IPF H1 profit trebles

Emerging markets lender International Personal Finance posted a three fold increase in first half profit and is confident it will deliver further growth in the second half.Pre-tax profit rose to £30.5m for the six months ended 30 June 2010 from £9.1m the year before. Stricter lending criteria and tight control of costs helped boost the figures. Impairment charges were reduced to 32.1% of revenues from 36.2% a year earlier.IPF, formerly a division of Provident Financial, said customers rose by 7.5% to 2.1m during the period, credit issued was up by 6.7% and receivables rose by 8.2%.Chief executive officer John Harnett commented, "This is a strong performance in challenging times, delivered through a combination of steady growth, improved credit quality and tight control of costs."Underlining its confidence in future trading, the group increased its interim dividend 10% to 2.53p per share."The increased dividend reflects...our confidence that we are on course to deliver a good performance for the year as a whole."All of the group's markets are in profit, including maiden first half profits in Mexico and Romania, IPF added.On a more cautionary note, the firm said, "Nevertheless, economic risks remain, both from the global economy and the economies in which we operate, particularly from the fiscal tightenings planned in Romania and Hungary. Accordingly our credit controls and growth plans remain prudently set." Inter. Pers.