2nd Mar 2015 10:10
LONDON (Alliance News) - MCB Finance Group PLC, the lender acquired by International Personal Finance PLC last month, Monday said it swung to a pretax profit in 2014, helped by higher revenue and lower impairment costs for bad loans.
MCB, which lends to retail customers in Finland, Estonia, Latvia, Lithuania and Australia, said it made a EUR2.5 million pretax profit in 2014, compared with a EUR1.8 million pretax loss in the prior year.
Growth in revenue from Estonia and Lithuania more than offset declines in Finland and Latvia, to help drive revenue up to EUR36.3 million from EUR33.2 million.
Impairment costs fell to EUR7.1 million from EUR8.3 million.
International Personal Finance's GBP23.8 million acquisition of MCB Finance completed on February 6.
International Personal Finance shares were down 0.1% at 431.70 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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