International Personal Finance PLC on Thursday said it was confident in its progress in the year so far, despite a downturn in Poland as the company adapts to changing lending regulations.
The Leeds-based financial services company said a ‘strong first quarter performance’ had driven optimism that the company would deliver on its financial plan in 2024.
Customer lending growth reached 5% in the quarter, excluding Poland.
Closing net receivables excluding Poland grew 11% year-on-year to £865 million.
Lending and receivables in IPF’s home credit and digital businesses in Poland saw a decline of 21% and 32%, respectively.
IPF said the downturn in Poland is the result of business restructuring efforts, in response to ‘the lower non-interest cap for instalment loans introduced in late 2022 as well as enhanced affordability regulations introduced in 2023’.
‘Robust customer repayment performance and excellent credit quality supports the group’s plans for stronger lending growth through the remainder of the year’, IPF added.
Chief Executive Officer Gerard Ryan said: ‘We’ve made a very good start to the year and are progressing well against our 2024 financial plan. We delivered good customer lending and receivables growth in all our markets with the exception of Poland, where our actions to adapt our home credit business to the changing regulatory backdrop continue.’
Shares in International Personal Finance were up 4.3% at 110.00 pence each in London on Thursday.
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