Q2 2025 Business Update
Q2 2025 loan portfolio grew 16% to USD 539.5m with improving credit quality; client base reached 2.6m.
- Gross Outstanding Loan Portfolio USD 539.5m (prior USD 465.2m)
- Group PAR>30 1.5% (prior 2.2%)
- Total clients 2.6m (prior 2.375m)
- Group OLP growth YoY 37%
- Number of branches 2,235 (prior 2,091)
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ASA International Group plc (LSE: ASAI), one of the world's largest international microfinance institutions, today provides the following update on its business operations for the three-month period ended 30 June 2025.
Highlights
Strong Operational Performance
ASA International delivered robust operational results in Q2 2025, building on the positive momentum achieved throughout 2024 and into 2025
Significant Loan Portfolio Growth
Gross Outstanding Loan Portfolio (OLP) increased to USD 539.5m as at 30 June 2025 - up 16% from Q1 2025 (USD 465.2m) and 37% from the same period in 2024 (USD 394.9m). This growth was driven primarily by Ghana, where Gross OLP rose by USD 59m during Q2 2025, reflecting both strong underlying portfolio expansion and a 33% appreciation of the Ghanaian cedi. Additional notable contributions came from Uganda, Tanzania, Nigeria, and Myanmar
Improved Loan Portfolio Quality
The quality of the loan portfolio continued to strengthen. Group PAR>30 (including off-book loans and excluding loans overdue by more than 365 days) improved significantly to 1.5% as at 30 June 2025 (31 March 2025: 2.2%)
Launch of Enhanced Credit Life Insurance
ASA International partnered with Turaco to launch a groundbreaking Enhanced Credit Life insurance product. Following a successful soft launch of 'ASA LifeCare' in Uganda on 12 May, the product has now officially rolled out in the country and is also launching in Kenya under the name 'Maisha Care by ASA', with plans to expand across ASA International's six other African markets. The partnership embeds Enhanced Credit Life into ASA International's loan products, providing affordable protection for clients from just USD 0.30 per month, covering credit, life, and health-related risks. This offering is expected to bolster client retention and generate additional non-interest income
Leadership Strengthening
In June, Steven van Zuylen was promoted to Chief Technology Officer and joined the Executive Committee. ASA International also welcomed Sivan Maron as Chief Human Resources Officer and member of the Executive Committee. Local leadership has been further reinforced with the appointments of new CEOs in Sri Lanka and Pakistan, as well as a new CFO in Nigeria
Business Operations Update
| Clients (in thousands) | Delta | Number of branches | Delta | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| End of period | Jun-24 | Mar-25 | Jun-25 | Jun 24 - Jun 25 | Mar 25 - Jun 25 | Jun-24 | Mar-25 | Jun-25 | Jun 24 - Jun 25 | Mar 25 - Jun 25 |
| Pakistan | 618 | 671 | 673 | 9% | 0% | 345 | 397 | 405 | 17% | 2% |
| India (total) | 193 | 154 | 129 | -33% | -16% | 176 | 159 | 157 | -11% | -1% |
| Sri Lanka | 42 | 44 | 45 | 6% | 1% | 64 | 63 | 63 | -2% | 0% |
| South Asia | 854 | 869 | 847 | -1% | -2% | 585 | 619 | 625 | 7% | 1% |
| The Philippines | 352 | 360 | 352 | 0% | -2% | 400 | 424 | 433 | 8% | 2% |
| Myanmar | 119 | 125 | 128 | 8% | 2% | 89 | 91 | 91 | 2% | 0% |
| Southeast Asia | 471 | 485 | 481 | 2% | -1% | 489 | 515 | 524 | 7% | 2% |
| Ghana | 192 | 227 | 237 | 23% | 4% | 150 | 153 | 153 | 2% | 0% |
| Nigeria | 146 | 153 | 158 | 8% | 3% | 263 | 269 | 270 | 3% | 0% |
| Sierra Leone | 37 | 43 | 43 | 15% | 0% | 48 | 49 | 49 | 2% | 0% |
| West Africa | 376 | 423 | 437 | 16% | 3% | 461 | 471 | 472 | 2% | 0% |
| Tanzania | 258 | 291 | 301 | 17% | 3% | 211 | 231 | 241 | 14% | 4% |
| Kenya | 238 | 264 | 279 | 18% | 6% | 145 | 153 | 160 | 10% | 5% |
| Uganda | 131 | 159 | 179 | 36% | 12% | 125 | 133 | 135 | 8% | 2% |
| Rwanda | 21 | 23 | 24 | 16% | 4% | 37 | 37 | 37 | 0% | 0% |
| Zambia | 27 | 29 | 30 | 13% | 6% | 38 | 39 | 41 | 8% | 5% |
| East Africa | 675 | 767 | 814 | 21% | 6% | 556 | 593 | 614 | 10% | 4% |
| Group | 2,375 | 2,544 | 2,579 | 9% | 1% | 2,091 | 2,198 | 2,235 | 7% | 2% |
- Total number of clients across all regions increased to 2.6m at the end of Q2 2025, 1% higher than at the end of Q1 2025 and 9% higher than at 30 June 2024. This growth was primarily driven by increased client numbers in Uganda, Kenya, Ghana, Tanzania and Nigeria. The deliberate shrinkage of the business in India has naturally led to reduced client numbers which offset the strong growth seen in almost all other countries
- The work to divest ASA India continues as planned with the Board currently working towards a full deconsolidation from the Group by the end of December 2025
| Gross OLP (in USDm) | Delta | PAR>30 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| End of period | Jun-24 | Mar-25 | Jun-25 | Jun 24 - Jun 25 (USD) | Jun 24 - Jun 25 (CC) | Mar 25 - Jun 25 (USD) | Mar 25 - Jun 25 (CC) | Jun-24 | Mar-25 | Jun-25 |
| Pakistan | 76.0 | 93.2 | 94.3 | 24% | 27% | 1% | 3% | 0.6% | 0.4% | 0.5% |
| India (total) | 51.0 | 34.5 | 30.8 | -40% | -38% | -11% | -11% | 5.7% | 6.0% | 5.9% |
| Sri Lanka | 4.7 | 5.6 | 5.9 | 25% | 22% | 4% | 6% | 4.9% | 4.4% | 4.5% |
| South Asia | 131.7 | 133.4 | 130.9 | -1% | 1% | -2% | -1% | 2.8% | 2.0% | 1.9% |
| The Philippines | 57.8 | 62.8 | 63.3 | 10% | 6% | 1% | -1% | 3.8% | 7.1% | 3.4% |
| Myanmar | 20.2 | 29.2 | 31.6 | 57% | 32% | 8% | 8% | 0.3% | 0.2% | 0.2% |
| Southeast Asia | 77.9 | 92.0 | 94.9 | 22% | 13% | 3% | 2% | 2.9% | 4.9% | 2.3% |
| Ghana | 47.7 | 70.5 | 129.5 | 171% | 84% | 84% | 23% | 0.2% | 0.2% | 0.2% |
| Nigeria | 8.9 | 12.9 | 15.4 | 73% | 74% | 20% | 20% | 9.0% | 3.6% | 2.6% |
| Sierra Leone | 5.4 | 6.6 | 7.4 | 37% | 39% | 12% | 11% | 5.7% | 10.3% | 9.5% |
| West Africa | 62.0 | 90.0 | 152.3 | 146% | 79% | 69% | 22% | 2.0% | 1.4% | 0.9% |
| Tanzania | 68.5 | 82.3 | 86.0 | 26% | 26% | 4% | 4% | 1.3% | 1.5% | 1.6% |
| Kenya | 32.4 | 38.3 | 39.8 | 23% | 23% | 4% | 4% | 0.3% | 0.3% | 0.3% |
| Uganda | 14.7 | 20.4 | 24.9 | 70% | 64% | 22% | 20% | 0.7% | 0.1% | 0.2% |
| Rwanda | 4.4 | 5.5 | 6.4 | 46% | 60% | 15% | 17% | 6.9% | 4.8% | 4.8% |
| Zambia | 3.4 | 3.4 | 4.4 | 29% | 28% | 28% | 8% | 3.2% | 3.5% | 3.2% |
| East Africa | 123.3 | 149.9 | 161.4 | 31% | 31% | 8% | 7% | 1.2% | 1.2% | 1.3% |
| Group | 394.9 | 465.2 | 539.5 | 37% | 25% | 16% | 7% | 2.2% | 2.2% | 1.5% |
- Gross OLP increased to USD 539.5m - 16% higher than at the end of Q1 2025 and 37% higher than at 30 June 2024. This growth was predominantly driven by Ghana's Gross OLP increasing by USD 59m in Q2 2025 reflecting both underlying portfolio growth as well as the 33% appreciation of the Ghanaian cedi in the quarter. There were further significant contributions from Uganda, Tanzania, Nigeria, and Myanmar
- PAR>30 for the Group, including off-book loans and excluding loans overdue for more than 365 days, improved to 1.5% at the end of Q2 2025. This was primarily due to better portfolio quality in Philippines, Nigeria, Sierra Leone. Outstanding portfolio quality was recorded in Ghana, Kenya, Uganda and Myanmar with PAR>30 less than 0.5% as at 30 June 2025
Rob Keijsers, ASA International CEO, said:
"ASA International's outstanding performance in the second quarter of 2025 is a testament to the dedication of our teams and the trust and resilience of our clients across our operating markets. Our strong operational growth, reflected by the significant increase in OLP and sustained improvements in portfolio quality, demonstrates our ability to deliver meaningful financial services to underserved female entrepreneurs. We are proud of our innovative partnership with Turaco, launching the Enhanced Credit Life insurance product that brings added value and protection to our clients as we seek to deepen and broaden financial inclusion. As we continue to expand our reach and strengthen our leadership, we remain committed to delivering increased financial inclusion for the communities we serve and sustainable growth for all stakeholders."
Notes
- All data in this announcement is unaudited
- Constant currency ('CC') implies conversion of local currency results to USD with the exchange rate from the end of June 2024 and March 2025.
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