Personal Finance says profit in Slovakia, Czech Republic up 11.2% in 2010.

By bne IntelliNews March 3, 2011
Home credit provider International Personal Finance posted a gross profit of GBP 41.7mn from its operations in Slovakia and the Czech Republic in 2010, up 11.2% y/y, the company said on its website. The volume of extended loans rose by 4.8% y/y to GBP 185.4mn, as the growth accelerated to 12.4% in the fourth quarter. The number of clients increased by 0.8%y/y to 386,000. Average net receivables grew by 11.3% whereas growth in revenue was lower at 7.7% due to the impact of higher early settlement rebates paid to customers in Slovakia, following the implementation of the EU Consumer Credit Directive in July 2010. Finance costs increased by 7.5% due to the impact of higher funding costs partially offset by lower levels of borrowing. The company plans to further increase the number of clients in the two countries in 2011, although it expects the growth to lead to a slight drop in loan quality. International Personal Finance is part of UKs leading provider of home credits Provident Financial. It operates also in Poland, Romania, Hungary and Mexico.

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