By Anthony O. Goriainoff
International Personal Finance PLC said Tuesday that its collections performance has continued to be strong since its April update, and that this will result in a faster-than-anticipated improvement in impairments as a percentage of revenue.
The London-listed credit company said it also expects a significantly stronger rebound in profitability in 2021 than was expected at the time of its first quarter trading update in April.
“Credit issued has been broadly in-line with our internal expectations despite tighter Covid-19 related restrictions in a number of our markets,” the company said.
In April the company said that the strong collections in the first quarter translated into a 5.2% reduction in annualized impairment as a percentage of revenue, to 32.2%.
Write to Anthony O. Goriainoff at email@example.com