Q1 profits up by 49% for IPF
CREDIT lender International Personal Finance today reported record first quarter profit and said it was on track for further progress this year.
The Leeds-based business saw pre-tax profits over the quarter increase by 49% to £9.1m.
Credit issued increased by 11%, average net receivables increased by 13% and revenues hit £177.6m, a jump of 8%.
IPF said it continued its strategy of tight cost controls and thet credit quality remained positive.
It said its plans to launch operations in Bulgaria and Lithuania were on track and that it had raised £70m through a seven-year retail bond issued.
Chief executive Gerard Ryan said: “We have made a positive start to the year, building on our strong 2012 trading performance and delivering a record Q1 profit.
“I am delighted with the success of our retail bond offering which I see as further endorsement of our ability to fund the business at lower cost and I am confident that IPF is well positioned for further good progress in 2013.”
