ASA International Group plc -
Q3 2024 Business Update
ASA International Group plc (LSE:
ASAI), one of the world's largest international microfinance
institutions, today provides the following update
on its business operations for the three month
period ended 30 September 2024.
Highlights
·
Gross OLP increased to USD 420m - 6% higher than
at the end of Q2 2024 and 16% higher than at the end of the same
period in 2023.
·
PAR>30 for the Group, including off-book loans
and excluding loans overdue for more than 365 days, slightly
increased to 2.3% as at 30 September 2024 (30 June 2024: 2.2%)
primarily due to slightly lower portfolio quality in the
Philippines.
·
Excluding all loans which have been overdue for
more than 180 days and, as a result, have been fully provided for,
PAR>30 remained broadly stable at 1.5% as at 30 September 2024
(30 June 2024: 1.4%).
·
All operating subsidiaries achieved collection
efficiency of more than 90% in the third quarter with 12 countries
achieving more than 95% reflecting continued normalisation of the
business.
·
Disbursements as a percentage of collections
exceeded 100% in eleven countries - a positive trend as this is an
indicator for OLP growth.
·
ASA International has been delighted to welcome
onboard new local CEOs for Uganda, Rwanda and Nigeria
Development of Clients and Outstanding Loan
Portfolio
|
|
Clients (in
thousands)
|
Delta
|
Gross OLP (in
USDm)
|
Delta
|
|
End of
period
|
Sep-23
|
Jun-24
|
Sep-24
|
Sep-23-
Sep-24
|
Jun-24-
Sep-24
|
Sep-23
|
Jun-24
|
Sep-24
|
Sep-23-
Sep-24 USD
|
Sep-23-
Sep-24 CC
|
Jun-24-
Sep-24 USD
|
|
|
Pakistan
|
616
|
618
|
631
|
3%
|
2%
|
69
|
76
|
83
|
20%
|
16%
|
9%
|
|
|
India (total)
|
201
|
193
|
181
|
-10%
|
-7%
|
49
|
51
|
48
|
-3%
|
-2%
|
-7%
|
|
|
Sri Lanka
|
44
|
42
|
43
|
-3%
|
3%
|
4
|
5
|
5
|
18%
|
8%
|
5%
|
|
|
The Philippines
|
332
|
352
|
356
|
7%
|
1%
|
52
|
58
|
61
|
17%
|
16%
|
6%
|
|
|
Myanmar
|
106
|
119
|
122
|
15%
|
3%
|
20
|
20
|
26
|
32%
|
32%
|
30%
|
|
|
Ghana
|
197
|
192
|
212
|
8%
|
10%
|
46
|
48
|
53
|
15%
|
56%
|
11%
|
|
|
Nigeria
|
176
|
146
|
155
|
-12%
|
6%
|
18
|
9
|
9
|
-50%
|
9%
|
0%
|
|
|
Sierra Leone
|
41
|
37
|
39
|
-6%
|
4%
|
5
|
5
|
6
|
16%
|
17%
|
9%
|
|
|
Tanzania
|
236
|
258
|
264
|
12%
|
2%
|
59
|
68
|
69
|
18%
|
28%
|
1%
|
|
|
Kenya
|
195
|
238
|
256
|
31%
|
8%
|
21
|
32
|
36
|
76%
|
53%
|
12%
|
|
|
Uganda
|
111
|
131
|
138
|
24%
|
5%
|
12
|
15
|
16
|
35%
|
32%
|
10%
|
|
|
Rwanda
|
20
|
21
|
22
|
12%
|
6%
|
4
|
4
|
5
|
19%
|
32%
|
3%
|
|
|
Zambia
|
24
|
27
|
29
|
23%
|
8%
|
3
|
3
|
3
|
8%
|
36%
|
-3%
|
|
|
Group
|
2,298
|
2,375
|
2,448
|
7%
|
3%
|
361
|
395
|
420
|
16%
|
24%
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
·
Total number of clients across all regions
increased to 2.4m - 3% higher than at the end of Q2 2024 and 7%
higher than at the end of the same period in 2023. This growth was
primarily driven by increased number of clients in Pakistan, Ghana,
Nigeria, Tanzania, and Kenya.
