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
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