Business
December 2020 business update
December 2020 business update.
About this update from Asa International Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0969M\n ASA International Group PLC\n 19 January 2021\n \n \n \n \n ASA International Group plc December 2020 business update \n \n \n Amsterdam, The Netherlands, 19 January 2021 - ASA International, (\"ASA International\", the \"Company\" or the \"Group\"), one of the world's largest international microfinance institutions, today provides the following update \n of the impact of COVID-19 on its business operations as at 31 December 2020.\n \n \n · \n Liquidity continues to remain high with approximately USD 101m of unrestricted cash and cash equivalents across the Group on 31 December 2020.\n \n \n · \n The pipeline of funding deals under negotiation totalled approximately USD 225m.\n \n \n · \n With the exception of India, the Philippines and Uganda, all other operating countries achieved collection efficiency of more than 90% in December.\n \n \n · \n India increased collections by 5% to 82% by year-end 2020, but collections may be adversely affected in early 2021 due to local Government proposed regulatory changes in Assam, which currently represents 16% of its loan portfolio.\n \n \n · \n The Philippines marginally improved collections to 76% by mid-December and was required to grant a moratorium to 57.5K clients for a total amount of USD 2.3m, primarily due to the Government imposed 60-day grace period for the repayment of loans by clients.\n \n \n · \n Uganda was not able to increase its collection efficiency in December, primarily due to the unrest in the country ahead of the scheduled Presidential elections and Christmas festivities.\n \n \n · \n Collections stopped in 56 branches based in Yangon and Bago division in Myanmar, due to lockdowns instituted by the Government in these regions until the end of December. In other regions of Myanmar collections were close to 91%. \n \n \n · \n Disbursements as percentage of collections exceeded 100% in many countries with the exception of India, Nigeria, Kenya, Tanzania, Uganda and Zambia. \n \n \n · \n As a result, the number of clients and Gross OLP continued \n to gradually increase reaching approximately 2.4m and USD 447m (5% less than year-end 2019), respectively, across the Group.\n \n \n · \n The Moratoriums granted for December amounted to USD 6.5m and were limited to the operations in the Philippines (60-day grace period), Myanmar (lockdo...