Business
Q3 2018 Trading Update
Q3 2018 Trading Update.
About this update from Asa International Group Plc
[{"type":"text","content":"\n \nRNS Number : 4080G ASA International Group PLC 06 November 2018 \n\n6 November 2018\nASA International Group plc\nQ3 2018 Trading Update\n \nASA International Group plc, (\"ASA International\", the \"Company\" or the \"Group\"), one of the world's largest international microfinance institutions providing socially responsible loans to low-income female entrepreneurs throughout Asia and Africa, today releases its trading update for the nine-month period from the 1 January 2018 to 30 September 2018 (\"the period\").\nThe Group's overall operating performance remained strong across all segments during the period, but Outstanding Loan Portfolio (\"OLP\") and net profits were adversely affected by substantially higher than expected currency depreciation in some major markets, particularly Pakistan and India.\nKey highlights for the period:\n· Number of clients up by 23.2% year-on-year (14% up YTD, 4.9% up Q3) exceeding 2.1mn as of 30 September 2018\n· Number of branches up by 19.8% year-on-year (15% up YTD, 2.4% up Q3) reaching 1,595 as of Q3 2018\n· OLP grew to USD 321mn and up by 22.4% year-on-year (34.2% up on a constant currency basis; up by 7.6% YTD, up by 2.1% Q3). OLP includes managed loans disbursed under the Business Correspondent and Partnership models in India, except for IDFC which is off-book. Off-book IDFC BC Portfolio component grew by 255% year-on-year to USD 35mn\n· OLP/client averaged USD 162 as of Q3 2018 up by 3.2% year-on-year (13.1% up on a constant currency basis); 2.9% down YTD, 1.6% down Q3)\n· Higher than expected ongoing depreciation of Asian currencies against USD as previously reported\n· The quality of the loan portfolio remained stable with PAR>30 at 0.5%\n \nSouth Asia\nDue to substantial currency depreciation in Pakistan (PKR down 11.8% against USD YTD), India (down 13.6% against USD YTD) and Sri Lanka (down 10.2% against USD YTD), South Asia's loan growth in USD terms was muted for the quarter. OLP (excluding off-book IDFC portfolio in India) was up to USD 170.2mn. 16.3% up relative to Q3 2017 (32.2% up on a constant currency basis). Number of clients grew to 1mn, 32.5% up relative to Q3 2017, branches are up to 611, up by27.8% relative to Q3 2017, while OLP/Client in USD...