IPF reports encouraging start
Doorstep lender International Personal Finance (IPF) is still finding no shortage of people coming to it for cash.
Doorstep lender International Personal Finance (IPF) is still finding no shortage of people coming to it for cash.
The firm, which is focused on Eastern Europe, said growth in credit issued increased 16% in the first three months of 2012, compared with the same period last year.
The number of customers it has grew by of 9%, helping push revenues up 7%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Its biggest market, Poland, saw customer numbers rising by 11,000 to 845,000 in the quarter and credit issued up by 16%.
It added that there had been no visible impact of economic slowdown on credit quality, with annualised impairment as a percentage of revenue remaining at 26%.
Impairment costs came in at £60.7m, compared with £61.6m the year before.
However, its pre-tax profits were hit hard by higher early settlement rebates and weaker foreign exchange rates, the firm said.
Profits fell from £8.3m in the first quarter of 2011 to £6.1m this year.
IPF issued a profits warning in December after getting caught on the hop by exchange rate movements.
"Overall, we have made an encouraging start to the year and are on track to perform well in 2012," said Chief Executive Gerard Ryan.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published