News Column

Mexico and Poland drive demand at International Personal Finance

February 27, 2014

CITY A.M. REPORTER



EMERGING markets lender International Personal Finance (IPF) yesterday reported a 24 per cent jump in full-year profit, helped by a marked rise in credit to customers in Mexico and Poland.


The company said total credit issued rose 15 per cent to 1.05bn. Credit issued in Mexico jumped 32 per cent to 196.9m, while that in Poland - its biggest market - rose about 17 per cent.


IPF, which lends to about 2.6m borrowers in eastern Europe and Mexico, reported a 58 per cent rise in profit in its Mexico business.


"We are bullish on all our markets in 2014, in particular Mexico," chief executive Gerard Ryan told Reuters.


The company said it expects its Mexican operation to grow to 3m customers in "the medium term" from 744,000 as of 31 December.


Profit per customer jumped 50 per cent to 21 in Mexico, where it has 58 branches. The lender said it planned to open five offices in the country in 2014.


Brokerage Peel Hunt said in a note that Mexico and Hungary were the stand-out performers for the company.


The company's Mexico business is on track to meet its 33 per customer target by 2015, the brokerage said.


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Source: City A.M. (UK)


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