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LONDON (Alliance News) - International Personal Finance PLC on Wednesday said it added more customers and issued more credit in the first quarter of 2016, even though the lender's Mexican business detracted from the performance of its home credit operations in Southern Europe and digital.
Customer numbers increased year-on-year by 3% in the three months ended March 31, IPF said in a statement, with home credit growth of 1% and digital growth of 53%. Proforma credit issued grew by 6%, with home credit growth of 3% and digital proforma growth of 31%.
IPF said it has opened three of the 10 new branches it intends to start in Mexico in 2016. The growth of credit issued in Mexico of 4% during the quarter was slower than expected, IPF said, citing "largely operational" factors. The company said it has "a clear plan" to address those issues and return to higher rates of growth.
As well as being a drag on customer and credit growth, Mexico saw a collections performance that was weaker than that seen in IPF's European businesses. That resulted in "some increase" in loan impairment charges, which IPF said it expects to "correct" as the year goes on.
"We expect to generate further strong growth in IPF Digital, see a continuation of the positive momentum in Southern Europe and a return to higher levels of growth in Mexico," IPF said in a statement.
Shares in IPF were down 8.6% at 238.40 pence Wednesday, the worst performer in the FTSE 250.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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