Vanquis Banking Group 20 (VANQ): Returns guidance reset

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£181m · 70.5p · −39% since the first step

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Returns guidance reset

ROTE guidance cut; recovery pushed to 2027-28

Next: FY26 results: dividend decision and ROTE delivery

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30 Jul 2026 ROTE guidance cut; recovery pushed to 2027-28 – We now expect a low single digit return on tangible equity in 2026, a low double digit return in 2027 and a mid-teens return in 2028. ↗

What is happening

Vanquis Banking Group 20: Returns guidance reset – ROTE guidance cut; recovery pushed to 2027-28. ['ROTE guidance cut; recovery pushed to 2027-28']

In short: Vanquis had guided to low double digit statutory ROTE for 2026 as recently as May 2026. At the half year it cut 2026 to low single digit, as lower Credit Card yields from new customers and cautious spending moderate returns. Low double digit is now 2027 and mid-teens 2028.
Announced: 30 Jul 2026 · ROTE guidance cut; recovery pushed to 2027-28
2026 ROTE: Low single digit (previously low double digit)
2027 ROTE: Low double digit
2028 ROTE: Mid-teens
1H26 ROTE: 2.5% statutory
Cause: More new customers at lower early yields; lower spending and utilisation by existing Credit Card customers
Dividend: Modest dividend intended with FY26 results if no significant UK economic deterioration

FY26 results: dividend decision and ROTE delivery.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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