·
Gross OLP increased to USD 420m - 6% higher than
at the end of Q2 2024 and 16% higher than at the end of the same
period in 2023. This OLP growth was predominantly driven by
improved performance in Pakistan, the Philippines, Ghana, Tanzania,
Kenya and Uganda along with and currency appreciation in
Myanmar.
Loan Portfolio Quality
|
|
Gross OLP (in
USDm)
|
|
Non-overdue
loans
|
|
PAR>30 less
PAR>180
|
|
End
of period
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Pakistan
|
77
|
80
|
83
|
|
97.8%
|
98.6%
|
98.7%
|
|
0.3%
|
0.3%
|
0.5%
|
|
India (total)
|
50
|
49
|
48
|
|
93.3%
|
93.1%
|
92.8%
|
|
3.6%
|
3.4%
|
3.2%
|
|
Sri Lanka
|
5
|
5
|
5
|
|
90.9%
|
91.0%
|
91.3%
|
|
3.7%
|
3.6%
|
3.5%
|
|
The Philippines
|
58
|
61
|
61
|
|
92.4%
|
91.8%
|
91.5%
|
|
2.8%
|
3.3%
|
4.1%
|
|
Myanmar
|
25
|
25
|
26
|
|
93.9%
|
94.1%
|
94.3%
|
|
0.1%
|
0.1%
|
0.1%
|
|
Ghana
|
48
|
51
|
53
|
|
99.3%
|
99.3%
|
99.6%
|
|
0.1%
|
0.1%
|
0.1%
|
|
Nigeria
|
8
|
9
|
9
|
|
80.0%
|
80.4%
|
81.5%
|
|
4.2%
|
3.5%
|
2.9%
|
|
Sierra Leone
|
5
|
5
|
6
|
|
88.0%
|
86.9%
|
87.8%
|
|
4.8%
|
6.0%
|
6.6%
|
|
Tanzania
|
67
|
68
|
69
|
|
98.2%
|
98.2%
|
98.1%
|
|
0.8%
|
0.7%
|
0.7%
|
|
Kenya
|
34
|
35
|
36
|
|
99.6%
|
99.5%
|
99.5%
|
|
0.1%
|
0.1%
|
0.1%
|
|
Uganda
|
15
|
15
|
16
|
|
99.0%
|
99.0%
|
99.0%
|
|
0.1%
|
0.1%
|
0.1%
|
|
Rwanda
|
4
|
5
|
5
|
|
89.9%
|
89.7%
|
89.9%
|
|
3.4%
|
3.2%
|
3.1%
|
|
Zambia
|
3
|
3
|
3
|
|
94.0%
|
93.8%
|
93.6%
|
|
2.2%
|
2.0%
|
2.0%
|
|
Group
|
399
|
412
|
420
|
|
95.9%
|
96.0%
|
96.1%
|
|
1.3%
|
1.4%
|
1.5%
|
|
|
PAR>30
|
|
PAR>90
|
|
PAR>180
|
|
End
of period
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Pakistan
|
0.6%
|
0.5%
|
0.6%
|
|
0.4%
|
0.3%
|
0.3%
|
|
0.2%
|
0.2%
|
0.1%
|
|
India (total)
|
4.4%
|
4.5%
|
4.6%
|
|
3.4%
|
3.7%
|
4.0%
|
|
0.8%
|
1.1%
|
1.4%
|
|
Sri Lanka
|
5.5%
|
5.5%
|
5.4%
|
|
3.3%
|
3.5%
|
3.5%
|
|
1.9%
|
1.9%
|
1.9%
|
|
The Philippines
|
5.3%
|
6.0%
|
6.4%
|
|
3.8%
|
4.0%
|
4.0%
|
|
2.5%
|
2.7%
|
2.3%
|
|
Myanmar
|
0.3%
|
0.3%
|
0.2%
|
|
0.2%
|
0.2%
|
0.2%
|
|
0.2%
|
0.2%
|
0.2%
|
|
Ghana
|
0.2%
|
0.2%
|
0.2%
|
|
0.1%
|
0.1%
|
0.1%
|
|
0.1%
|
0.1%
|
0.1%
|
|
Nigeria
|
8.4%
|
8.0%
|
7.2%
|
|
6.8%
|
6.7%
|
5.9%
|
|
4.2%
|
4.6%
|
4.3%
|
|
Sierra Leone
|
7.1%
|
8.4%
|
9.2%
|
|
4.2%
|
4.8%
|
5.4%
