IPF posts strong first quarter profit

Emerging markets lender International Personal Finance reported a four-fold rise in first-quarter pre-tax profit, driven primarily by a strong performance in Poland and lower impairment charges.

By The Newsroom

Published 19th Apr 2011, 09:26 BST

Leeds-based International Personal Finance, which operates in eastern European countries such as Poland, Hungary and Czech Republic, and also has a business in Mexico, said it had started well in 2011 and remained upbeat on growth for the rest of the year.

“The growth momentum achieved in the final quarter of 2010 has been maintained in the first quarter of 2011. This growth, coupled with much lower impairment, has delivered a substantial improvement in Quarter One profit,” the company said.

January to March pre-tax profit was £8.3m ($13.5m), compared with £2m in the year-ago period. Poland contributed a profit of £5.4 m, compared with a loss of £3.4m last year.

Impairment charges fell to £61.6m from £66.1m.

The FTSE 250 company’s shares, which have gained more than a quarter of their value over the past year, closed at 335p on Monday on the London Stock Exchange.