10th Jul 2020 08:52
(Alliance News) - International Personal Finance PLC on Friday said it is "well-placed" going forward as its collections effectiveness continued to improve in June.
The Leeds, England-based home credit business said, against Covid-19 background, it is encouraged by the extent to which the company is now stabilising into a "new normal" operational environment.
International Personal Finance said collections effectiveness continued to improve in June, reaching 88% of pre-Covid expectations. It was at 76% in April and 80% in May.
Going forward, the company said it expects collections effectiveness to progressively improve in the coming months.
International Personal Finance said there is a continuing strong demand for its products. As lockdown restrictions are progressively relaxed and the company's collections effectiveness is improved, it said it has increased credit issued. In June, the company lent 37% of pre-Covid expectations, up from 30% during both of April and May.
"I am very encouraged by the continued improving performance delivered in June, both in terms of customer collections and credit issued," said Chief Executive Gerard Ryan.
"Our business plays a key role in society by providing credit responsibly to consumers who are underbanked or underserved, and we are well-placed to continue to meet their credit needs after the impact of Covid-19 subsides," added Ryan.
International Personal Finance shares were trading 14% higher in London on Friday at 59.34 pence each.
By Evelina Grecenko; [email protected]
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