Analysts upgraded 2018 earnings forecasts for International Personal Finance (IPF) after the sub-prime lender revealed that it expects to exceed consensus pre-tax profit expectations for the first half by around 10 per cent.
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The anticipated earnings beat was the result of stronger than expected post-field collections in the European home credit business, where slow paying customers are taken away from field agents and dealt with through other processes. However, underlying credit issuance trends remained the same, with growth in Mexico and digital and modest contraction in Europe. That means management’s earnings expectations for 2019 are unchanged.
