IPF posts Q1 profit

Lender IPF returned to the black in the first quarter as it added more customers and saw an improvement in economic conditions.The group, which provides small short-term loans to customers in eastern Europe and Mexico, said it made a good start to 2010 and reported a pre-tax profit of £2m in the first quarter of the year compared to a loss of £8.5m the year before. IPF said it issued 11% more credit year on year in the first quarter of 2010.Poland, Czech and Slovakia profit was up by 11% over prior year despite the adverse weather impact. "Growth in these markets has been good, with the improvement in economic conditions and tight management of credit quality enabling a progressive easing of credit controls," the group said. Hungary was close to break even.Mexico saw profit up by £3.1m as customer numbers grew by 17,000 to 541,000.Romania broke even in the first quarter and is on track for 2010 profit, IPF added. Inter. Pers.