BRADFORD-based lender Provident incurred costs of more than £23m in fighting off a hostile takeover, the company has revealed.

Profit before tax and bid defence costs was £61.2m - a substantial 76.9% increase on the same period in 2018.

But the cost of fighting the takeover - by Leeds-based NSF - was £23.6m.

The company also revealed that its chief fiancial officer, Simon Thomas, will leave in March 2020.

The company - which posted half year Statutory pre-tax profits of £37.6m from £34.6m - paid tribute to Mr Thomas.

In a statement it said: "Whilst we are saddened by Simon’s decision to depart, we respect it, and would like to thank him for his significant contribution to the Group. We look forward to continuing to work together over the next eight months during which time the Board will also be undertaking a process to identify a successor."

The company's results reveal the cost of fighting off the hostile takeover earlier this year.

Malcolm Le May, Chief Executive Officer, commented: “Despite the distraction of the unsolicited bid from February to June this year, I am pleased with the group’s operational and financial performance during the first half of the year.

"We have delivered strong new business volumes whilst maintaining stable delinquency trends and our first half results are in line with our internal plans. We are pleased to announce reinstatement of an interim dividend of 9.0p per share, which reflects our confidence in the ongoing recovery of the group.

"We will be hosting a Capital Markets Day on 7 November 2019 where we will provide further detail on the medium-term strategy and outlook for the group.”