Press release
ASA International Group plc
March 2024 quarterly business update
London, United Kingdom, 23 April
2024 - ASA International, ('ASA International', the 'Company' or
the 'Group'), one of the world's largest international microfinance
institutions, today provides the following update
on its business operations as of 31 March
2024.
·
The Group's Gross OLP increased to USD 380 million
(0.9% higher than in December 2023 and 13% higher than at 31 March
2023).
·
All operating subsidiaries, achieved collection
efficiency of more than 90% with 12 countries achieving more than
95%.
· Collection efficiency in India improved to 98% in March 2024
compared to 97% in December 2023. The intentional decrease in our
own portfolio in India has slowed down while the business continues
to grow the off-book BC portfolio in India. This approach is
designed to help India retain good clients.
·
PAR>30 for the Group, including off-book loans
and excluding loans overdue for more than 365 days, improved to
1.8% in March 2024 (December 2023: 2.0%).
·
Excluding all loans which have been overdue for
more than 180 days and, as a result, have been fully provided for,
PAR>30 remained stable at 1.1% in March 2024 (December 2023:
1.1%).
·
Disbursements as a percentage of collections
exceeded 100% in ten countries.
Collection efficiency until 31 March
2024(1)
|
Countries
|
Oct/23
|
Nov/23
|
Dec/23
|
Jan/24
|
Feb/24
|
Mar/24
|
|
Pakistan
|
100%
|
100%
|
100%
|
100%
|
100%
|
99%
|
|
India
(total)
|
95%
|
95%
|
97%
|
95%
|
97%
|
98%
|
|
Sri
Lanka
|
95%
|
96%
|
96%
|
96%
|
96%
|
96%
|
|
The
Philippines
|
98%
|
98%
|
98%
|
98%
|
98%
|
99%
|
|
Myanmar
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Ghana
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Nigeria
|
95%
|
95%
|
95%
|
94%
|
94%
|
93%
|
|
Sierra
Leone
|
98%
|
98%
|
99%
|
97%
|
97%
|
97%
|
|
Tanzania
|
100%
|
100%
|
100%
|
99%
|
99%
|
99%
|
|
Kenya
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Uganda
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
|
Rwanda
|
97%
|
96%
|
96%
|
96%
|
95%
|
95%
|
|
Zambia
|
99%
|
99%
|
99%
|
99%
|
99%
|
99%
|
(1) 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%.
·
Collection efficiency remained stable at high
levels in most of our operating countries during March 2024
compared to December 2023.
·
Collection efficiency in India improved to 98% in
March 2024 compared to 97% in December 2023.
·
Although market conditions in both Myanmar
and Nigeria remained challenging,
collection efficiency remained largely stable.
Loan portfolio quality up to and including March
2024(2, 3)
|
|
Gross OLP (in
USDm)
|
Non-overdue
loans
|
PAR>30 less
PAR>180
|
|
|
Jan-24
|
Feb-24
|
Mar-24
|
Jan-24
|
Feb-24
|
Mar-24
|
Jan-24
|
Feb-24
|
Mar-24
|
|
Pakistan
|
