Credit lender International Personal Finance, which is chaired by former Bradford & Bingley chief Christopher Rodrigues, says it is on course to achieve its results targets for the full year.

The former international division of Bradford-based Provident Financial, which provides credit facilities in Eastern Europe and Mexico, said that it tightened its credit criteria in October in response to the economic slowdown which had reduced sales, but expects the impact of the downturn to lead to a growth in demand for its products.

The Leeds-based group said that its balance sheet remained strong and its business model enabled it to react quickly to changing market conditions..

Earlier this year John Harnett, previously chief operating officer, was promoted to chief executive, with Mr Rodrigues moving from executive to non-executive chairman.

IPF will announce its full year results on March 4.