13th Aug 2020 11:39
(Alliance News) - International Personal Finance PLC on Thursday said it has seen a rise in collections while cautiously increasing lending levels.
The consumer credit provider said that in July, collections effectiveness improved to 92% of pre-Covid-19 expectations. An update from the lender last month said the figure for June was 88%.
Credit issued increased to 43% of pre-crisis forecasts, though IPF explained it remains "cautious". Credit issued was at 37% of pre-Covid expectations in June.
"Government restrictions in our European markets have now been largely lifted, almost all our agents are continuing their visits to their customers, and a phased return to work for our office-based staff is underway, both under strict safety measures," the company said.
"In Mexico, where there has not been a federal government mandated nationwide lockdown, our agents' ability to visit their customers has been less impacted. Nevertheless, we have continued to ensure appropriate safety arrangements are in place for our agents and customers, particularly as the pandemic there may not yet have reached its peak."
IPF added that it received about GBP45 million on Wednesday after a tax dispute in Poland went in its favour.
"Following a decision in March which has not been appealed by the Polish Tax Authority, the Warsaw District Administrative Court has formally confirmed that its decisions, which found in our favour on the 2008 and 2009 tax cases, are final," IPF explained.
IPF shares were 17% higher at 69.80 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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