Provident Financial says its credit card business, Vanquis Bank, performed "modestly above expectations" in the fourth quarter, adding that it expects to report full-year results in line with market expectations. The company also said that its consumer credit division also had delivered results in line with its plans. Consistent with the group's strategy set out at the Capital Markets Day in November to diversify its funding base and lower the overall cost of funding, the group has agreed a bilateral securitisation facility with NatWest Markets to fund Moneybarn business flows. The new facility provides up to £100m of initial funding and is anticipated to grow to £275m over the next 18 months. The facility provides a comparable funding rate to the revolving credit facility which reduced from £450m to £235m in July 2019.