There was no let-up in competitive and regulatory pressures in the European home credit market for International Personal Finance (IPF) during the first quarter. The sub-prime lender – which consolidated its northern and southern European home credit businesses last year – reported a 4 per cent contraction in credit issued on the continent year on year.
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However, this was offset by a stronger performance in the Mexican home credit market and at IPF Digital, where credit issuance rose 5 per cent and 24 per cent, respectively. Management expects the rate of growth in Mexico to accelerate to between 12 and 15 per cent for the year.
