By Joe Hoppe
International Personal Finance PLC said Monday that its pretax profit slipped slightly in the third quarter of the year, but that it swung to a profit in the year-to-date.
The London-listed subprime lender said pretax profit for three months ended Sept. 30 fell to 16.5 million pounds ($22.0 million) from GBP16.8 million in the same period a year prior.
For the nine months to Sept. 30, the company swung to a pretax profit of GBP59.8 million from a loss of GBP41.7 million for the same period in 2020. Revenue for the nine months fell to GBP399.5 million, from GBP517.0 million.
The company said its strategy for rebuilding is proving effective and delivering sustained growth. Improving consumer demand and selective relaxation of credit settings delivered a 35% increase in credit issued on-year.
“Despite the ongoing challenges posed by the pandemic, we see significant long-term demand for affordable credit in all our markets and will continue to execute our rebuild strategy by increasing credit issued and growing the receivables portfolio while maintaining a clear focus on portfolio quality and costs,” Chief Executive Gerard Ryan said.
Shares at 0926 GMT were down 6.0 pence, or 4.7%, at 121.4 pence.
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