TIDMASAI
RNS Number : 1724Z
ASA International Group PLC
16 May 2019
16 May 2019
ASA International Group plc
Q1 2019 Trading Update
ASA International Group plc, one of the world's largest
international microfinance institutions, today announces a trading
update for the first quarter period from 1 January 2019 to 31 March
2019 ("the Period").
Key highlights:
1Q FY 1Q 1Q YoY % Change
2019 2018 2018 YoY 2019 (constant currency)
Number of Clients
(m) 2.2 2.2 1.9 14% 2% n/a
Number of Branches 1,745 1,665 1,496 17% 5% n/a
OLP (USD m) 394 378 329 20% 4% 32%
OLP/client average
(USD) 178 174 169 5% 2% 15%
-- Number of clients up by 2% to 2,220,240
-- Outstanding Loan Portfolio (OLP) up by 4% to USD 394.2m
-- Stable underlying operating performance in line with expectations across all segments
-- Quality of OLP remained stable with PAR>30 at 0.5%
-- Lending operations commenced in Zambia and reported under East Africa segment
-- Currencies stabilised against the USD across all markets
except for higher than expected Ghanaian Cedi (GHS) depreciation in
March (which broadly corrected in April)
Dirk Brouwer, Chief Executive, commented:
"Performance during the first quarter of 2019 remains in line
with expectations, with continued growth in branch and client
numbers across all our operating regions. This was achieved despite
the customary reduction in demand for loans, particularly in
Africa, following the holiday season.
We expect growth to further strengthen for the remainder of the
year."
Regional performance:
South Asia
1Q FY 1Q 1Q YoY % Change
2019 2018 2018 YoY 2019 (constant currency)
Number of Clients
(m) 1.1 1.1 1.0 13% 3% n/a
Number of Branches 667 638 587 14% 5% n/a
OLP (USD m) 227 212 195 16% 7% 30%
OLP/client average
(USD) 208 201 203 3% 4% 15%
-- Number of clients grew to 1,087,626, up by 3%
-- OLP (including the off-book IDFC portfolio in India) expanded to USD 226.7m, up by 7%
-- Off-book IDFC BC Portfolio up by 5% in Q1 2019 to USD 41.8m,
up by 95% year-on-year (YoY) and up by 108% on a constant currency
basis
South East Asia
1Q FY 1Q 1Q YoY % Change
2019 2018 2018 YoY 2019 (constant currency)
Number of Clients
(m) 0.5 0.4 0.4 9% 4% n/a
Number of Branches 388 369 345 13% 5% n/a
OLP (USD m) 67 62 54 24% 9% 31%
OLP/client average
(USD) 147 140 129 14% 5% 20%
-- Number of clients grew by 4% to 457,871
West Africa
1Q FY 1Q 1Q YoY % Change
2019 2018 2018 YoY 2019 (constant currency)
Number of Clients
(m) 0.4 0.4 0.4 7% (5%) n/a
Number of Branches 420 414 364 15% 1% n/a
OLP (USD m) 65 72 58 13% (10%) 26%
OLP/client average
(USD) 157 165 149 5% (5%) 18%
-- Number of clients grew to 412,271, 5% down in Q1 2019, due to
lower demand for loans in the first quarter, which is typical for
this time of the year following the holiday season, up by 7%
YoY
-- Loan growth also was affected by a short spike in the GHS/USD
rate prior towards the end of the Period, which broadly corrected
in April
East Africa
1Q FY 1Q 1Q YoY % Change
2019 2018 2018 YoY 2019 (constant currency)
Number of Clients
(m) 0.3 0.2 0.2 49% 8% n/a
Number of Branches 270 244 200 35% 11% n/a
OLP (USD m) 35 33 22 59% 7% 61%
OLP/client average
(USD) 134 136 126 7% (1%) 8%
-- Number of clients grew to 262,472, up by 8%
-- Following the holiday season, client and loan growth in the
first quarter is typically tempered by lower demand for loans
Key events after the Period:
-- On 3 April 2019, our operations in Sri Lanka, Lak Jaya,
became a Licensed Microfinance Company, allowing it to accept
deposits from clients up to 60% of its total performing loans and
advances. Lak Jaya is subject to an interest rate cap of 35% per
annum.
Foreign exchange development:
Many of the company's operating currencies remained relatively
stable against the US dollar except for a brief spike in the
GHS/USD rate in March, which broadly corrected in April.
Outlook:
Our underlying operating and financial performance continues to
be in line with our previously reported expectations for 2019.
Over the medium term we continue to target earnings growth of
20-25% per annum in US dollars.
Notice of Annual General Meeting (AGM):
As previously announced, the company will hold its AGM at 11am
GMT on Wednesday 29 May 2019 at the offices of Investec, 30 Gresham
Street, London, EC2V 7QP.
About ASA International:
ASA International is one of the world's largest international
microfinance institutions, with a strong and well-established
commitment to improving financial inclusion and enabling
socioeconomic progress. The company does this by providing small,
socially responsible loans to low-income, financially underserved
entrepreneurs and business owners, most of whom are women, across
its operations in South Asia, South East Asia, West and East
Africa. The duration of these loans is typically between three and
six months and at 31 December 2018 the average outstanding loan per
client was USD 174.
In 2018, the company reported a net profit of USD 24.5 million
and serves 2.2 million clients in 12 countries, with 10,678 staff
across its 1,665 branches.
The company was admitted to the premium listing segment and
began trading on the Main Market for listed securities of the
London Stock Exchange in July 2018 under the ticker "ASAI".
www.asa-international.com
Enquiries:
ASA International Group plc
Investor Relations
Véronique Schyns +31 20 846 3554
vschyns@asa-international.com
MHP Communications +44 20 3128 8572
Charlie Barker ASAInternational@mhpc.com
Simon Hockridge
Patrick Hanrahan
Florence Mayo
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTUVRNRKBAVAAR
(END) Dow Jones Newswires
May 16, 2019 02:00 ET (06:00 GMT)
Asa (LSE:ASAI)
Historical Stock Chart
From Apr 2024 to May 2024
Asa (LSE:ASAI)
Historical Stock Chart
From May 2023 to May 2024