|
|
2.3%
|
2.5%
|
2.6%
|
|
Tanzania
|
1.3%
|
1.3%
|
1.4%
|
|
1.0%
|
1.0%
|
1.1%
|
|
0.5%
|
0.6%
|
0.7%
|
|
Kenya
|
0.2%
|
0.2%
|
0.2%
|
|
0.2%
|
0.2%
|
0.2%
|
|
0.1%
|
0.1%
|
0.1%
|
|
Uganda
|
0.4%
|
0.3%
|
0.2%
|
|
0.4%
|
0.3%
|
0.2%
|
|
0.3%
|
0.3%
|
0.2%
|
|
Rwanda
|
6.4%
|
6.3%
|
6.3%
|
|
5.0%
|
5.0%
|
4.9%
|
|
3.0%
|
3.0%
|
3.2%
|
|
Zambia
|
3.3%
|
3.2%
|
3.3%
|
|
2.2%
|
2.5%
|
2.7%
|
|
1.1%
|
1.2%
|
1.3%
|
|
Group
|
2.2%
|
2.3%
|
2.3%
|
|
1.6%
|
1.7%
|
1.6%
|
|
0.8%
|
0.9%
|
0.8%
|
·
PAR>30 for the Group, including off-book loans
and excluding loans overdue for more than 365 days, slightly
increased to 2.3% in September 2024, primarily due to slightly
lower portfolio quality in the Philippines.
·
Gross OLP in India decreased to USD 48m - on-book
decreasing from USD 3.9m at the end of June 2024 to USD 3.2m at the
end of September 2024 and off-book decreasing from USD 47m at the
end of June 2024 to USD 44m at the end of September 2024. The
on-book portfolio decreased as the Group continues its strategy of
shrinking its on-book portfolio. The decrease in off-book portfolio
was primarily due to reduced activity levels from BC
partners.
Collection Efficiency
|
|
Apr-24
|
May-24
|
Jun-24
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Pakistan
|
99%
|
99%
|
98%
|
98%
|
99%
|
99%
|
|
India
(total)
|
99%
|
98%
|
97%
|
97%
|
96%
|
100%
|
|
Sri
Lanka
|
95%
|
95%
|
95%
|
95%
|
96%
|
96%
|
|
The
Philippines
|
99%
|
98%
|
98%
|
98%
|
97%
|
97%
|
|
Myanmar
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Ghana
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Nigeria
|
93%
|
94%
|
94%
|
96%
|
96%
|
97%
|
|
Sierra
Leone
|
97%
|
96%
|
96%
|
93%
|
92%
|
93%
|
|
Tanzania
|
99%
|
99%
|
99%
|
99%
|
99%
|
99%
|
|
Kenya
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Uganda
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Rwanda
|
95%
|
96%
|
97%
|
97%
|
97%
|
97%
|
|
Zambia
|
98%
|
98%
|
98%
|
98%
|
98%
|
98%
|
|
·
Collection efficiency remained stable at high
levels in most of our operating countries during September 2024
compared to June 2024, as normalisation of the business
continues.
·
Collection efficiency in Myanmar and Nigeria
remained stable, despite the challenging macroeconomic conditions
in these two countries.