70
|
72
|
73
|
99.6%
|
98.9%
|
98.7%
|
0.3%
|
0.4%
|
0.4%
|
|
India (total)
|
47
|
49
|
50
|
81.4%
|
94.8%
|
95.2%
|
2.5%
|
1.9%
|
1.8%
|
|
Sri Lanka
|
4
|
5
|
5
|
92.6%
|
92.8%
|
92.2%
|
3.2%
|
2.9%
|
3.3%
|
|
The Philippines
|
55
|
56
|
57
|
95.3%
|
95.0%
|
94.9%
|
2.5%
|
2.4%
|
2.2%
|
|
Myanmar
|
22
|
23
|
21
|
92.9%
|
93.1%
|
99.7%
|
0.1%
|
0.2%
|
0.2%
|
|
Ghana
|
48
|
48
|
45
|
99.6%
|
99.6%
|
99.5%
|
0.1%
|
0.1%
|
0.1%
|
|
Nigeria
|
15
|
9
|
9
|
80.9%
|
79.1%
|
77.6%
|
4.4%
|
5.3%
|
5.9%
|
|
Sierra Leone
|
5
|
5
|
5
|
92.5%
|
92.2%
|
92.4%
|
1.8%
|
2.1%
|
2.3%
|
|
Tanzania
|
65
|
65
|
66
|
98.6%
|
98.4%
|
98.3%
|
0.5%
|
0.6%
|
0.7%
|
|
Kenya
|
21
|
25
|
29
|
99.6%
|
99.6%
|
99.6%
|
0.1%
|
0.1%
|
0.1%
|
|
Uganda
|
13
|
13
|
13
|
98.8%
|
98.9%
|
98.9%
|
0.3%
|
0.2%
|
0.2%
|
|
Rwanda
|
4
|
4
|
4
|
90.2%
|
89.1%
|
89.0%
|
3.6%
|
4.4%
|
4.6%
|
|
Zambia
|
3
|
3
|
3
|
95.7%
|
95.3%
|
95.2%
|
0.9%
|
1.2%
|
1.3%
|
|
Group
|
373
|
375
|
380
|
95.0%
|
96.7%
|
97.0%
|
1.2%
|
1.1%
|
1.1%
|
|
|
PAR>30
|
PAR>90
|
PAR>180
|
|
|
Jan-24
|
Feb-24
|
Mar-24
|
Jan-24
|
Feb-24
|
Mar-24
|
Jan-24
|
Feb-24
|
Mar-24
|
|
Pakistan
|
0.3%
|
0.5%
|
0.8%
|
0.2%
|
0.3%
|
0.7%
|
0.0%
|
0.1%
|
0.5%
|
|
India (total)
|
3.1%
|
2.2%
|
2.1%
|
1.6%
|
1.0%
|
1.0%
|
0.6%
|
0.3%
|
0.3%
|
|
Sri Lanka
|
4.9%
|
4.6%
|
4.9%
|
3.2%
|
3.0%
|
3.0%
|
1.8%
|
1.6%
|
1.6%
|
|
The Philippines
|
3.8%
|
3.8%
|
3.8%
|
2.8%
|
3.0%
|
3.0%
|
1.3%
|
1.5%
|
1.6%
|
|
Myanmar
|
0.2%
|
0.2%
|
0.2%
|
0.1%
|
0.1%
|
0.2%
|
0.0%
|
0.0%
|
0.0%
|
|
Ghana
|
0.2%
|
0.2%
|
0.2%
|
0.1%
|
0.1%
|
0.1%
|
0.1%
|
0.1%
|
0.1%
|
|
Nigeria
|
12.7%
|
13.1%
|
12.8%
|
10.4%
|
10.1%
|
9.1%
|
8.3%
|
7.9%
|
6.9%
|
|
Sierra Leone
|
4.3%
|
4.3%
|
4.2%
|
3.4%
|
3.1%
|
2.8%
|
2.5%
|
2.2%
|
1.9%
|
|
Tanzania
|
1.0%
|
1.1%
|
1.2%
|
0.7%
|
0.8%
|
0.8%
|
0.5%
|
0.5%
|
0.5%
|
|
Kenya
|
0.3%
|
0.3%
|
0.3%
|
0.3%
|
0.2%
|
0.2%
|
0.2%
|
0.2%
|
0.1%
|
|
Uganda
|
0.8%
|
0.8%
|
0.7%
|
0.7%
|
0.7%
|
0.6%
|
0.5%
|
0.6%
|
0.5%
|
|
Rwanda
|
7.1%
|
7.7%
|
7.8%
|
5.3%
|
5.5%
|
5.5%
|
3.6%
|
3.4%
|
3.2%
|
|
Zambia
|
2.5%
|
2.5%
|
2.6%
|
2.1%
|
1.9%
|
1.8%
|
1.5%
|
1.3%
|
1.3%
|
|
Group
|
2.0%
|
1.7%
|
1.8%
|
1.4%
|
1.2%
|
1.3%
|
0.8%
|
0.7%
|
0.8%
|
(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 0.6% of the Gross
OLP.
(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.
·
Gross OLP in India further increased to USD 50
million (9% higher than in December 2023 and 13% higher than in
March 2023).
·
PAR>30 for the Group, including off-book loans and excluding loans overdue for more
than 365 days, improved to 1.8% in March
2024.
·
The off-book portfolio in India consists of IDFC
of USD 11.0 million, Fincare of USD 3.9 million
and the Jana portfolio of USD 29.6 million. The off-book DA
portfolio amounts to USD 1.0
million.
