LONDON (ShareCast) - (ShareCast News) - International Personal Finance sustained disruption from earthquakes in Mexico last month, following strong performance during July and August.
IPF revealed credit issued growth of 5% for the group in the third quarter, with Mexico home credit growth of 6% offsetting a 3% drop in European home credit, while digital growth hit 40%.

Although performance has improved in October, the impact of the Mexican earthquakes has led management to expect full year growth in credit issuance in Mexico to be slower and impairments higher than previously anticipated.

Elsewhere, trading was broadly consistent with expectations, with no legislative developments in Poland on the proposed reduction to the existing non-interest pricing cap, but the country operations generated 2% credit growth, while Czech growth was negative due to competition, Hungary strongly positive and Romania strongly negative due to regulatory tightening.

Management reported a continued robust funding position and at the quarter end a headroom on undrawn bank facilities of £163m.

Shares in the company fell 1.25% to 197p on Tuesday morning.

Broker Shore Capital said the Polish regulatory issue continued to act as a material overhang to the investment case and maintained its full year forecast for adjusted PBT of £99.7m, adjusted diluted EPS of 30.1p, DPS of 12.4p and tangible net asset value per share of 201p as analysts provisionally expect the negative impact of the Mexican earthquakes to be offset by the benefit of European debt sales.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE