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(Correcting that the number of clients increased by 14% rather than the 16% reported previously)
LONDON (Alliance News) - Microfinance lender ASA International Group PLC said Thursday its first-quarter performance was in line with expectations, with growth in clients and branches.
Year-on-year, ASA's clients are up 14% to 2.2 million from 1.9 million with the company's branches rising 17% in the same period to 1,745 from 1,496.
Compared to the first quarter of 2018, ASA's number of clients increased across all its operating regions: South Asia, South East Asia, West Africa and East Africa.
At the end of the period, ASA's outstanding loan portfolio stood at USD394 million, 20% higher than the USD329 million reported at the same point a year prior and 4.2% higher than the USD378 million seen at the end of 2018.
Year-on-year, the company's loan book saw a strong rise in South Asia, the company's dominant region, growing 16% to USD227 million. ASA's loan book saw 24% growth in South East Asia, 13% growth in West Africa, and 59% growth in East Africa.
Compared to the previous quarter, all regions reported a rise in outstanding loan portfolio, except for West Africa, which saw a 10% decrease.
"Performance during the first quarter of 2019 remains in line with expectations, with continued growth in branch and client numbers across all our operating regions. This was achieved despite the customary reduction in demand for loans, particularly in Africa, following the holiday season. We expect growth to further strengthen for the remainder of the year," said Chief Executive Dirk Brouwer.
The lender's asset quality "remained stable" in the period, with PAR>30 at 0.5%.
The PAR>30 figure is the percentage of loans that have one or more instalments of repayment past due for more than 30 days divided by the total loan portfolio.
Going forward, over the medium term, ASA continues to target earnings growth of 20% to 25% a year.
In 2018, ASA International's pretax profit increased 3.0% to USD44.7 million. The company's net interest income jumped 27% to USD109.5 million.
Shares in ASA International closed 1.0% lower at 406.00 pence on Thursday.