Lender IPF swings to profit
LENDER International Personal Finance swung to a first quarter profit after improving economic conditions and cost controls offset the weak collections seen in the first two months of the year.
The Leeds-based company, which offers small loans to consumers in emerging markets such as Poland, Hungary and Mexico, today reported a profit of 2m for the first three months of the year compared to a loss of 8.5m last year.
The firm warned last month that severe weather in Poland in the first eight weeks of the year had hit its performance.
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Hide AdIt said today, however, that first-quarter profit in Poland, the Czech Republic and Slovakia was up by 11 per cent, while its Hungary business, which underperformed last year, was on course to make profit in 2010.
"This reflects improved economic conditions, our careful management of lending criteria and tight management of costs," the company said.