Leeds credit lender IPF returns to profitability

The Leeds-based firm said strong collections effectiveness improved to 95 per cent of pre-Covid expectations in the third quarter.

Gerard Ryan, CEO of IPF, said: "I'm very pleased to report that the business returned to profitability in the third quarter.

"All our key performance metrics continue to improve, with collections effectiveness now at 95 per cent of pre-Covid expectations, higher credit issued, improved underlying impairment and a strengthened equity to receivables ratio.

"We have also made significant progress on our key objective to refinance the 2021 Eurobond and today launched an exchange offer for the 2021 Eurobond and a consent solicitation process for the group's two other bonds.

"On completion, this will provide the foundation on which we will continue to enable financial inclusion of underbanked and underserved customers by fulfilling their credit needs responsibly, and in turn, deliver long-term growth and value to all our stakeholders.

"We are continuing to provide a safe and supportive work environment for our teams so they are able to serve our loyal customers with confidence during this uncertain period."