Delay of year-end results announcement
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
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