maintain borrowing facilities which, together with Vanquis Bank’s retail deposits programme, meet contractual maturities and fund growth over at least the next 12 months;
- Maintain a maximum gearing ratio of 3.5 times to ensure alignment with the minimum dividend cover target of 1.25 times and the group’s growth plans, whilst maintaining a comfortable surplus of regulatory capital over the capital requirements set by the Prudential Regulation Authority (PRA); and
- Continue to diversify the group’s sources of funding.
4. Acting responsibly and with integrity in all we do
- Operating our core business of lending to our customers in a responsible and sustainable manner, putting their needs at the heart of everything we do;
- Acting responsibly and sustainably in all our stakeholder relationships in order to:
- Create a working environment that is safe, inclusive and meritocratic;
- Treat our suppliers fairly; and
- Support our communities;
Our KPIs are helpful in assessing progress but are not exhaustive as management also takes account of a wide range of other measures in assessing performance.