logo-loader
viewMCB Finance Group

MCB Finance Group to post profitable second half as credit performance improves

bank_350_4b3b383e6c02a.jpg

MCB Finance Group (AIM: MCRB) expects to be EBT (earnings before tax) profitable in the second half after performance improved “materially” from the first half of the year.


However, the group said that due to the pre-tax loss recorded in the first half the full year results will likely show an EBT loss.


The changes in the credit criteria implemented during the year led to an improvement in credit performance with the performance of more recent lending pools being back to the levels seen in 2008 in spite of weak economic conditions in all markets. The reorganization of collection processes have also reaped benefits, resulting in better recoveries.


As collection, reorganization and credit scoring capabilities show further improvement, the group is expecting to gradually increase lending volumes.


“In response to unprecedented market conditions we have had to take a number of measures which are achieving the intended results. While continuing to take a cautious approach to risk, we look forward to achieving increased lending volumes followed by improvement in the Group's financial performance,” said Chief Executive of MCB Group Rami Ryhänen.


The group will announce its full year results in March 2010.

Quick facts: MCB Finance Group

Price: - -

AIM:MCRB
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

CytoDyn reveals more promising results from its clinical trials in breast cancer

CytoDyn Inc (OTCMKTS:CYDY) CEO Nader Pourhassan tells Proactive the late-stage biotechnology company has revealed additional “promising results” from its clinical trials evaluating its lead drug leronlimab for the treatment of metastatic triple-negative breast cancer and metastatic breast...

44 minutes ago

2 min read