Disbursements vs collections of loans until 31 March
2024(4)
|
Countries
|
Oct/23
|
Nov/23
|
Dec/23
|
Jan/24
|
Feb/24
|
Mar/24
|
|
Pakistan
|
95%
|
96%
|
98%
|
106%
|
79%
|
84%
|
|
India
(total)
|
64%
|
123%
|
121%
|
127%
|
122%
|
118%
|
|
Sri
Lanka
|
109%
|
102%
|
112%
|
91%
|
133%
|
119%
|
|
The
Philippines
|
103%
|
105%
|
107%
|
103%
|
109%
|
107%
|
|
Myanmar
|
124%
|
116%
|
117%
|
109%
|
107%
|
113%
|
|
Ghana
|
109%
|
127%
|
118%
|
86%
|
105%
|
98%
|
|
Nigeria
|
120%
|
135%
|
96%
|
60%
|
77%
|
73%
|
|
Sierra
Leone
|
113%
|
98%
|
80%
|
96%
|
119%
|
130%
|
|
Tanzania
|
113%
|
115%
|
117%
|
101%
|
102%
|
109%
|
|
Kenya
|
113%
|
120%
|
85%
|
118%
|
115%
|
115%
|
|
Uganda
|
115%
|
115%
|
96%
|
93%
|
109%
|
110%
|
|
Rwanda
|
116%
|
120%
|
118%
|
77%
|
96%
|
110%
|
|
Zambia
|
124%
|
134%
|
115%
|
81%
|
100%
|
110%
|
(4) Disbursements vs collections refers to actual loan
disbursements made to clients divided by total amounts collected
from clients in the period.
·
Disbursements as a percentage of collections
exceeded 100% in ten countries.
·
The decreased percentages in Pakistan during
February and March 2024 were due to elections and the migration to
the new Core Banking System.
·
The decreased percentages in Nigeria during
January to March 2024 were due to the challenging market
condition.
Development of Clients and Outstanding Loan
Portfolio until 31 March
2024
|
|
Clients (in
thousands)
|
Delta
|
Gross OLP (in
USDm)
|
Delta
|
|
Countries
|
Mar/23
|
Feb/24
|
Mar/24
|
Mar/23-Mar/24
|
Feb/24-Mar/24
|
Mar/23
|
Feb/24
|
Mar/24
|
Mar/23-Mar/24
USD
|
Mar/23-Mar/24
CC(5)
|
Feb/24-
Mar/24 USD
|
|
Pakistan
|
601
|
625
|
621
|
3%
|
-1%
|
64
|
72
|
73
|
14%
|
12%
|
1%
|
|
India (total)
|
224
|
178
|
180
|
-20%
|
1%
|
44
|
49
|
50
|
13%
|
14%
|
2%
|
|
Sri Lanka
|
45
|
44
|
45
|
-1%
|
1%
|
5
|
5
|
5
|
7%
|
-2%
|
6%
|
|
The Philippines
|
326
|
336
|
341
|
4%
|
1.5%
|
52
|
56
|
57
|
10%
|
13%
|
2%
|
|
Myanmar
|
98
|
115
|
117
|
19%
|
2%
|
18
|
23
|
21
|
21%
|
21%
|
-5%
|
|
Ghana
|
180
|
198
|
194
|
8%
|
-2%
|
35
|
48
|
45
|
29%
|
46%
|
-5%
|
|
Nigeria
|
174
|
173
|
165
|
-5%
|
-5%
|
24
|
9
|
9
|
-62%
|
15%
|
8%
|
|
Sierra Leone
|
36
|
38
|
38
|
6%
|
0%
|
4
|
5
|
5
|
25%
|
-100%
|
7%
|
|
Tanzania
|
221
|
251
|
253
|
14%
|
1%
|
53
|
65
|
66
|
24%
|
36%
|
1%
|
|
Kenya
|
159
|
210
|
215
|
35%
|
3%
|
18
|
25
|
29
|
56%
|
56%
|
16%
|
|
Uganda
|
105
|
123
|
125
|
19%
|
1%
|
11
|
13
|
13
|
15%
|
19%
|
4%
|
|
Rwanda
|
20
|
20
|
20
|
3%
|
0%
|
4
|
4
|
4
|
3%
|
20%
|
2%
|
|
Zambia
|
21
|
26
|
26
|
22%
|
2%
|
3
|
3
|
3
|
10%
|
30%
|
-5%
|
|
Group
|
2,209
|
2,338
|
2,339
|
6%
|
0.04%
|
335
|
375
|
380
|
13%
|
21.9%
|
1.4%
|
(5) Constant currency ('CC') implies conversion of local currency
results to USD with the exchange rate from the beginning of the
period.
·
The Group's Gross OLP improved to USD 380 million
(0.9% higher than in December 2023 and 13% higher than in March
2023).
---
Enquiries:
ASA
International Group plc
Investor
Relations
Mischa Assink
ir@asa-international.com
About ASA International Group plc
ASA International Group plc (ASAI:
LN) 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.