Record profit for International Personal Finance

CREDIT lender International Personal Finance has today reported record full year profit.

In its annual results for the year ended December 31 2013, the Leeds-based business announced that it delivered a record full year profit of £118.1m before tax and exceptional items – an increase of 24%.The business said the key drivers of the strong performance were accelerating customer growth by 7% to 2.6m and credit issued growth to 15% (2012: 13%) which, in turn, led to revenue growth of 11% to £746.8m.

Chief executive officer, Gerard Ryan, said: “2013 has been a year of significant progress for our business with consistent delivery against our Strategy for Growth, a strong trading performance and robust profit growth.  In addition to maintaining very good portfolio quality, we entered two new markets, developed our product range and made good progress in our funding objectives.  Although we saw heightened regulatory challenges and increased competition we are confident that our strategy and business development will continue to deliver further growth in 2014 and beyond. 
 
“We successfully implemented our 2013 growth initiatives whilst at the same time maintaining credit quality and managing costs tightly.  Together, these elements resulted in a strong trading performance and excellent profit growth.  Looking ahead, forecasts for economic growth and consumer confidence are improving and while there has been heightened regulatory challenges and increased competition, we are confident that our Strategy for Growth will continue to deliver for all our stakeholders in 2014 and beyond.”