by Michael Susin
International Personal Finance PLC on Thursday reported an increase in credit issued in the first quarter, with continued positive performance in collections.
The subprime lender said issued credit rose 10%, mainly driven by a strong performance in Mexico and despite a contraction in European mortgage lending.
The company said its closing accounts receivable portfolio rose to 713 million pounds ($894.4 million) at the end of the quarter, from GBP85 million.
Revenue rose 10%, boosted by growth in the accounts receivable portfolio, it said.
IPF said the positive collections translated into an annualized impairment as a percentage of revenue of 11.5%.
“Although we remain cautious due to the uncertain macroeconomic environment coupled with the impacts of the pandemic and the war in Ukraine, we expect to deliver good credit issuance growth for the year as a whole by increasing customer choice while maintaining a clear focus on portfolio quality and costs,” the company said.
The shares at 0743 GMT were up 3.7 pence, or 4%, at 96.2 pence.
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