IPF posts higher quarterly profits

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Emerging markets lender International Personal Finance posted higher third-quarter profit, after attracting more customers.

The company said it could weather the global economic turmoil.

The company said pre-tax profits for the third quarter had risen by 11 per cent to £27m ($43m), with revenues rising by nine per cent over the period.

“I am pleased that IPF has performed well in quarter three, combining steady growth with sound credit quality and improved cost efficiency. Overall our business is in good shape to deal with the uncertain economic outlook,” chief executive John Harnett said in a statement.

Shares in International Personal Finance closed up 5.6 per cent at 261p on Monday, giving the company a market capitalisation of around £670m.