IPF profits storm ahead

CREDIT lender International Personal Finance said its first half profit more than trebled as tighter lending criteria drove down bad debt charges.

By The Newsroom

Published 22nd Jul 2010, 10:38 BST

Leeds-based IPF, which was spun off from Bradford-based doorstep lender Provident Financial three years ago, reported a pre-tax profit of 30.5m in the six months to June 30, up from 9.1m a year earlier.

The improvement reflected improved credit quality, with impairment charges falling to 32.1 per cent of revenues from 36.2 per cent a year earlier.

IPF shares closed at 203.8p on Wednesday, valuing the company at about 490m.

The company, which currently operates in Poland, Slovakia, Romania, the Czech Republic, Hungary and Mexico, said it is not currently planning to enter new markets