International Personal Finance profit soars

 
City A.M. Reporter
Emerging markets lender International Personal Finance posted a 36 per cent rise in third-quarter adjusted pre-tax profit, helped by a strong recovery in Hungary.

The company, which lends small cash sums to consumers in central Europe and Mexico, also expects to be in a good position to deliver further improvement in 2011 on stronger growth and good credit quality.

"Economic conditions continue to improve across the majority of our markets and we are now seeking stronger growth in the peak sales period in the final quarter of the year," it said.

For July-September, adjusted pretax profit was £24.4m. Revenue rose 10 percent to £145.6m.

"During 2010 we have seen a return to economic growth, an improved economic outlook and improvements in consumer confidence in the markets in which we operate, with the exception of Romania where the position is weaker but stable," IPF said in a statement.