Business
September 2021 business update
September 2021 business update.
About this update from Asa International Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4319P\n ASA International Group PLC\n 19 October 2021\n \n \n \n \n Press release \n \n \n \n \n \n ASA International Group plc September 2021 business update \n \n \n Amsterdam, The Netherlands, 19 October 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 30 September 2021.\n \n \n · \n Liquidity remains high with approximately USD 109m of unrestricted cash and cash equivalents across the Group.\n \n \n · \n The pipeline of funding deals under negotiation totalled approximately USD 162m.\n \n \n · \n With the exception of India, Sri Lanka, Myanmar, Sierra Leone, and Uganda, all other operating companies achieved collection efficiency of more than 95%.\n \n \n · \n India collections improved to 64% 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'), increased to 96% from 89% in August. \n \n \n · \n Sri \n Lanka operations were closed for the month due to the imposition of nationwide lockdowns from 20 August to 29 September.\n \n \n · \n Low level of collections in Myanmar due to the extension of a stay-at-home policy mandated by the government from 17 July to 24 September, mainly caused by a sharp increase of Covid-19 infections.\n \n \n · \n Uganda collections improved to 89% with fewer local lockdowns and travel restrictions across the country.\n \n \n · \n Portfolio quality remained challenging, particularly in \n India,\n with benchmark PAR>30 for the Group, including off-book loans and excluding loans overdue more than 365 days, improving to 13.8% from 15.3% in August 2021, and PAR>90 improving to 10.2% from 11.3% in August 2021.\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 5.6% in August to 5.2% in September.\n \n \n · \n The Group's operating subsidiaries, excluding India, the Philippines and Myanmar, collectively have been able to reduce PAR>30 to 2.6%.\n \n \n · \n Disbursements as percentage of collections exceeded 100% in \n 6\n countries...