Another 60 jobs are being created in Bradford city centre by lending giant Provident Financial Group.

The new roles will see staff added over the next 12 to 18 months at Provident’s Thornton Road headquarters in its rapidly expanding Vanquis Bank credit card operation, which now accounts for more than 50 per cent of the group’s business.

Recruitment will take the Vanquis Bank workforce to around 320.

As revealed in Provident’s 2013 results, the Vanquis Bank business grew its UK pre-tax profits by nearly 60 per cent to £113.7 million against £71.3 million in 2012.

It added 411,000 more customers, a 22 per cent rise, to more than one million, with average receivables increasing by 37.5 per cent.

Chief executive Peter Crook also announced that, following the launch of its new Satsuma online lending business in November, Provident aims to become a top three UK online lender within three years.

Satsuma would employ around 70 people locally this year and Mr Crook expects its growth to be boosted by tighter operating rules being introduced by the Financial Conduct Authority from Apri.

He said: “The online lending market is four times bigger than home credit and Satsuma will enable us to take a leading part in that sector. Most online lenders at present are pay-day loan companies which are facing tougher regulation while Provident’s track record and pedigree will help us progress in this sector and become a top three online lender.”

Provident’s traditional home lending operation – the Consumer Credit Division – continues to suffer from weak demand and is being reshaped and modernised, including 520 previously announced job cuts, taking the staff to customer ratio back to 2007 levels. The cost of reorganisation in 2013 was £13.5 million and the division returned a profit before tax and exceptional items of £102.5million, compared with a restated £122.9 million in 2012, reflecting difficult trading conditions.

Consumer credit customers faced significantly tighter credit standards, leading to an expected fall in customer numbers of 17.5 per cent.

Mr Crook emphasised that the home credit business remained vital to Provident and this year most of its 9,000 collection agents will transfer to a paperless operation using tablets and smartphones, making it the UK’s only paperless consumer credit business .

He said: “The repositioning of the home credit business as a leaner, better-quality, high-returns business is progressing well.

“In particular, the development and rollout of the smartphone and tablet apps that support the change in productivity and compliance across the agent and branch network are fully on track and expected to be substantially completed in 2014.

“The credit quality of the receivables book is also improving through a combination of tighter credit standards and early benefits from the standardisation of collections and arrears processes.”

Overall, Provident Financial, which has more than 2.6 million customers, increased profit before tax and exceptional items by 9.9 per cent to £196.1 million compared with the restated 2012 figure of £178.4million.

It achieved cost savings of £10million in the second half of 2013.