International Personal Finance sees new business down Mexico way
INTERNATIONAL Personal Finance today announced record first half profit up 35% to £42.3m.
The Leeds-based credit lender which operates in overseas markets including Eastern Europe and South America, said revenues rose by 9% to £360.3m in the six months to June 30
Chief executive Gerard Ryan, commented: “Our strategy is delivering stronger growth and has resulted in a record first half profit. Our expansion plans are on track and we have made good progress on new product development which is helping to strengthen our customer relationships. In addition, today’s announcement of the £60m share buyback is a further sign of our commitment to operating with a more efficient balance sheet and delivering increased shareholder returns. We believe there are opportunities to deliver substantial medium to long-term growth and we are confident of further progress.”
IPF plans to expand into Mexico City which has a population in excess of 20 million, later this year while it issued its first loans to customers in Lithuania this month and now has around 40 employees and agents developing the business from a branch in Vilnius and a head office in Poland.
“This marks an important step in our strategy to expand into new markets adjacent to our existing European markets and we expect to open our second branch in Lithuania in September. In Bulgaria, our launch plans are on track and we expect to begin issuing loans to customers at the beginning of September,” the company said in a statement.
