REG - Intnl Personal Fin - Delay of year-end results announcement

International Personal FinanceAnnouncement

26/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240226:nRSZ3530Ea&default-theme=true

RNS Number : 3530E  International Personal Finance Plc  26 February 2024

26 February 2024

 

International Personal Finance plc

Delay of year-end results announcement

 

International Personal Finance plc (the "Group"), the provider of unsecured
consumer credit to underserved consumers in nine countries, is delaying the
announcement of its year-end results for the fiscal year ending 31 December
2023 due to the receipt by Provident Polska, the Group's Polish business, of a
regulatory communication from Komisja Nadzoru Finansowego (KNF), the Polish
Financial Supervision Authority. The letter details the KNF's views on how
existing laws and regulations relating to non-interest fees should be
interpreted by credit card issuers. The Group is considering the potential
impact of the communication from the KNF on the performance of Provident
Polska and whether this needs to be considered in finalising the Group's 2023
year-end results.

 

The Group understands that the letter was provided to all regulated lenders
operating in the Polish credit card market. The Group is therefore reviewing,
with the assistance of external counsel, what the impact of this sector-wide
communication might be and whether it constitutes a significant change to the
existing approach taken by the KNF.

 

The Group confirms that its year-end results reflect a stronger than
expected trading performance in 2023 and this momentum has continued in
early 2024. The 2023 results will be deferred until the contents of
the KNF letter can be considered fully by management and the audit
process completed. As the letter was only received in the last few days, the
Group considers it prudent to take the time to understand the contents of the
communication fully, and this work is expected to take around a week to
complete, following which the results will be released.

 

The Group's Polish business has an excellent track record of adapting to the
evolving regulatory environment and has developed a broad range of products as
it continues to play an important role in providing credit for underbanked and
underserved consumers in the Polish market. Polish credit card receivables
represent just over 5% of the Group's receivables and approximately 25% of
overall receivables in Poland.

 

 

Investor relations contact: For any inquiries related to this announcement,
please contact Rachel Moran on +44 (0)7760 167637.

 

This announcement contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially from those expressed or
implied by such statements.

This announcement contains inside information which is disclosed in accordance
with the Market Abuse Regime.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBCGDDRSDDGSU