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The Romanian and Bulgarian subsidiaries of International Personal Finance (IPF), which operate under the Provident brand, ended last year reporting good results. IPF has launched its operations in the Bulgarian market at the end of 2013 by using the infrastructure and management resources in Romania; since then, the results of the two markets have been reported in a consolidated manner. Thus, the non-banking financial institution have exceeded 320,000 active customers in 2014, up 5 percent compared to 2013, a press release informs.
The total value of issued loans in 2014 in both markets has increased by 8 percent to EUR 132.7 million (GBP 107 million), while revenues have reached EUR 93.4 million (GBP 75.3 million), up 19.3 percent against 2013. The consolidated gross operating profit of Provident in Romania and Bulgaria, according to the IFRS, has been of EUR 6.1 million (GBP 4.9 million). So far, the company has invested over EUR 257 million in Romania and has contributed taxes worth over EUR 45 million to the state budget.
In 2014, Provident has introduced preferential pricing for its current customers and more flexibility in terms of the amounts and periods available. The company offers its good paying customers seeking a new loan and that have previously called on its products at least two times gradual discounts of up to 30 percent of the total cost of the loan, according to the customer’s history and payment behaviour. At the same time, Provident offers its customers the possibility to borrow higher amounts, over longer periods, of up to 78 weeks with the value of the rates remaining unchanged.
At the end of last year, Provident has announced it had begun technical testing in order to commence the first interrogations at the beginning of 2015. Thus, the company expects to better meet the needs of customers that already have had dealings with other lenders and avoid over-commitment situations that may impact the credit history of the customers, in conjunction with its responsible lending principles.
Provident is the first financial institution in Romania that provides the optional home service, through which customers may receive the money within 48 hours in their own homes that an agent will then visit for rates collection.
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