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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.

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