International Personal Finance cautious on credit
Credit lender International Personal Finance said it has made a good start to 2008 but added that it maintains a cautious stance on credit.
"There have been few signs of the pressures on the global economy affecting our performance in any of our markets, but we continue to monitor this closely and maintain our cautious stance on credit," said the group.
The group said it has made an encouraging start to the year, which gives it confidence that 2008 will be another year of progress.
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It said the Central Europe businesses are performing well. Good underlying profit growth has been further enhanced by favourable exchange rates, which overall were approximately 25% better than same period of last year, it said.
The group intends to hedge its profit for the remainder of the year in the near future.
In Mexico, the improvement in credit quality seen in the fourth quarter of 2007 has continued, albeit with some further reduction in customer numbers. The combined effect is a substantially reduced level of impairment and an improved trading performance, it said.
