(Alliance News) - International Personal Finance PLC on Wednesday reported strong operational performance and sustained growth momentum in response to increasing demand for credit.
The Leeds, England-based home credit business said credit issued increased by 35% year-on-year, adding a further 36,000 new customers in the three months to September 30. The company now serves 1.7 million people overall.
The company said building sales momentum delivered 8% increase in closing receivables since the 2020 year end.
International Personal Finance also reported a 25.4 percentage points improvement in annualised impairment as a percentage of revenue since the 2020 year end to 12%.
Costs, meanwhile, reduced year-on-year by 2%, reflecting the company's continued approach to maintaining tight control of costs while continuing to invest to deliver higher volumes of credit issued.
"Despite the ongoing challenges posed by the pandemic, we see significant long-term demand for affordable credit in all our markets and will continue to execute our rebuild strategy by increasing credit issued and growing the receivables portfolio while maintaining a clear focus on portfolio quality and costs," said Chief Executive Gerard Ryan.
International Personal Finance shares were trading 1.2% higher in London on Wednesday at 136.60 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Inter. Pers. (IPF)