LONDON (dpa-AFX) - Shares of International Personal Finance (IPF.L) were gaining around 5 percent in the morning trading in London after the home credit and digital business reported Thursday that its first-quarter revenue increased 10 percent driven by growth in the receivables portfolio.
The company delivered a 10 percent increase in credit issued, driven by strong performances from Mexico home credit and IPF Digital.
Customer numbers grew 3 percent year- on- year to 1.7 million. The closing receivables portfolio increased 14 percent at constant exchange rates to 713 million pounds at the end of the first quarter, contributing to higher revenues.
The company said the collections remain very positive driven by a solid operational performance, and credit quality continues to be excellent across all business divisions.
Annualised impairment as a percentage of revenue increased 1.3 percentage points to 11.5 percent since the 2021 year end.
Looking ahead, Gerard Ryan, Chief Executive Officer, said, 'Although we remain cautious due to the uncertain macroeconomic environment together with the impacts of the pandemic and the war in Ukraine, we expect to deliver good credit issued growth for the year as a whole through increasing customer choice while maintaining a clear focus on portfolio quality and costs.'
In London, International Personal Finance shares were trading at 97 pence, up 4.86 percent.
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