ASA International (LSE:ASAI) this morning announced that its loan portfolio passed US$600 million during the second quarter, supported by growth in Pakistan, Ghana and Kenya.
Gross outstanding loans reached US$604.1 million at the end of June, up 12% year on year and 4% since March. Excluding India, where operations are being wound down, its client base increased 11% to 2.7 million.
Portfolio at risk for more than 30 days rose to 2.4% from 2.0% a year earlier. ASA said the increase partly reflected new trade regulations in Uganda that negatively affected clients, though it continued to describe portfolio quality as industry-leading.
The microfinance lender reduced its Indian loan book by 86% year on year to US$4.3 million, while client numbers fell to 10,000 and branches to 25. Its digital platform is operating in Tanzania, with rollout preparations continuing in Kenya and implementation underway in Nigeria.
In London, ASA International (LSE:ASAI) shares were on the back foot on Thursday, down 10.3%, changing hands at 232.3p
