REG - ASA Intnl. Grp PLC - Q1 2026 Business Update
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RNS Number : 4660C ASA International Group PLC 30 April 2026
ASA International Group plc - Q1 2026 Business Update
ASA International Group plc (LSE: ASAI), one of the world's largest
international microfinance institutions, today provides a business operations
update for the three-month period ended 31 March 2026.
Highlights
· Portfolio 25% ahead year-on-year, with March growth resumption
The momentum seen in 2025 has continued into 2026 with ASA International
having a solid start to 2026, with Gross Outstanding Loan Portfolio (Gross
OLP) of USD 583.2m as at 31 March 2026, 25% higher than a year ago. This
provides a stronger foundation for the remainder of 2026 given the compounding
effect of a larger OLP base. Compared to Q4 2025, the loan portfolio was
largely flat, reflecting usual seasonal repayment patterns after the holiday
period. As with last year, OLP growth resumed again in March.
· Client base expansion in continuing markets
Excluding India, the client base increased by 12% year-on-year to 2.7m and
grew 1% during Q1 2026, despite normal seasonal effects. Including India,
where operations are being proactively wound down, the Group client base
decreased by 2% versus December 2025. Client growth in Q1 2026 was driven
primarily by Pakistan, Uganda, and Kenya.
· Industry-leading portfolio quality sustained
High portfolio quality was maintained in the first quarter. PAR>30 rose
slightly to 2.0% as at 31 March 2026 from 1.8% as at 31 December 2025, broadly
in line with the level seen at the end of Q1 2025 (2.2%).
· Digital rollout strengthens scalable growth platform
March 2026 marked another major milestone with the successful launch of the
enhanced banking platform and digital financial services app in Tanzania,
designed to deliver a faster, more seamless client experience and support
scalable growth. Building on this progress, preparations for the Kenya rollout
later this year have moved into a more intensive phase.
· India wind-down materially reduces exposure and simplifies the Group
Major progress was made towards winding down operations in India ahead of full
deconsolidation. As at 31 March 2026, India clients had reduced by 75%
year-on-year to 38k, the branch network by 53% to 75, and Gross OLP by 76%
year-on-year to USD 7.2m. On-book loans have been fully written down and the
off-book portfolio has been deliberately shrunk by 76% versus Q4 2025. In
March 2026, a shareholder loan to ASA India was waived and NCDs were redeemed
for a nominal value of INR 1, generating an accounting gain of USD 11.4m at
Group level, likely to be partially offset by additional restructuring costs.
Rob Keijsers, ASA International CEO, said:
"Q1 2026 demonstrates the underlying strength and discipline of ASA
International's platform. Across our continuing operating platform, we
delivered solid portfolio performance alongside continued client growth across
key markets, with particularly strong momentum in Pakistan and East Africa.
Portfolio quality remains robust and among the best in the industry,
reflecting the effectiveness of our risk management and long-standing client
relationships.
"We also made decisive progress in reshaping and simplifying the Group, while
advancing our digital agenda with the successful rollout of our new core
banking system and digital financial services platform in Tanzania. These
actions strengthen our foundation for sustainable growth, enhance operational
resilience, and position us well to expand responsible financial access for
millions of underserved female entrepreneurs."
Business Operations Update
Clients (in thousands) Delta Number of branches Delta
End of period Mar-25 Dec-25 Mar-26 Mar 25 - Mar 26 Dec 25 - Mar 26 Mar-25 Dec-25 Mar-26 Mar 25 - Mar 26 Dec 25 - Mar 26
Pakistan 671 741 780 16% 5% 397 405 405 2% 0%
Sri Lanka 44 46 48 8% 4% 63 63 63 0% 0%
South Asia 715 787 827 16% 5% 460 468 468 2% 0%
The Philippines 360 369 362 1% -2% 424 415 415 -2% 0%
Myanmar 125 133 136 9% 2% 91 91 92 1% 1%
Southeast Asia 485 502 498 3% -1% 515 506 507 -2% 0%
Ghana 227 245 243 7% -1% 153 154 154 1% 0%
Nigeria 153 165 159 4% -3% 269 269 269 0% 0%
Sierra Leone 43 50 49 13% -3% 49 48 48 -2% 0%
West Africa 423 460 451 7% -2% 471 471 471 0% 0%
Tanzania 291 321 316 9% -1% 231 244 247 7% 1%
Kenya 264 312 316 19% 1% 153 160 170 11% 6%
Uganda 159 214 222 39% 3% 133 133 140 5% 5%
Rwanda 23 23 22 -4% -2% 37 37 37 0% 0%
Zambia 29 37 35 23% -3% 39 55 54 38% -2%
East Africa 767 907 911 19% 0% 593 629 648 9% 3.0%
Group (Ex-India) 2,390 2,655 2,688 12% 1% 2,039 2,074 2,094 3% 1%
India (total) 154 118 38 -75% -68% 159 158 75 -53% -53%
Group 2,544 2,773 2,725 7% -2% 2,198 2,232 2,169 -1% -3%
· Excluding India, total clients increased to 2.7m by the end of Q1
2026, 12% higher than the previous year and 1% higher during Q1 2026, despite
normal seasonal effects. Including India, where operations are being
proactively wound down, the Group client base decreased by 2% versus December
2025. Growth was primarily driven by increased client numbers in Pakistan,
Uganda, Kenya, and Tanzania.
