March 1, 2017 / 7:49 AM / 5 months ago

Lender IPF's 2016 pretax profit falls 20 percent

1 Min Read

March 1 (Reuters) - Consumer credit lender International Personal Finance Plc's (IPF) full-year pretax profit fell 20.2 percent, hurt by lower income from the home credit business, its biggest unit, and higher investment in its digital platform.

* Profit before tax dropped to 92.6 million pounds ($114.49 million) in 2016 from 116.1 million pounds a year earlier.

* Statutory profit before tax fell 7.5 percent to 92.6 million pounds.

* Revenue rose 1.2 percent to 755.9 million pounds, but number of customers fell 1.6 percent to 2.5 million.

* IPF said it now appeared more likely that implementation of Poland's proposed rules to cap non-interest costs on consumer loans would not be enacted until the second half of the year.

* "We expect the competitive and regulatory environment to remain challenging," CEO Gerard Ryan said

$1 = 0.8088 pounds Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Amrutha Gayathri

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