Shares in International Personal Finance (IPF) enjoyed a 12 per cent rally after management reported a recovery in its Mexican and Poland-Lithuanian home credit businesses during the third quarter. The Mexico home credit business returned to growth - with credit issued rising 10 per cent - after suffering operational difficulties during the first half of the year. This helped push group credit issuance up 9 per cent year on year.
In Poland and Lithuania home credit expanded modestly, following a 4 per cent decline during the first half. However, the business is still battling increased competition from payday lenders and Polish legislation on the cost of credit, with customer numbers contracting by 7 per cent. News was better for the southern Europe division, which delivered a 12 per cent increase in home credit issued.
