Record profits for credit lender

CREDIT lender International Personal Finance has reported record half year profits.

In the six months to the end of June, the Leeds-based business increased pre-tax profit by 11% to £47.1m as well as boosting customer numbers by 7% to 2,607m and entering into Spain for the first time.

Chief executive officer, Gerard Ryan, said: “We are making good progress on our journey to grow the business and our strategy continued to deliver strong levels of growth and profit in the first half of the year. 

“I am also very pleased to announce our entry into Spain – a market which offers an exciting opportunity to add significant scale to our business in Europe.  There are heightened regulatory challenges and increased competition in many of our markets but we are confident of achieving further growth and improved returns to our shareholders.”

The business reported credit issued growth of 13% and an increase in revenue of 17% to 394.1m.  
 
International Personal Finance said there are substantial opportunities to expand the business in the medium and long-term and deliver further returns to shareholders. 

The group said it continues to focus its strategy on profitable growth and aims to deliver this through increasing the number of customers it serves in its existing markets; expanding the offer to customers through new products; continuing strategy of new country entry; and broadening channels through which it delivers  products and services to customers.