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.
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
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.
-
Lloyds Bank closures to hit nearly 300 in 2025Lloyds Bank is to close its doors to another 55 branches next year. Which ones are closing?
-
Which British stocks offer the best quality and growth?A professional investor highlights British stocks that hit the sweet spot. This week, Alexandra Jackson, manager of Rathbone UK Opportunities Fund, picks three favourites
