Vanquis Bank says will miss some return, capital targets

Vanquis Banking Group (VANQ.L), opens new tab on Tuesday warned investors it did not expect to meet its goal to deliver a low single-digit return on tangible equity for its full year, as it tackles an in-depth balance sheet review and challenging trading.

Chief Executive Ian McLaughlin said the comprehensive review of the lender’s finances had led to the revaluation of some historic balances.

A review of Vanquis’ vehicle finance receivables resulted in an approximate downward revaluation of stage 3 balances and charged off assets by around 29 million pounds, the bank said.