Moneybarn’s profits increased 46% year-on-year in 2016 to reach £31.1m in adjusted profit before tax, according to preliminary results by its parent company Provident Financial.

New business volumes at the subprime motor finance lender also increased, rising 28% on 2015’s figure. Moneybarn saw its return on assets remain largely static, achieving 13.1% in 2016 compared with 12.9% in 2015.

Peter Crook, chief executive of Provident Financial, said: “Moneybarn has again performed extremely well. Since its acquisition in August 2014, the business has more than doubled in size and maintained its margins through a period of significant investment.”

The group, Provident Financial, experienced a 14.1% increase in adjusted profit before tax, and statutory profit before tax rose 25.7% on 2015’s figure to reach £343.9m.

Crook added: “The group has made a good start to 2017. Vanquis Bank and Moneybarn have continued to trade very well and the home credit business has produced a sound collections performance.”