LONDON (dpa-AFX) - International Personal Finance plc (IPF.L) said it expects to progressively accelerate credit issued in the coming months with lending remaining focused on its customers
Gerard Ryan, CEO at IPF, said, 'I am very encouraged by the continued improving performance delivered in June, both in terms of customer collections and credit issued.'
The company noted that most of its agents have resumed their weekly visits to customers and, as we steadily increase new lending across home credit and IPF Digital businesses, the company expect to deliver further improvements in performance.
Having remained resilient in April and May, Group collections effectiveness continued to improve in June, reaching 88% of pre-Covid expectations.
The company noted that recovery was greatest in European home credit, which increased to 87% of pre-Covid expectations despite a more significant impact in Hungary where a higher proportion of customers have taken advantage of the temporary opt-out repayment moratorium.
Although reduced operational challenges may be partially offset by a recessionary impact on customer incomes in the second half of 2020, the company expects collections effectiveness to progressively improve in the coming months.
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