Robust demand boosts results at credit provider
Leeds-based unsecured consumer credit provider, International Personal Finance (IPF), says its strong financial performance in the first half of the year has continued through into the third quarter.
In a quarter three 2024 trading update released today, IPF reports customer lending grew by 7% year-on-year, with its healthy third quarter performance supporting the group’s full-year pre-tax profits forecast of between £78m and £82m.
Over the same period, the group also successfully completed a £15m share buyback programme. IPF had funding headroom of £151m at the end of the third quarter.
Gerard Ryan, chief executive officer, said: “Our financial performance in the third quarter continued to be strong, with good growth in customer lending and receivables, as we implement our Next Gen strategy.
“The demand for our expanding portfolio of credit and insurance products is robust, and we continue to see very strong repayments and credit quality.
“With the progress we’re making across our strategic priorities, we’re confident in delivering full-year results in line with the guidance provided at our interim results as well as strong shareholder returns into the future.”
IPF says its operation in Poland has now delivered 4% year-on-year growth at the end of the third quarter.
It adds it continues to engage with the Polish financial supervision authority in respect of its application for a full payment institution licence, which will enable IPF to issue a greater volume of credit cards in Poland.
