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Shares in Provident Financial slumped to a 22-year low — around 13 per cent this morning — following media reports of fresh troubles at the company ahead of its annual results tomorrow.
The subprime lender will be publishing its results tomorrow with information on two separate probes by financial regulators. One of these – into alleged mis-selling of a PPI-style product called repayment option plan – could cost the lender more than £300m in fines and redress, analysts have said.
There are increasing reports that the lender could be forced to raise as much as £500m to repait its battered balance sheet.
The Telegraph had reported this weekend that the lender had been canvassing investor sentiment towards a possible cash call to shore up its balance sheet, while The Times had said earlier that the finance boss of the company’s consumer credit division had left the business.