Personal finance firm to delay results announcement
International Personal Finance is delaying the announcement of its year-end results until 28 March after the Polish Financial Services Authority, the KNF, sent new guidance on how credit card issuers should interpret non-interest fee rules.
The Leeds group said it must consider the potential impact of the new guidance on the performance of its Polish subsidiary, Provident Polska, and whether it needs to incorporate it into its full-year results.
“The group is therefore reviewing, with the assistance of external counsel, what the impact of this sector-wide communication might be and whether it constitutes a significant change to the existing approach taken by the KNF,” it said in a statement to the London Stock Exchange this morning.
It added, “As the letter was only received in the last few days, the Group considers it prudent to take the time to understand the contents of the communication fully, and this work is expected to take around a week to complete, following which the results will be released.”
The group said its year-end results reflect a stronger than expected trading performance in 2023 and this momentum has continued in early 2024. It added that its Polish business has an excellent track record of adapting to the evolving regulatory environment. Polish credit card receivables represent just over 5% of the Group’s receivables and approximately 25% of overall receivables in Poland.
