Provident Financial Romania grants loans worth over EUR 42 million in the first half of 2010

Newsroom 22/07/2010 | 17:10

The consumer credit company Provident Financial Romania announced that it has granted loans worth more than EUR 42 million EUR in the first half of this year, against EUR 30 million at the end of June 2009. Its revenues went up to nearly EUR 30 million from 17.5 million EUR in H1 2009. The company had at the end of June 2010 over 187,000 customers, up from 120,000 customers in June 2009.

“Our results in the first semester are yet another proof of the resiliency of our successful business model and of the measures we undertook to ensure a healthy growth. Our responsible management of lending criteria ensured the quality of our portfolio and a tighter management of costs helped us reduce expenses. We maintain our initial estimation that the business will be profitable at the end of this year,” said Russell Johnsen, managing director of Provident Financial Romania.

In the first quarter of 2010, Provident opened its first branch in the north-western part of the country, in Oradea. The opening was part of an investment project in infrastructure and staff of over EUR 14 million that covers the first six months of 2010. This brings the total value of investments made in Romania to over EUR 65 million.