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Subprime lender Provident Financial scrapped its 2019 financial dividend while predicting its credit issued and collections performance would be adversely impacted by the Covid-19 pandemic.
The company had been planning to pay a final dividend for 2019 of 16p per share.
Provident Financial also withdrew its financial guidance for 2020, citing the uncertain market environment.
The company said it had 'strong capital and liquidity positions' comprising regulatory capital headroom of about £200m, prior to a capital conservation buffer of about £55m.
Headroom on committed facilities and surplus cash and liquid resources amounted to around £230m.
'In these trying times, the welfare of our customers and colleagues has been paramount and I have been very pleased with how we have adapted our business practices to ensure that we continue to safely support our customers,' chief executive Malcolm Le May said.
'I would like to thank all our colleagues for their hard-work and the way they have risen to this challenge.'
'The impact of Covid-19 on the wider UK economy and our own financial performance clearly remains uncertain.'
'However, the decisive actions we are taking, together with our strong capital and liquidity positions, mean that I remain confident in the group's medium-term opportunity.'