Poland lifts IPF Q1 profit

19th Apr 2011 08:19

Emerging markets lender International Personal Finance posted a four fold increase in pre-tax during the first quarter after a bumper performance in Poland and as it reduced impairment charges.IPF enjoyed a strong start to 2011 and said it is well placed to deliver stronger growth across the rest of the year.The group, which has operations in Czech Republic, Hungary, Poland and Mexico, said, "The growth momentum achieved in the final quarter of 2010 has been maintained in the first quarter of 2011. This growth, coupled with much lower impairment, has delivered a substantial improvement in quarter one profit." For the quarter ended 31 March pre-tax profit rose to £8.3m from £2m the same period a year earlier. Its Polish business produced a £5.4m profit compared to £3.4m loss the year before. Impairment charges fell to £61.6m from £66.1m previously.CJ