International Personal Finance Plc Delay of year-end results announcement
26 Februar 2024 - 8:00AM
RNS Regulatory News
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.
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