IPF collections, lending increase as Covid-19 lockdowns lifted
By Frank Prenesti
Date: Friday 10 Jul 2020
(Sharecast News) - Doorstep lender International Personal Finance said it collected more money in June and started to offer more credit as coronavirus lockdowns in Europe were lifted.
The company on Friday said June collections reached 88% of pre-Covid expectations, with almost all of its agents resuming weekly visits to customers. April and May collections were 76% and 80%, respectively.
IPF said credit issued increased as lockdown restrictions were progressively eased across the Continent, with 37% of pre-Covid expectations lent in June, up from 30% during April and May. This was due to higher lending levels in European home credit markets despite continued significantly restricted sales in Poland where a temporary rate cap limited short term economic returns.
"We expect to progressively accelerate credit issued in the coming months with lending remaining focused on our higher quality customers," the company said.
"Although reduced operational challenges may be partially offset by a recessionary impact on customer incomes in the second half of 2020, we expect collections effectiveness to progressively improve in the coming months."
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN