logo
Share SHARE
FONT-SIZE Plus   Neg

International Personal Finance Says On Track To Perform Well In 2012

International Personal Finance Plc (IPF.L) in its interim management statement said growth in credit issued rose to 16% in the first quarter of 2012 from 6% in the fourth quarter of 2011, supported by improved consumer confidence.

According to the company, growth in credit issued, coupled with year-on-year customer growth of 9%, has driven increased receivables of 11% and revenue of 7%. International Personal Finance added that no visible impact of economic slowdown on credit quality with annualised impairment as a percentage of revenue in line with December 2011 at 26%.

For the first quarter, profit before tax fell to 6.1 million pounds from 8.3 million pounds in the prior year.

Revenue dropped to 159.7 million pounds from 160.4 million pounds in the previous year.

Chief executive officer Gerard Ryan, commented, "Our trading performance in the first quarter was good, with stronger growth in credit issued, stable credit quality and further progress in Mexico. The result for the quarter includes the impact of higher rebate costs and weaker FX rates, which are in line with previous guidance. Overall, we have made an encouraging start to the year and are on track to perform well in 2012."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT