TIDMASAI
RNS Number : 6312C
ASA International Group PLC
24 February 2022
ASA International Group plc January 2022 business update
Amsterdam, The Netherlands, 24 February 2022 - ASA
International, ('ASA International', the 'Company' or the 'Group'),
one of the world's largest international microfinance institutions,
today provides the following update of the impact of Covid-19 on
its business operations as at 31 January 2022.
-- Liquidity remains high with approximately USD 110m of
unrestricted cash and cash equivalents across the Group.
-- The pipeline of funding deals under negotiation totalled
approximately USD 184m, down by USD 3m since December partly due to
USD 19m of loans secured in January.
-- With the exception of India and Myanmar, all other operating
companies continued to achieve collection efficiency of more than
90% and 9 countries achieved more than 95%.
-- India collections slightly improved to 76% from 74%, despite
a lockdown in several districts of West Bengal in January.
Collection efficiency, excluding instalments due from clients
receiving the one-time loan restructuring offered by the Reserve
Bank of India ('RBI'), increased to 101%.
-- Collections in Myanmar remained at 78%, despite the partial
lockdown imposed by the local government.
-- T he benchmark PAR>30 for the Group, including off-book
loans and excluding loans overdue more than 365 days, improved to
6.4% from 7.3%, and PAR>90 improved to 4.0% from 4.6%.
-- The Group's operating subsidiaries, excluding India, the
Philippines and Myanmar, collectively have been able to maintain
PAR>30 at 1.7%.
-- Excluding all loans which have been overdue for more than 180
days and, as a result, have been fully provided for, PAR>30
slightly improved to 3.8% from 4.1%.
-- Disbursements as percentage of collections exceeded 100% in
one country. The decreasing percentages seen in India, Sri Lanka,
Ghana, Nigeria, Sierra Leone, Rwanda and Zambia were primarily due
to the seasonal slowdown of disbursements in January.
-- With the number of clients stable at 2.4m (slightly lower
than in December and 1.7% lower than in January 2021), and with
disbursements as percentage of collections decreasing , Gross OLP
decreased to USD 425m (1% lower than in December 2021 and 5% lower
than in January 2021).
-- The moratorium amount decreased to USD 26.2 m, and is
composed of the restructured loans of certain distressed clients in
India as per the RBI guidelines. No other country operations
granted moratoriums.
Health impact of COVID-19 on staff and clients
-- Since March 2020, the number of staff members confirmed as
infected by Covid-19 increased to 518 of over 12,800 staff , with
two deaths . Confirmed infections amongst our 2.4m clients
increased to 21,659 from 20,748 in the previous month, resulting in
690 deaths since the start of the pandemic. Of the 690 client
deaths across the Group, 451 took place in Myanmar, with no deaths
occurring in January 2022.
Funding
-- Unrestricted cash and cash equivalents remained high at approximately USD 110m.
-- The majority of the Company's USD 184m pipeline of future
wholesale loans are supported by (agreed) term sheets and/or draft
loan documentation. The terms and conditions of the remaining loans
are being negotiated with lenders. The marginal drop in the funding
pipeline was partially caused by the relatively large amount (USD
19m) of new loans secured from local and international lenders in
January.
Collection efficiency until 31 January 2022 (1, 2)
Countries Jul/21 Aug/21 Sep/21 Oct/21 Nov/21 Dec/21 Jan/22
--------- -------- -------- -------- -------- --------
India 58% 60% 64% 70% 69% 74% 76%
Pakistan 99% 99% 99% 99% 99% 99% 99%
Sri Lanka 76% 80%(3) Nil(3) 91% 92% 94% 93%
The Philippines 100% 99% 96% 97% 97% 97% 98%
Myanmar 64%(4) Nil(5) 55%(6) 68%(6) 75%(6) 78%(6) 78%(6)
Ghana 99% 99% 99% 100% 99% 99% 99%
Nigeria 96% 96% 95% 96% 97% 96% 95%
Sierra Leone 93% 92% 91% 93% 92% 92% 92%
Kenya 99% 99% 100% 100% 100% 100% 99%
Uganda 83% 84% 89% 94% 98% 100% 100%
Tanzania 100% 100% 100% 100% 100% 100% 100%
Rwanda 96% 94% 96% 97% 97% 97% 97%
Zambia 100% 99% 100% 99% 99% 99% 100%
-------------------- --------- -------- -------- -------- -------- -------- --------
(1) Collection efficiency refers to actual collections from clients
divided by realizable collections for the period.
(2) As of December 2020, the definition of collection efficiency has
been amended in view of the increased amount of overdue collection
and advance payments in various countries to: the sum of actual regular
collections, actual overdue collections and actual advance payments
divided by the sum of realizable regular collections, actual overdue
collections and actual advance payments. This also means that collection
efficiency no longer can exceed 100%.
(3) The collection efficiency for 20-31 August 2021, and 1-29 September
2021 is nil due to the lockdowns in Sri Lanka. Only the collection
efficiency for 1-19 August 2021, and 30 September 2021 is provided.
(4) Collection efficiency is for 1-16 July 2021. The collection efficiency
for 17-31 July is nil due to the holiday from 17 July to 1 August 2021,
announced by the Myanmar Government, so only the collection efficiency
for 1-16 July 2021 is provided.
(5) Collection efficiency for August 2021 is nil due to the stay-at-home
policy from 1 August to 24 September 2021, announced by the Myanmar
Government.
(6) Collections are impacted by the ongoing lockdowns.
-- Collection efficiency across the Group increased or remained
broadly stable compared to the previous month in all countries
.
-- Collections in India slightly improved to 76%, despite a
lockdown in several districts of West Bengal in January. Collection
efficiency, excluding instalments due from clients receiving the
one-time loan restructuring, increased to 101%.
-- Collection efficiency in India, including regular and overdue
collections as well as advance payments, improved to 100% as a
percentage of the regular, realizable collections, including
advance payments. The substantial difference is due to the Group's
policy that any loan instalment paid is first credited against the
oldest outstanding amount overdue. This has an adverse impact on
India's monthly collection efficiency, which is further aggravated
by the relatively long duration of the loans disbursed in India.
This adjusted collection efficiency metric illustrates that most
clients in India continue to make payments on their loans due.
-- Myanmar collections remained at 78%, despite the partial lockdown imposed by the government.
Loan portfolio quality up to and including January 2022 (7, 8,
9)
Gross OLP (in
USDm) Non-overdue loans PAR>30 less PAR>180
------------------------------------- ------------------------- -------------------------
Nov/21 Dec/21 Jan/22 Nov/21 Dec/21 Jan/22 Nov/21 Dec/21 Jan/22
India (total) 125 113 111 57.7% 67.3% 68.8% 12.6% 12.3% 11.1%
Pakistan 77 79 81 99.7% 99.7% 99.7% 0.2% 0.2% 0.2%
Sri Lanka 8 8 8 82.5% 87.2% 85.3% 4.3% 3.6% 3.9%
Philippines 56 47 46 79.1% 95.7% 94.9% 2.1% 2.3% 2.0%
Myanmar 20 20 21 98.6% 97.8% 64.3% 0.4% 0.6% 1.0%
Ghana 49 49 46 99.2% 99.3% 99.2% 0.3% 0.2% 0.3%
Nigeria 41 40 37 90.9% 92.7% 90.9% 2.6% 2.8% 3.4%
Sierra
Leone 7 7 7 78.8% 87.4% 72.3% 4.9% 5.6% 6.5%
Kenya 19 17 17 91.6% 98.6% 98.6% 0.4% 0.5% 0.5%
Uganda 10 10 10 89.1% 89.8% 90.7% 3.8% 3.1% 1.9%
Tanzania 33 35 36 98.4% 99.1% 99.1% 0.3% 0.2% 0.2%
