Sign up USA
Proactive Investors - Run By Investors For Investors

MCB Finance Group increases bad debts provision, expects first half loss

MCB Finance Group increases bad debts provision, expects first half loss

MCB Finance Group plc (AIM: MCRB), the consumer finance company providing flexible credit solutions to retail customers in Finland, Estonia, Latvia and Lithuania provided a trading update ahead of the publication of its interim results for the six months ended 30 June 2009.

The consumer finance company reiterated its cautious stance first outlined in a trading up on 22 May 2009, warning that its key markets continued to be impacted by the “significant deterioration in economic conditions”. As a result, MCB Finance Group said it had increased the provision levels on loans in arrears on the balance sheet, which would push the company into a loss for the six months to 30 June 2008.

Looking ahead, the company said it expected second half results to improve, largely thanks to its tighter lending criteria and improved credit monitoring and collection processes.

“Whilst it is still relatively early in the process, the Company is encouraged that these actions appear to be working, with repayment rates having stabilized over the last couple of months,” the company added.

Interim results are due to be announced the first week of September 2009.

View full MCRB profile View Profile

MCB Finance Group Timeline

Related Articles

Audi car
July 03 2017
In a trading statement delivered to the group’s annual general meeting on May 18, S&U said its fiscal first quarter saw a record number of loan applications, with new transactions up by a fifth year-on-year
Stargroup's Todd Zani talked at Proactive's CEO Sessions
September 14 2017
Todd Zani presented a Bitcoin solution and growing revenues at Proactive's CEO Sessions.
July 19 2017
The regulatory restrictions of the bank mobilisation period have been lifted and PCF can now commence deposit taking activities as a fully-operational bank
Copyright ©, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use