March 2024 Quarterly Business Update

About this update from Asa International Group Plc

Press release   ASA International Group plc March 2024 quarterly business update   London, United Kingdom, 23 April 2024 - ASA International, ('ASA International', the 'Company' or the 'Group'), one of the world's largest international microfinance institutions, today provides the following update on its business operations as of 31 March 2024. ·    The Group's Gross OLP increased to USD 380 million (0.9% higher than in December 2023 and 13% higher than at 31 March 2023) . ·    All operating subsidiaries, achieved collection efficiency of more than 90% with 12 countries achieving more than 95%. ·      Collection efficiency in India improved to 98% in March 2024 compared to 97% in December 2023. The intentional decrease in our own portfolio in India has slowed down while the business continues to grow the off-book BC portfolio in India. This approach is designed to help India retain good clients. ·    PAR>30 for the Group, including off-book loans and excluding loans overdue for more than 365 days, improved to 1.8% in March 2024 (December 2023: 2.0%). ·    Excluding all loans which have been overdue for more than 180 days and, as a result, have been fully provided for, PAR>30 remained stable at 1.1% in March 2024 (December 2023: 1.1%). ·    Disbursements as a percentage of collections exceeded 100% in ten countries.   Collection efficiency until 31 March 2024 (1)   Countries Oct/23 Nov/23 Dec/23 Jan/24 Feb/24 Mar/24 Pakistan 100% 100% 100% 100% 100% 99% India (total) 95% 95% 97% 95% 97% 98% Sri Lanka 95% 96% 96% 96% 96% 96% The Philippines 98% 98% 98% 98% 98% 99% Myanmar 100% 100% 100% 100% 100% 100% Ghana 100% 100% 100% 100% 100% 100% Nigeria 95% 95% 95% 94% 94% 93% Sierra Leone 98% 98% 99% 97% 97% 97% Tanzania 100% 100% 100% 99% 99% 99% Kenya 100% 100% 100% 100% 100% 100% Uganda 100% 100% 100% 100% 100% 100% Rwanda 97% 96% 96% 96% 95% 95% Zambia 99% 99% 99% 99% 99% 99% (1) Collection efficiency refers to actual collections from clients divided by realisable collections for the period. It is calculated as follows: the sum of actual regular collections, actual overdue collections and actual advance payments divided by the sum of realisable regular collections, actual overdue collections and actual advance payments. Under this definition collection efficiency cannot exceed 100%.   ·    Collection efficiency remained stable at high levels in most of our operating countries during March 2024 compared to December 2023. ·    Collection efficiency in India improved to 98% in March 2024 compared to 97% in December 2023. ·    Although market conditions in both Myanmar and Nigeria remained challenging, collection efficiency remained largely stable. Loan portfolio quality up to and including March 2024 (2, 3)      Gross OLP (in USDm)  Non-overdue loans  PAR>30 less PAR>180   Jan-24 Feb-24 Mar-24 Jan-24 Feb-24 Mar-24 Jan-24 Feb-24 Mar-24 Pakistan         70            72           73 99.6% 98.9% 98.7% 0.3% 0.4% 0.4% India (total)         47            49           50 81.4% 94.8% 95.2% 2.5% 1.9% 1.8% Sri Lanka           4              5             5 92.6% 92.8% 92.2% 3.2% 2.9% 3.3% The Philippines         55            56           57 95.3% 95.0% 94.9% 2.5% 2.4% 2.2% Myanmar         22            23           21 92.9% 93.1% 99.7% 0.1% 0.2% 0.2% Ghana         48            48           45 99.6% 99.6% 99.5% 0.1% 0.1% 0.1% Nigeria         15              9             9 80.9% 79.1% 77.6% 4.4% 5.3% 5.9% Sierra Leone           5              5             5 92.5% 92.2% 92.4% 1.8% 2.1% 2.3% Tanzania         65            65           66 98.6% 98.4% 98.3% 0.5% 0.6% 0.7% Kenya         21            25           29 99.6% 99.6% 99.6% 0.1% 0.1% 0.1% Uganda         13            13           13 98.8% 98.9% 98.9% 0.3% 0.2% 0.2% Rwanda           4              4             4 90.2% 89.1% 89.0% 3.6% 4.4% 4.6% Zambia           3              3             3 95.7% 95.3% 95.2% 0.9% 1.2% 1.3% Group       373 375         380 95.0% 96.7% 97.0% 1.2% 1.1% 1.1%       PAR>30 PAR>90  PAR>180   Jan-24 Feb-24 Mar-24 Jan-24 Feb-24 Mar-24 Jan-24 Feb-24 Mar-24 Pakistan 0.3% 0.5% 0.8% 0.2% 0.3% 0.7% 0.0% 0.1% 0.5% India (total) 3.1% 2.2% 2.1% 1.6% 1.0% 1.0% 0.6% 0.3% 0.3% Sri Lanka 4.9% 4.6% 4.9% 3.2% 3.0% 3.0% 1.8% 1.6% 1.6% The Philippines 3.8% 3.8% 3.8% 2.8% 3.0% 3.0% 1.3% 1.5% 1.6% Myanmar 0.2% 0.2% 0.2% 0.1% 0.1% 0.2% 0.0% 0.0% 0.0% Ghana 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% Nigeria 12.7% 13.1% 12.8% 10.4% 10.1% 9.1% 8.3% 7.9% 6.9% Sierra Leone 4.3% 4.3% 4.2% 3.4% 3.1% 2.8% 2.5% 2.2% 1.9% Tanzania 1.0% 1.1% 1.2% 0.7% 0.8% 0.8% 0.5% 0.5% 0.5% Kenya 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.1% Uganda 0.8% 0.8% 0.7% 0.7% 0.7% 0.6% 0.5% 0.6% 0.5% Rwanda 7.1% 7.7% 7.8% 5.3% 5.5% 5.5% 3.6% 3.4% 3.2% Zambia 2.5% 2.5% 2.6% 2.1% 1.9% 1.8% 1.5% 1.3% 1.3% Group 2.0% 1.7% 1.8% 1.4% 1.2% 1.3% 0.8% 0.7% 0.8%     (2)   PAR>x is the percentage of outstanding customer loans with at least one instalment payment overdue x days, excluding loans more than 365 days overdue, to Gross OLP including off-book loans. Loans overdue more than 365 days now comprise 0.6% of the Gross OLP. (3)   The table "PAR>30 less PAR>180" shows the percentage of outstanding client loans with a PAR greater than 30 days, less those loans which have been fully provided for. ·    Gross OLP in India further increased to USD 50 million (9% higher than in December 2023 and 13% higher than in March 2023). ·    PAR>30 for the Group, including off-book loans and excluding loans overdue for more than 365 days, improved to 1.8% in March 2024. ·    The off-book portfolio in India consists of IDFC of USD 11.0 million, Fincare of USD 3.9 million and the Jana portfolio of USD 29.6 million. The off-book DA portfolio amounts to USD 1.0 million. Disbursements vs collections of loans until 31 March 2024 (4)     Countries Oct/23 Nov/23 Dec/23 Jan/24 Feb/24 Mar/24 Pakistan 95% 96% 98% 106% 79% 84% India (total) 64% 123% 121% 127% 122% 118% Sri Lanka 109% 102% 112% 91% 133% 119% The Philippines 103% 105% 107% 103% 109% 107% Myanmar 124% 116% 117% 109% 107% 113% Ghana 109% 127% 118% 86% 105% 98% Nigeria 120% 135% 96% 60% 77% 73% Sierra Leone 113% 98% 80% 96% 119% 130% Tanzania 113% 115% 117% 101% 102% 109% Kenya 113% 120% 85% 118% 115% 115% Uganda 115% 115% 96% 93% 109% 110% Rwanda 116% 120% 118% 77% 96% 110% Zambia 124% 134% 115% 81% 100% 110% (4) Disbursements vs collections refers to actual loan disbursements made to clients divided by total amounts collected from clients in the period. ·    Disbursements as a percentage of collections exceeded 100% in ten countries. ·    The decreased percentages in Pakistan during February and March 2024 were due to elections and the migration to the new Core Banking System. ·    The decreased percentages in Nigeria during January to March 2024 were due to the challenging market condition.   Development of Clients and Outstanding Loan Portfolio until 31 March 2024  Clients (in thousands)  Delta  Gross OLP (in USDm)  Delta Countries Mar/23 Feb/24 Mar/24 Mar/23-Mar/24 Feb/24-Mar/24 Mar/23 Feb/24 Mar/24 Mar/23-Mar/24 USD Mar/23-Mar/24 CC (5) Feb/24- Mar/24 USD Pakistan 601 625 621 3% -1% 64        72         73 14% 12% 1% India (total) 224 178 180 -20% 1% 44        49         50 13% 14% 2% Sri Lanka 45 44 45 -1% 1% 5          5           5 7% -2% 6% The Philippines 326 336 341 4% 1.5% 52        56         57 10% 13% 2% Myanmar 98 115 117 19% 2% 18        23         21 21% 21% -5% Ghana 180 198 194 8% -2% 35        48         45 29% 46% -5% Nigeria 174 173 165 -5% -5% 24          9           9 -62% 15% 8% Sierra Leone 36 38 38 6% 0% 4          5           5 25% -100% 7% Tanzania 221 251 253 14% 1% 53        65         66 24% 36% 1% Kenya 159 210 215 35% 3% 18        25         29 56% 56% 16% Uganda 105 123 125 19% 1% 11        13         13 15% 19% 4% Rwanda 20 20 20 3% 0% 4          4           4 3% 20% 2% Zambia 21 26 26 22% 2% 3          3           3 10% 30% -5% Group 2,209 2,338 2,339 6% 0.04% 335 375 380 13% 21.9% 1.4%   (5) Constant currency ('CC') implies conversion of local currency results to USD with the exchange rate from the beginning of the period. ·    The Group's Gross OLP improved to USD 380 million (0.9% higher than in December 2023 and 13% higher than in March 2023). --- Enquiries: ASA International Group plc Investor Relations                                                                                           Mischa Assink                                                                                     ir @asa-international.com   About ASA International Group plc ASA International Group plc (ASAI: LN) is one of the world's largest international microfinance institutions, with a strong commitment to financial inclusion and socioeconomic progress. The company provides small, socially responsible loans to low-income, financially underserved entrepreneurs, predominantly women, across South Asia, South East Asia, West and East Africa.

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