Rwanda 3 3 3 92.7% 92.9% 92.6% 2.4% 2.6% 3.0%
Zambia 2 2 2 98.4% 98.2% 98.2% 0.5% 0.5% 0.5%
Group 449 429 425 83.2% 89.1% 87.5% 4.4% 4.1% 3.8%
PAR>30 PAR>90 PAR>180
------------------------- ------------------------- -------------------------
Nov/21 Dec/21 Jan/22 Nov/21 Dec/21 Jan/22 Nov/21 Dec/21 Jan/22
India (total) 25.2% 22.8% 19.3% 16.5% 14.1% 11.6% 12.6% 10.5% 8.2%
Pakistan 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% 0.0% 0.0%
Sri Lanka 6.8% 6.0% 6.6% 5.2% 4.0% 4.0% 2.5% 2.5% 2.8%
Philippines 17.2% 2.5% 2.5% 16.0% 1.5% 1.9% 15.1% 0.3% 0.6%
Myanmar 1.0% 1.1% 1.6% 0.7% 0.7% 1.0% 0.5% 0.5% 0.6%
Ghana 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1%
Nigeria 4.2% 4.6% 5.4% 2.8% 3.1% 3.6% 1.6% 1.8% 2.0%
Sierra
Leone 6.8% 7.5% 8.7% 3.5% 4.0% 5.5% 1.9% 1.9% 2.2%
Kenya 1.0% 1.1% 1.0% 0.8% 0.8% 0.8% 0.6% 0.5% 0.5%
Uganda 5.6% 3.8% 2.9% 4.4% 3.4% 2.8% 1.8% 0.7% 0.9%
Tanzania 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.2% 0.3% 0.3%
Rwanda 4.7% 4.5% 4.8% 3.5% 3.2% 3.2% 2.3% 1.9% 1.8%
Zambia 0.7% 0.7% 0.8% 0.4% 0.5% 0.5% 0.2% 0.2% 0.2%
Group 10.1% 7.3% 6.4% 7.2% 4.6% 4.0% 5.7% 3.1% 2.6%
(7) Gross OLP includes the off-book BC and DA model, excluding interest
receivable and before deducting ECL provisions and modification loss.
(8) 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 2% of the Gross OLP.
(9) 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.
-- PAR>30 for the Group improved to 6.4%, primarily due to
the improvements in India and Uganda and movement of a component of
overdue that is more than 365 days.
-- Credit exposure of the India off-book BC portfolio of USD
33.7m is capped at 5%. The included off-book DA portfolio of USD
1.7m has no credit exposure.
Disbursements vs collections of loans until 31 January 2022
(10)
Countries Jul/21 Aug/21 Sep/21 Oct/21 Nov/21 Dec/21 Jan/22
--------- --------- --------- -------- -------- --------
India 25% 36% 52% 39% 85% 88% 78%
Pakistan 98% 103% 100% 100% 98% 100% 100%
Sri Lanka 56% 87% Nil(12) 86% 100% 113% 70%
The Philippines 87% 91% 89% 90% 90% 81% 80%
Myanmar 64% Nil(11) 37% 73% 90% 95% 99%
Ghana 85% 112% 120% 111% 114% 108% 74%
Nigeria 103% 104% 110% 128% 134% 93% 71%
Sierra Leone 119% 133% 124% 112% 112% 110% 97%
Kenya 107% 97% 100% 96% 103% 55% 95%
Uganda 60% 93% 109% 115% 121% 69% 81%
Tanzania 86% 91% 100% 107% 109% 107% 114%
Rwanda 61% 95% 102% 101% 105% 98% 65%
Zambia 103% 102% 102% 110% 111% 109% 76%
-------------------- --------- --------- --------- -------- -------- -------- --------
(10) Disbursements vs collections refers to actual loan disbursements
made to clients divided by total loans collected from clients in the period.
(11) Disbursements vs collections for August is nil due to the stay-at-home
policy announced by the Myanmar Government.
(12) Disbursements vs collections for September is nil due the nationwide
lockdowns.
-- Due to the seasonal slowdown for disbursement in January,
disbursements of new loans decreased or remained stable as a
percentage of weekly collections in nine countries.
