Provident losses soar on costs relating to doorstep lending unit wind-down
Aug 11 (Reuters) - Provident Financial reported a bigger first-half loss compared to a year earlier on Wednesday, due to heavy costs relating to a planned wind-down of its doorstep lending business.
The British company, which placed the unit into a managed run-off since May after a surge in complaints against it, said statutory pretax loss came in at 44.2 million pounds for the six months to June, compared to 28.1 million pounds a year earlier.
But excluding the consumer credit division, Provident said its adjusted profit jumped to 63.5 million pounds from 4.9 million pounds a year earlier.
(Reporting by Muvija M in Bengaluru; editing by Carolyn Cohn)
