Strong performance overseas boosts Leeds lender
Unsecured consumer credit provider, International Personal Finance (IPF), has announced a 11% hike in its dividend as profits for the year beat expectations.
In the 12 months to 31 December, the Leeds-based group reported a pre-exceptional profit before tax of £85.2m, compared to £83.9m last year. The group said it has been boosted by strong customer repayment and record profits from its Mexico home credit, Digital’s Mexico and Australia operations as well as record lending volumes in Hungary.
The market welcomed the news with IPF shares up more than 7% in early trading to 136.12p.
IPF proposed increase of 11.1% in the final dividend to 8p per share. Following successful completion of a £15m share buyback programme in the second half of 2024, IPF will begin a further share buyback programme of up to £15m which is expected to be completed by the third quarter.
Gerard Ryan, chief executive officer at IPF, said: “I am very pleased to report significant progress across our group in 2024. The ongoing execution of our Next Gen strategy has delivered good growth, and we provided over £1bn of credit to those who find it difficult to get finance from banks. Combined with very strong customer repayment performance, we delivered a pre-exceptional profit before tax of £85.2m
“Beyond these strong financial results, we served our 15 millionth customer in September, a great sign of our ability and commitment to supporting underserved communities.”
Ryan added that the group is in an excellent position to accelerate both growth and the pace of change across the group.
