Business
October 2021 business update
October 2021 business update.
About this update from Asa International Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7422S\n ASA International Group PLC\n 18 November 2021\n \n \n \n \n \n \n \n \n ASA International Group plc October 2021 business update \n \n \n \n Amsterdam, The Netherlands, 18 November 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 October 2021.\n \n \n · \n Liquidity remains high with approximately USD 103m of unrestricted cash and cash equivalents across the Group.\n \n \n · \n The pipeline of funding deals under negotiation totalled approximately USD 198m.\n \n \n · \n With the exception of India and Myanmar, all other operating companies achieved collection efficiency of more than 90%.\n \n \n · \n India collections improved to 70% from 64% in September as markets recover from recent lockdowns. Collection efficiency, excluding instalments due from clients receiving the one-time loan restructuring offered by the Reserve Bank of India ('RBI'), decreased to 91%. \n \n \n · \n Sri Lanka collections resumed to 91% following the end of \n nationwide lockdowns.\n \n \n · \n Collections in Myanmar improved to 68% from 55% in September despite the partial lockdown imposed by the local government.\n \n \n · \n Uganda collections improved to 94% from 89% in September with fewer local lockdowns and travel restrictions across the country.\n \n \n · \n Portfolio quality remained challenging, particularly in \n India. However, the \n benchmark PAR>30 for the Group, including off-book loans and excluding loans overdue more than 365 days, improved to 11.8% from 13.8% in September, and PAR>90 improved to 8.6% from 10.2% in September.\n \n \n · \n 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 5.2% in September to 4.8%.\n \n \n · \n The Group's operating subsidiaries, excluding India, the Philippines and Myanmar, collectively have been able to reduce PAR>30 to 2.0%.\n \n \n · \n Disbursements as percentage of collections exceeded 100% in \n 7\n countries with much lower percentages seen in India, Myanmar and Sri Lanka, due to the ongoing disruptions to our clients' business activities resulting...