Provident Mexico loans grow 7% in H1

Wednesday, August 1, 2018

By Provident Mexico

Mexico City, July 30, 2018.- International Personal Finance (IPF), a financial group to which Provident in Mexico belongs, reported a 7% growth in loans issued in the first half of 2018, which was driven by its expansion plan geographic and investment in the country.

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Globally, IPF reported a 2% growth in issued loans and an increase in pretax earnings of £ 12.6 million to reach £ 56.5 million. This growth was supported by the operation of Home Credit or "Personal Loan" in Mexico and IPF Digital.

In Mexico, Provident recorded a 3% growth in customers driven by its geographic expansion and the growth of its micro-business financing channel "Préstamo Negocio", which currently serves around 20,000 clients, 4 thousand more than reported at the end of 2017, and it is expected to have greater growth in the second half of 2018.

Provident's expansion program in Mexico continues and in the second quarter of the year it included the opening of five new branches, which will support the future growth of customers and the credit issued.

On the other hand, the operations of IPF Digital in its new markets reported a credit growth issued of 33% in the first half of this year, which combined with a sustained growth of 20% in the established markets, resulted in growth 25% for the global digital business as a whole.

In the European market, Home Credit's business model also showed a good financial dynamism and an improvement in its collection, despite the challenging regulatory and competitive environment that prevails in the region.