Gross OLP (in USDm) Delta PAR >30
End of period Mar-25 Dec-25 Mar-26 Mar 25 - Mar 26 (USD) Mar 25 - Mar 26 (CC) Dec 25 - Mar 26 (USD) Dec 25 - Mar 26 (CC) Mar-25 Dec-25 Mar-26
Pakistan 93.2 118.1 128.9 38% 38% 9% 9% 0.4% 0.4% 0.5%
Sri Lanka 5.6 6.6 7.1 26% 34% 7% 9% 4.4% 4.5% 4.0%
South Asia 98.8 124.7 136.0 38% 38% 9% 9% 0.8% 0.6% 0.6%
The Philippines 62.8 61.4 59.7 -5% 1% -3% 0% 7.1% 6.2% 6.3%
Myanmar 29.2 21.1 22.6 -23% 34% 7% 9% 0.2% 0.7% 0.6%
Southeast Asia 92.0 82.5 82.3 -10% 11% 0% 2% 4.9% 4.8% 4.7%
Ghana 70.5 141.9 128.5 82% 29% -9% -5% 0.2% 0.9% 1.3%
Nigeria 12.9 18.9 18.7 46% 32% -1% -5% 3.6% 2.8% 4.2%
Sierra Leone 6.6 9.3 9.2 40% 40% 0% 0% 10.3% 5.3% 6.4%
West Africa 90.0 170.0 156.4 74% 30% -8% -5% 1.4% 1.3% 1.9%
Tanzania 82.3 103.2 92.6 13% 10% -10% -6% 1.5% 2.1% 2.4%
Kenya 38.3 47.6 50.3 31% 32% 6% 6% 0.3% 0.3% 0.3%
Uganda 20.4 39.0 44.0 115% 121% 13% 17% 0.1% 0.2% 0.4%
Rwanda 5.5 7.3 7.0 26% 30% -5% -4% 4.8% 8.6% 11.6%
Zambia 3.4 6.3 7.5 119% 48% 19% 2% 3.5% 4.8% 9.2%
East Africa 149.9 203.5 201.3 34% 33% -1% 2% 1.2% 1.6% 2.0%
Group (Ex-India) 430.7 580.7 576.0 34% 27% -1% 0% 1.9% 1.8% 2.1%
India (total) 34.5 30.2 7.2 -75% -73% -72% -71% 6.0% 2.8% 0.7%
Group 465.2 611.0 583.2 25% 19% -5% -4% 2.2% 1.8% 2.0%
· Across the continuing operating platform, Gross OLP of USD 576.0m as
at 31 March 2026 was significantly ahead of the same period in 2025 (+34%) and
broadly stable compared to the end of Q4 2025. Major positive contributions
came from Pakistan, Uganda, and Kenya. Total Group Gross OLP increased 25%
year-on-year to USD 583.2m and decreased 5% compared to the end of Q4 2025.
· PAR>30, including off-book loans and excluding loans overdue for
more than 365 days, slightly increased to 2.0% as at 31 March 2026 from 1.8%
at the end of December 2025. This still represents industry-leading asset
quality and is similar to the level seen a year ago (2.2%). PAR>30 in Q1
was influenced by countries rebuilding their operations, such as Nigeria,
Rwanda, Sierra Leone, and Zambia. Outstanding portfolio quality was maintained
in Pakistan, Kenya, and Uganda, with PAR>30 of less than 0.5% as at 31
March 2026.
Notes
(1) All data in this announcement is unaudited
(2) Constant currency ('CC') implies conversion of local currency results to
USD with the exchange rate from the end of March 2025 and December 2025.
(3) PAR refers to 'Portfolio at Risk'. PAR>30 is the percentage of
outstanding customer loans with at least one instalment payment overdue 30
days, excluding loans more than 365 days overdue, to Gross OLP including
off-book loans.
(4) 'ASA International', the 'Company', the 'Group' all refer to ASA
International Group plc and its subsidiaries.
Enquiries
ASA International Group plc
Investor Relations
Jonathan Berger
ir@asa-international.com (mailto:ir@asa-international.com)
About ASA International Group plc
ASA International Group plc (LSE: ASAI) 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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