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Provident says 2018 profit to be at lower end of market view

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(Reuters) – Sub-prime lender Provident Financial Plc <PFG.L> said on Tuesday it expects earnings for the year to be at the lower end of market expectations, blaming modestly higher impairment at its credit card business Vanquis Bank.

“We have been progressively tightening our underwriting standards throughout the group in anticipation of the current uncertain UK economic environment we are facing,” the company said as it reported a 71,000 drop in new account bookings in Vanquis for 2018.

(Reporting by Samantha Machado and Muvija M in Bengaluru; Editing by Bernard Orr)

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