Vanquis Banking Group PLC (OTCPK:FPLPF)

Full Year 2024 Vanquis Banking Group PLC Earnings Call Transcript

Mar 14, 2025 / 09:00AM GMT

Release Date Price: $0.708

Transcript

Key Points

Positve

Vanquis Banking Group PLC (FPLPF) achieved GBP64 million in cost savings by the end of 2024, surpassing their original target of GBP60 million.
The company has a strong retail funding strategy, with retail funding comprising over 92% of total group funding.
Vanquis Banking Group PLC (FPLPF) has successfully launched a second charge mortgage product, becoming a market leader in this segment.
The Gateway Technology Transformation Program is on track, expected to deliver GBP23 million to GBP28 million in additional savings.
The company has improved its Trustpilot scores, indicating strong customer satisfaction, with a score of 4.2 out of 5 for Vanquis and 4.4 out of 5 for Moneybarn.

Negative

Vanquis Banking Group PLC (FPLPF) reported an adjusted loss before tax of GBP34.8 million for 2024.
Complaint costs were a significant financial drag, with false fees tripling year-over-year to GBP25 million.
The adjusted return on tangible equity for the year was negative 7%, reflecting a challenging financial performance.
The company's net interest margin decreased by 20 basis points to 18.4% due to the growth of lower-margin second charge mortgages.
The vehicle finance segment faced challenges, with gross receivables falling 28% year-on-year due to increased stage 3 charge-offs.

Ian Mclaughlin

Vanquis Banking Group PLC - Chief Executive Officer, Executive Director

Good morning, everyone. I'm Ian McLaughlin, Chief Executive of Vanquis Banking Group. Welcome to our 2024 full year results webcast. As usual, I'm joined by our Chief Financial Officer, Dave Watts. Dave, welcome.

Dave Watts

Vanquis Banking Group PLC - Chief Financial Officer, Executive Director

Thank you, Ian, and good morning, everyone.

Ian Mclaughlin

Vanquis Banking Group PLC - Chief Executive Officer, Executive Director

So as you can see on Slide 2, I'm going to kick off with a summary of 2024. Dave will then build on my comment and take you through our performance in more detail and update on the financial guidance that we're sharing this morning.

I will then come back to outline by the management team, the Board and I are confident that we have the right foundations and strategy in place that will ensure we successfully deliver on our plans for 2025 and beyond and we'll then be happy to take your questions.

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