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Article: International Personal Finance grows.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- March 6, 2008
CopyrightCOPYRIGHT 2008 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TIP UPDATE: Central Europe performs well while Mexico pulls its socks up. Jonas Crosland
Many sub-prime lenders can only dream about attracting more customers and reducing bad debts while simultaneously growing the loan book. But International Personal Finance (IPF) - the demerged international operations of sub-prime lender Provident Financial - has done just that.
Customer numbers grew by 8.8 per cent to 1.94m, while net receivables jumped 18.8 per cent to GBP443.2m. Meanwhile, tighter lending criteria led to a GBP19.9m drop in the group impairment charges to GBP83.2m. The central European division's profits rose from GBP64.1m to GBP80.6m, while ...