TIDMASAI
RNS Number : 9127Q
ASA International Group PLC
24 February 2023
Press Release
ASA International Group plc December 2022 quarterly business
update
Amsterdam, The Netherlands, 24 February 2023 - 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
at 31 December 2022 compared to 31 October 2022.
-- With the exception of India, all other operating subsidiaries
achieved collection efficiency of more than 90% with 9 countries
achieving more than 95%.
-- India collections improved from 83% in October to 87% in
December. Collection efficiency, including regular and overdue
collections as well as advance payments, as a percentage of the
regular, realisable collections, including advance payments,
increased from 98% in October to 118% in December.
-- PAR>30 for the Group, including off-book loans and
excluding loans overdue more than 365 days, decreased from 6.7% in
October to 5.9% in December, primarily due to improved portfolio
quality and write-offs of overdue loans in Myanmar.
-- The PAR>30 for the Group's operating subsidiaries,
excluding India and Myanmar, remained stable at 1.9%.
-- Excluding all loans which have been overdue for more than 180
days and, as a result, have been fully provided for, PAR>30
improved from 4.3% in October to 4.0% in December.
-- Disbursements as percentage of collections exceeded 100% in 4
countries. The drop in most countries for December was primarily
due to operations closing for 6-12 days to observe the Christmas
holidays. The lower percentage in India was due to the ongoing
strategic decision to reduce disbursements.
-- The Group's Gross OLP increased to USD 367 million (3% higher
than in October 2022 and 15% lower than in December 2021),
primarily due to OLP growth in local currency in most markets and
currency appreciation in Ghana.
-- There were no moratoriums granted to clients in November and December 2022.
Collection efficiency until 31 December 2022 (1)
Countries Jul/22 Aug/22 Sep/22 Oct/22 Nov/22 Dec/22
---------- ---------- ---------- --------- ---------
India 86% 84% 86% 83% 85% 87%
Pakistan 100% 99% 99% 99% 99% 99%
Sri Lanka 89% 88% 90% 91% 92% 93%
The Philippines 100% 100% 100% 99% 99% 99%
Myanmar 80%(2) 84%(2) 88%(2) 92%(2) 94% 97%
Ghana 100% 100% 100% 100% 100% 100%
Nigeria 96% 96% 96% 96% 96% 94%
Sierra Leone 96% 94% 94% 93% 92% 93%
Tanzania 100% 100% 100% 100% 100% 100%
Kenya 100% 100% 100% 100% 100% 100%
Uganda 100% 100% 100% 100% 99% 99%
Rwanda 97% 97% 97% 97% 97% 97%
Zambia 98% 98% 98% 98% 97% 97%
----------------------- ---------- ---------- ---------- --------- --------- ---------
(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%.
(2) Collections are impacted by the ongoing lockdowns and civil unrest
in some areas of our operations.
-- Collection efficiency increased or remained broadly stable in all countries.
-- Adjusted collection efficiency in India, including regular
and overdue collections as well as advance payments, as a
percentage of the regular, realisable collections, including
advance payments, improved to 118%. The substantial difference of
this adjusted collection efficiency metric is related 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.
-- Although market conditions in both Myanmar and Sri Lanka
remained volatile, collection efficiency improved in both
markets.
Loan portfolio quality up to and including December 2022 (3, 4,
5)
Gross OLP (in USDm) Non-overdue loans PAR>30 less PAR>180
-------------------------- ----------------------------- --------------------------
Oct-22 Nov-22 Dec-22 Oct-22 Nov-22 Dec-22 Oct-22 Nov-22 Dec-22
India
(total) 52 49 45 56.4% 54.8% 55.5% 21.9% 23.5% 24.1%
Pakistan 81 82 80 98.6% 98.8% 98.9% 0.6% 0.6% 0.6%
Sri Lanka 4 4 4 83.7% 86.3% 88.1% 7.0% 5.8% 5.2%
Philippines 46 48 50 96.7% 96.7% 98.1% 0.5% 0.6% 0.7%
Myanmar 17 18 17 70.8% 72.0% 79.5% 5.2% 3.7% 2.9%
Ghana 27 27 41 99.5% 99.6% 99.7% 0.1% 0.1% 0.1%
Nigeria 40 41 39 90.1% 91.2% 88.3% 3.6% 3.6% 3.9%
Sierra
Leone 5 5 5 86.7% 85.8% 86.9% 5.5% 6.2% 7.4%
Tanzania 47 49 51 99.4% 99.3% 99.5% 0.3% 0.3% 0.2%
Kenya 21 20 17 99.0% 99.0% 99.0% 0.4% 0.3% 0.4%
Uganda 11 12 12 98.4% 98.2% 98.7% 0.3% 0.6% 0.8%
Rwanda 4 4 4 94.1% 94.2% 93.5% 2.4% 2.5% 2.6%
Zambia 3 3 3 94.3% 93.7% 93.3% 2.3% 2.4% 2.6%
Group 358 363 367 89.7% 90.1% 91.3% 4.3% 4.3% 4.0%
PAR>30 PAR>90 PAR>180
-------------------------- ----------------------------- --------------------------
Oct-22 Nov-22 Dec-22 Oct-22 Nov-22 Dec-22 Oct-22 Nov-22 Dec-22
India
(total) 25.9% 27.0% 27.1% 17.0% 21.0% 21.8% 4.0% 3.5% 3.0%
Pakistan 0.6% 0.7% 0.7% 0.1% 0.3% 0.4% 0.0% 0.0% 0.0%
Sri Lanka 10.2% 8.9% 8.5% 6.0% 5.8% 5.9% 3.2% 3.1% 3.3%
Philippines 1.7% 1.7% 1.7% 1.5% 1.3% 1.2% 1.2% 1.1% 0.9%
Myanmar 28.8% 27.5% 20.4% 28.3% 27.3% 20.2% 23.6% 23.8% 17.5%
Ghana 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1%
Nigeria 6.6% 6.6% 7.1% 4.7% 4.7% 5.1% 3.0% 3.0% 3.2%
Sierra
Leone 9.3% 9.5% 10.7% 5.6% 6.4% 7.2% 3.8% 3.4% 3.3%
Tanzania 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.1% 0.1% 0.2%
Kenya 0.8% 0.7% 0.8% 0.6% 0.6% 0.7% 0.4% 0.4% 0.5%
Uganda 0.4% 0.7% 0.9% 0.2% 0.3% 0.3% 0.1% 0.1% 0.1%
Rwanda 4.4% 4.5% 4.6% 3.2% 3.2% 3.2% 1.9% 1.9% 2.0%
Zambia 4.0% 4.4% 5.0% 2.9% 3.2% 3.6% 1.7% 2.0% 2.4%
Group 6.7% 6.5% 5.9% 4.9% 5.2% 4.7% 2.4% 2.3% 1.8%
(3) Gross OLP includes the off-book BC and DA model, excluding interest
receivable and before deducting ECL provisions and modification loss.
(4) 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.
(5) 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.
-- Due to the continuing strategic focus in India on primarily
collections, Gross OLP in India further reduced to USD 45 million
(14 % lower than in October 2022 and 61% lower than in December
2021).
-- PAR>30 for the Group decreased from 6.7% in October to
5.9% in December primarily due to improved portfolio quality and
write-offs of overdue in Myanmar .
-- Credit exposure of the India off-book BC portfolio of USD
21.4m is capped at 5%. The included off-book DA portfolio of USD
1.2 million has no credit exposure.
Disbursements vs collections of loans until 31 December 2022
(6)
Countries Jul/22 Aug/22 Sep/22 Oct/22 Nov/22 Dec/22
--------- --------- --------- --------- ---------
India 22% 25% 21% 10% 22% 26%
Pakistan 113% 112% 115% 125% 120% 86%
Sri Lanka 11% 93% 125% 147% 135% 89%
The Philippines 104% 104% 103% 103% 104% 106%
Myanmar 84% 95% 113% 102% 115% 87%
Ghana 91% 100% 110% 122% 120% 131%
Nigeria 100% 104% 106% 107% 109% 82%
Sierra Leone 84% 80% 123% 128% 125% 94%
Tanzania 106% 111% 109% 114% 117% 125%
Kenya 105% 87% 120% 115% 99% 41%
Uganda 97% 100% 111% 112% 112% 93%
Rwanda 113% 116% 118% 113% 107% 104%
Zambia 109% 110% 112% 109% 109% 95%
---------------------- --------- --------- --------- --------- --------- ---------
(6) Disbursements vs collections refers to actual loan disbursements made
to clients divided by total amounts collected from clients in the period.
-- Disbursements as percentage of collections exceeded 100% in 4
countries. The drop in most countries for December was primarily
due to operations closing for 6-12 days to observe the Christmas
holidays. The low percentage in India was due to the ongoing
strategic decision to reduce disbursements.
Development of Clients and Outstanding Loan Portfolio until 31
December 2022
Gross OLP (in
Clients (in thousands) Delta USDm) Delta
Dec/21-Dec/22 Dec/21-Dec/22 Oct/22-Dec/22
Countries Dec-21 Oct-22 Dec-22 Dec/21-Dec/22 Oct/22-Dec/22 Dec-21 Oct-22 Dec-22 USD CC(7) USD
India 541 337 284 -47% -16% 114 52 45 -61% -56% -14%
Pakistan 512 605 606 18% 0% 79 81 80 1% 29% -2%
Sri Lanka 53 47 47 -12% 0% 8 4 4 -52% -14% 4%
The
Philippines 289 327 325 13% -1% 47 46 50 7% 17% 7%
Myanmar 111 105 99 -11% -5% 20 17 17 -16% -1% -1%
Ghana 158 171 178 13% 4% 49 27 41 -17% 38% 54%
Nigeria 254 241 222 -13% -8% 40 40 39 -1% 7% -3%
Sierra Leone 45 37 37 -18% -1% 7 5 5 -35% 9% -5%
Tanzania 174 211 217 25% 2% 35 47 51 48% 50% 10%
Kenya 119 140 141 19% 1% 17 21 17 2% 12% -17%
Uganda 92 108 111 21% 3% 10 11 12 19% 25% 4%
Rwanda 18 21 21 17% 3% 3 4 4 29% 33% 3%
Zambia 15 21 21 43% -2% 2 3 3 32% 43% -9%
Total 2,381 2,371 2,309 -3% -3% 431 358 367 -15% 2.5% 3%
(7) 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 increased to USD 367 million (3% higher
than in October 2022 and 15% lower than in December 2021),
primarily due to OLP growth in local currency in most markets and
currency appreciation in Ghana.
Key events in January and February 2023
-- Other than the existing partial curfews in Myanmar, the
Company is not aware of any further restrictions implemented in its
operating countries up until 23 February 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.
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