·
Collection efficiency in Sierra Leone slightly
reduced to 93% during September 2024, primarily due to high
inflation and loss of staff.
Disbursements vs Collections of Loans
|
|
Apr-24
|
May-24
|
Jun-24
|
Jul-24
|
Aug-24
|
Sep-24
|
|
Pakistan
|
121%
|
87%
|
97%
|
88%
|
94%
|
99%
|
|
India
(total)
|
128%
|
100%
|
51%
|
60%
|
52%
|
41%
|
|
Sri
Lanka
|
79%
|
99%
|
87%
|
106%
|
106%
|
100%
|
|
The
Philippines
|
108%
|
104%
|
102%
|
99%
|
107%
|
104%
|
|
Myanmar
|
92%
|
117%
|
118%
|
115%
|
123%
|
120%
|
|
Ghana
|
106%
|
132%
|
129%
|
112%
|
122%
|
118%
|
|
Nigeria
|
94%
|
113%
|
120%
|
108%
|
107%
|
118%
|
|
Sierra
Leone
|
101%
|
110%
|
85%
|
90%
|
116%
|
133%
|
|
Tanzania
|
110%
|
107%
|
118%
|
102%
|
109%
|
109%
|
|
Kenya
|
119%
|
114%
|
101%
|
113%
|
112%
|
110%
|
|
Uganda
|
107%
|
111%
|
102%
|
103%
|
110%
|
111%
|
|
Rwanda
|
119%
|
118%
|
122%
|
112%
|
108%
|
108%
|
|
Zambia
|
104%
|
109%
|
122%
|
119%
|
103%
|
107%
|
|
·
Disbursements as a percentage of collections
exceeded 100% in eleven countries, which is a positive trend as
this is an indicator for OLP growth.
·
Percentage in Pakistan in September 2024 improved
due to the benefit of the full implementation of the Core Banking
System.
·
Decreased percentages in India in August and
September 2024 were due to ongoing challenges in
business.
Notes
(1) Constant currency ('CC') implies
conversion of local currency results to USD with the exchange rate
from the end of September 2023.
(2) PAR>x is the percentage of
outstanding customer loans with at least one instalment payment
overdue x days, excluding loans more than 365 days overdue, to
Gross OLP including off-book loans. Loans overdue more than 365
days now comprise 1.0% of the Gross OLP as at 30 September
2024.
(3) The table 'PAR>30 less
PAR>180' shows the percentage of outstanding client loans with a
PAR greater than 30 days, less those loans which have been fully
provided for.
(4) Collection efficiency refers to
actual collections from clients divided by realisable collections
for the period. It is calculated as follows: the sum of actual
regular collections, actual overdue collections and actual advance
payments divided by the sum of realisable regular collections,
actual overdue collections and actual advance payments. Under this
definition collection efficiency cannot exceed 100%.
(5) Disbursements vs collections
refers to actual loan disbursements made to clients divided by
total amounts collected from clients in the period.
(6) 'ASA International', the
'Company', the 'Group' all refer to ASA International Group plc and
its subsidiaries.
Contact Details
ASA
International Group plc
Investor Relations
Jonathan Berger
ir@asa-international.com
About ASA International Group plc
ASA International Group plc (LSE:
ASAI) is one of the world's largest international microfinance
institutions, with a strong commitment to financial inclusion and
socioeconomic progress. The company provides small, socially
responsible loans to low-income, financially underserved
entrepreneurs, predominantly women, across South Asia, South East
Asia, West and East Africa.
Disclaimer
This announcement does not constitute
or form part of any offer or invitation to purchase, otherwise
acquire, issue, subscribe for, sell or otherwise dispose of any
securities, nor any solicitation of any offer to purchase,
otherwise acquire, issue, subscribe for, sell, or otherwise dispose
of any securities. The release, publication or distribution of this
announcement in certain jurisdictions may be restricted by law and
therefore persons in such jurisdictions into which this
announcement is released, published or distributed should inform
themselves about and observe such restriction.