International Personal Finance on track

Doorstep lender International Personal Finance (IPF) reported solid growth in the third quarter with impairment levels remaining stable.

The firm, which does most of its business in Poland, said it had grown its customer base by 5.9% compared to the year before, with total credit issued up 15.9%.

The growth in credit issued reflected higher sales to existing quality customers and had resulted in an 11% increase in average net receivables, the company said.

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Revenues grew 9.1% to £162.2.m, while profits remained flat at £27.2m, as IPF's ongoing battle with exchange rates and the impact £6.6M in early settlement rebates took their toll.

Annualised loan impairments as a percentage of revenue was stable at 26.5%.

Chief Executive Gerard Ryan said the firm's growth strategy was building momentum and it was on track to perform well in 2012.