Home credit lender IPF continues to rebuild as demand continues to increase

The Leeds-based business added that improving consumer demand and selective relaxation of credit settings delivered a 35 per cent increase in credit issued year-on-year.

Gerard Ryan, CEO of IPF, said: "I'm delighted to report a very strong operational performance as levels of demand for credit continued to increase.

"Our business plays an essential role in society by providing credit to people who are underbanked or underserved, and we are successfully serving a growing number of customers in a responsible and sustainable way.

"Despite the ongoing challenges posed by the pandemic, we see significant long-term demand for affordable credit in all our markets and will continue to execute our rebuild strategy by increasing credit issued and growing the receivables portfolio while maintaining a clear focus on portfolio quality and costs.

"My thanks go to all of our colleagues who are working diligently to serve our customers safely and rebuild the business at this important time."

IPF said increasing demand for consumer credit is creating a good foundation on which to rebuild its digital business and deliver sustainable growth. Year-on-year, customer numbers reduced by 6 per cent to 256,000 due to suppressed demand early in 2021 as a result of the pandemic, its continued cautious credit settings in Spain and the cessation of lending in Finland.

However, it delivered an increase of 9,000 customers during the third quarter. The rate of credit issued also improved as the year progressed and new lending was in line year-on-year, with third quarter credit issued 12 per cent higher than the second quarter.

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Thank you

James Mitchinson