(Alliance News) – International Personal Finance PLC said in a statement on Thursday that the good momentum in the first half continued into the third quarter, praising its disciplined approach and strong portfolio.
The Leeds, UK-based company, which offers small, unsecured cash loans, said it continued to outperform internal forecasts in the third quarter of 2023.
Loans to customers outside Poland have increased by 11% since the beginning of the year. Trade receivables increased by 15%, or 4% at constant exchange rates, to close at £875 million.
Managing Director Gerard Ryan commented on the transaction: “Demand for our product range is strong and all our markets continue to see good growth in customer loans and receivables, with the exception of Poland where, as expected, loans slowed as we adjusted to new pricing and affordability regulations.
IPF also stated that customer refunds remain strong and depreciation rates remain in line with its expectations. Non-operating cash balances increased by £16 million to £100 million as of September 30, and IPF provided a £44 million credit facility during the quarter.
IPF is currently organizing a “business transformation” and credit card rollout in Poland and says it is “making good progress” with more than 100,000 cards issued to date. Since the end of the period Poland has issued bonds worth £14 million in the debt capital market.
“Credit quality across the group is very good and our balance sheet and funding position remains strong,” Mr Ryan said. “We continue to make good progress in raising new funding and refinancing our existing facilities to support our future growth plans.”
Separately, the IPF announced on Wednesday that independent director Richard Holmes will step down on December 1 and will be replaced by Katrina Cliffe. He will remain a member of the board of directors, primarily as chairman of the audit and risk committee. IPF said it made the change to meet targets set by the UK’s Financial Conduct Authority for board diversity.
Mr Cliffe was previously a Senior Independent Director at HomeServe PLC and joined the IPF Board as a Non-Executive Director in August 2022.
International Personal Finance shares were up 0.4% at 128.50 pence in London on Thursday afternoon.
Written by Alliance News journalist Emma Curzon.
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