one of Yorkshire’s biggest financial services companies International Personal Finance has reported record results.
The Leeds-based doorstep lender reported a 24 per cent rise in 2013 pre-tax profit as it saw a marked increase in credit issued.
The company said underlying pre-tax profit rose to £118.1m in the year to December 31.
IPF’s chief executive Gerard Ryan said the results were driven by top line growth and customer quality.
“We’re lending larger sums of money to our best customers,” he said.
“There is strong demand for longer term loans of 90 weeks in Poland and 100 weeks in the Czech Republic and Slovakia.”
IPF lends to 2.5 million borrowers across eastern Europe and Mexico.
The group is also offering a 10 to 15 per cent discount on the service charge to its best customers.
“Customers are recommending our service to friends and family which is boosting growth,” said Mr Ryan.
The group’s research indicated that many customers wanted to borrow a larger sum of money whilst maintaining the same weekly instalment.
To meet this demand it rolled out a range of longer-term loan products to its best quality customers in Poland, the Czech Republic and Slovakia. IPF entered Lithuania and Bulgaria for the first time in 2013.