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Specialist bank PCF said its first-half profit more than halved in a delayed results release that followed the identification of accounting errors.
Pre-tax profit for the six months through March 2021 fell to £1.22 million, down from £2.55 million year-on-year.
Net operating income rose 4% to £14.7 million, though net interest margin decreased slightly to 6.7%, down from 6.8%.
The company recorded a credit impairment charge of £3.8 million, which was nevertheless down from £4.7 million year-on-year, largely driven by a change to the provision estimates for defaulted receivables.
Interim chief executive Garry Stran said the lower profit predominantly reflected expenses from 'remediation activities' and a 'need to invest in order to ensure that the business can support automation and future growth'.
A suspension of trading in the group's shares last May followed the identification of accounting errors and misstatements.
The company also had failed to properly report certain exposures under the Prudential Regulation Authority's large exposure reporting framework between December 2018 and June 2019.
'I am pleased to announce that the suspension is expected to be lifted today, allowing trading in the group's shares to recommence,' Stran said.