27th Oct 2015 07:42
LONDON (Alliance News) - International Personal Finance PLC on Tuesday said its credit issued in the third quarter grew year-on-year on a pro-forma basis and said it expects to meet market expectations for the full year.
The home credit lender said its pro-forma growth in credit issued in the quarter to the end of September was 8.0%. The pro-forma numbers assume MCB Finance, the digital consumer credit provider it bought in February, was part of the company in the comparable period in 2014.
On a pro-forma basis, IPF's home credit issued rose by 6.0%, while its digital business saw credit issued rise by 35%. Home credit customers grew 1.0% in the quarter, while digital customers were up 31%, giving total pro-forma customer growth of 2.0% in the period.
The group said it performed well in Mexico in the quarter, with a resilient performance in its European home credit business. It said it is on track to start lending in Spain through its digital arm by the end of the year.
IPF said it expects further strong growth in Mexico and its digital business in the final quarter and expects its results to be in line with market expectations, notwithstanding the challenges in the sluggish European market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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