Development of Clients and Outstanding Loan Portfolio until 31
January 2022
Gross OLP (in
Clients (in thousands) Delta USDm) Delta
Jan/21-Jan/22
Jan/21-Jan/22 CC Dec/21-Jan/22
Countries Jan/21 Dec/21 Jan/22 Jan/21-Jan/22 Dec/21-Jan/22 Jan/21 Dec/21 Jan/22 USD (13) USD
India 719 541 521 -28% -4% 165 113 111 -33% -31% -2%
Pakistan 426 512 520 22% 2% 66 79 81 24% 36% 3%
Sri Lanka 56 53 52 -7% -2% 9 8 8 -10% -4% -4%
The
Philippines 305 290 290 -5% 0% 49 47 46 -6% 0% -1%
Myanmar 132 111 112 -15% 1% 33 20 21 -37% -16% 2%
Ghana 153 159 158 3% 0% 43 49 46 8% 16% -6%
Nigeria 253 254 246 -3% -3% 31 40 37 19% 30% -7%
Sierra Leone 37 44 43 17% -2% 4 7 7 49% 68% -5%
Kenya 95 119 118 24% -1% 13 17 17 31% 35% 3%
Uganda 80 92 92 15% 0% 7 10 10 32% 26% 0%
Tanzania 125 174 179 43% 3% 22 35 36 65% 64% 3%
Rwanda 19 18 18 -3% 1% 3 3 3 15% 21% -4%
Zambia 6 15 15 161% 3% 0.5 2 2 340% 271% 1%
Total 2,404 2,382 2,364 -1.7% -0.7% 445 429 425 -5% 2% -1%
(13) Constant currency ('CC') implies conversion of local
currency results to USD with the exchange rate from the beginning
of the period.
-- With the number of clients stable at 2.4m, and disbursements
as percentage of collections decreasing , Gross OLP decreased to
USD 425m (1% lower than in December 2021 and 5% lower than in
January 2021).
Selected moratoriums (14) on loan repayments until 31 January
2022
Clients under moratorium (in
thousands)
As % of Total
Countries Nov/21 Dec/21 Jan/22 Clients
India 205 205 205 39%
Pakistan 0 0 0 0%
Sri Lanka 1 0 0 0%
The Philippines 0 0 0 0%
Myanmar 49 44 0 0%
Ghana 0 0 0 0%
Nigeria 0 0 0 0%
Sierra Leone 0 0 0 0%
Kenya 0 0 0 0%
Uganda 0 0 0 0%
Tanzania 0 0 0 0%
Rwanda 0 0 0 0%
Zambia 0 0 0 0%
Total 255 249 205 9%
Moratorium amounts (USD
thousands)
January
Moratoriums As % of
Countries Nov/21 Dec/21 Jan/22 as % of OLP Total Moratoriums
India 31,765 28,600 26,178 24% 100%
Pakistan 0 0 0 0% 0%
Sri Lanka 12 0 0 0% 0%
The Philippines 0 0 0 0% 0%
Myanmar 903 779 0 0% 0%
Ghana 0 0 0 0% 0%
Nigeria 0 0 0 0% 0%
Sierra Leone 0 0 0 0% 0%
Kenya 0 0 0 0% 0%
Uganda 0 0 0 0% 0%
Tanzania 0 0 0 0% 0%
Rwanda 0 0 0 0% 0%
Zambia 0 0 0 0% 0%
Total 32,680 29,379 26,178 6% 100%
(14) Moratoriums relate to clients who have received an
extension for the payment of one or more loan instalments during
the month.
-- Moratoriums on loan repayments relate primarily to
approximately 39% of clients in India, who accepted to benefit from
the one-time debt restructuring scheme established by the RBI and
confirmed in September 2021. See RBI Covid-19 Restructuring
Guidelines .
-- The moratorium amount across the Group decreased to USD
26.2m, which represents 6 % of the Group's Gross OLP.
Key events in February 2022
-- Other than the existing partial lockdown and curfews in
Myanmar and Rwanda, the Company is not aware of any further
restrictions implemented in its operating countries as a result of
the emergence of the Omicron variant up until 15 February 2022.
Please note that, while the Company's operational performance
appears to gradually normalize in most countries except for India
and Myanmar, the risk of additional challenges to our operations
should not be underestimated, due to (i) the still relatively high
infection rates, (ii) the current lack of available vaccines as
well as vaccine hesitancy in most of our operating countries, (iii)
the risk of the introduction of more infectious COVID-19 variants
in our operating countries, and (iv) the associated disruption this
may cause to the businesses of our clients.
---
Enquiries:
ASA International Group plc
Investor Relations +31 6 2030 0139
Véronique Schyns vschyns@asa-international.com
About ASA International Group plc
ASA International 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.
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