Credit lender on track in 2019

Home credit firm International Personal Finance said it is on track to deliver 2019 profits in line with expectations.

An IPF agent lends money to a customer in Mexico

The Leeds-based firm said European home credit saw growth of 6 per cent, driven by a strong operational performance.

However, home credit in Mexico fell 12 per cent due to the prioritisation of credit quality over growth.

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IPF Digital delivered growth of 3 per cent and is on track to deliver a maiden profit in 2019.

The group said it is in a strong funding position with £197m of headroom on debt facilities.

IPF's chief executive Gerard Ryan said the group expects the European home credit business will continue to deliver a strong operational performance.

"We continue to focus on delivering an improved operational performance in Mexico alongside greater execution consistency to deliver progressive improvements in profitability and create the platform to recommence growth," he added.