International Personal Finance Plc December 2020 Trading and Regulatory Update (5347M)
22 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMIPF
RNS Number : 5347M
International Personal Finance Plc
22 January 2021
22 January 2021
International Personal Finance plc
December 2020 Trading and Regulatory Update
International Personal Finance plc (IPF) specialises in
providing unsecured consumer credit to around 1.7 million customers
across 11 markets. We operate the world's largest home credit
business and a leading fintech business, IPF Digital .
As part of our strategy to regularly update investors on key
operational performance metrics during the Covid-19 pandemic, IPF
is publishing the following information for December 2020 together
with an update on regulatory matters.
-- Robust collections effectiveness
We continued to deliver a robust level of collections
effectiveness in December at 96% of pre-Covid expectations
(November 2020: 97%) with all of our businesses contributing well
to this performance. We are encouraged that t he modest reduction
in collections effectiveness we expected during Q4 did not
materialise, but we continue to plan for a softening in performance
in Q1 2021.
-- Growth in credit issued
Serving customers responsibly during our seasonal peak month of
December supported a 4 ppt increase in credit issued to 65% of
pre-Covid expectations. As part of our strategy to rebuild the
business in 2021 and beyond, we will continue to progressively
relax credit settings while maintaining a clear focus on portfolio
quality and the macroeconomic effects of the pandemic.
-- Regulatory update
As reported in our November trading update, the Polish
government had proposed to extend the temporarily reduced cap on
non-interest costs of consumer credit from 8 March 2021 until 31
December 2021. During yesterday's parliamentary session, an
amendment to shorten the proposed extension until 30 June 2021 was
overwhelmingly approved by members and the proposed law now awaits
the President's signature. We expect the new law to become
effective in the coming weeks and it will only impact new lending
from that date. Our 2020 full-year results, which we plan to
publish on Wednesday 3 March, will include an assessment of the
potential impact of the extension on future lending and
profitability.
Gerard Ryan, CEO at IPF, commented: "We delivered another robust
trading performance in December, a testament to how well our
colleagues have adapted to serving our customers amid the
challenges posed by the pandemic. It is disappointing that the
temporary rate cap in Poland has been extended, but as we have
demonstrated throughout the pandemic, we have an extremely
resilient business model, and will continue our journey to rebuild
our business in 2021 by lending responsibly to underbanked and
underserved customers, and in turn deliver long-term growth and
value to all our stakeholders."
Investor relations and media contact:
International Personal Finance Rachel Moran
+44 (0)7760 167637 / +44 (0)113
285 6798
A copy of this statement can be found on our website -
www.ipfin.co.uk
Legal Entity Identifier: 213800II1O44IRKUZB59
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END
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