Q3 2025 Business Update
ASA International Group PLC reported strong operational performance for Q3 2025, with the gross outstanding loan portfolio (OLP) increasing to USD 555.3 million. This represents a 3% increase from Q2 2025's USD 540.9 million and a 32% increase from USD 419.7 million in Q3 2024. The number of clients increased to 2.7 million, a 4% rise from the previous quarter and 10% year-over-year. Portfolio quality remained stable, with PAR>30 at 2.0% as of September 30, 2025, consistent with June 30, 2025. The digital transformation in Ghana was completed, with 35% of the client base now on the new platform. The sale of ASA India is now expected to occur in 2026.
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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 September 2025.
Highlights
Strong Operational Performance
ASA International delivered robust operational results in Q3 2025, building on the positive momentum already achieved throughout H1 2025. More than 100k clients have been added during the third quarter
Continued Loan Portfolio Growth
Gross Outstanding Loan Portfolio (OLP) increased to USD 555.3m as at 30 September 2025 - up 3% from the end of Q2 2025 (USD 540.9m) and 32% from the same period in 2024 (USD 419.7m). This growth was driven primarily by Pakistan, Tanzania, Uganda, Myanmar, and Nigeria. Overall reported portfolio growth moderated by the decrease in Ghana given the depreciation of the Ghanaian Cedi against the USD in Q3
Stable Loan Portfolio Quality
The quality of the loan portfolio remained stable with PAR>30 (including off-book loans and excluding loans overdue by more than 365 days) standing at 2.0% as at 30 September 2025 (30 June 2025: 2.0%)
Ghana Digital Transformation
Migration to the Temenos Transact (T24) core banking system in Ghana successfully completed over the weekend of 11/12 October 2025. 35% of ASA International's total client base have now been migrated on to the new platform. Alongside this, the new digital financial services client and loan officer apps were also implemented in Ghana, the first time this has been available in any of ASA International's operating countries. The app is already live for loan officers with the roll out of the client app planned for the coming months. The usual intense aftercare programme is now under way to ensure post-migration operational stability. These activities represent key milestones in the overall digital transformation programme with the focus now shifting to the forthcoming migration in Tanzania
India Deconsolidation
Discussions with the Reserve Bank of India remain ongoing with regards to surrender of the NBFC-MFI licence of ASA India. With this in mind, the Board now expects that the process to complete the sale of ASA India is likely to occur in 2026
Business Operations Update
| Clients (in thousands) | Delta | Number of branches | Delta | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| End of period | Sep-24 | Jun-25 | Sep-25 | Sep 24 - Sep 25 | Jun 25 - Sep 25 | Sep-24 | Jun-25 | Sep-25 | Sep 24 - Sep 25 | Jun 25 - Sep 25 |
| Pakistan | 631 | 673 | 696 | 10% | 3% | 369 | 405 | 405 | 10% | 0% |
| India (total) | 181 | 129 | 121 | -33% | -7% | 176 | 157 | 155 | -12% | -1% |
| Sri Lanka | 43 | 45 | 48 | 12% | 7% | 64 | 63 | 63 | -2% | 0% |
| South Asia | 855 | 847 | 865 | 1% | 2% | 609 | 625 | 623 | 2% | 0% |
| The Philippines | 356 | 352 | 365 | 2% | 4% | 400 | 433 | 418 | 5% | -3% |
| Myanmar | 122 | 128 | 132 | 8% | 3% | 89 | 91 | 83 | -7% | -9% |
| Southeast Asia | 479 | 481 | 498 | 4% | 4% | 489 | 524 | 501 | 2% | -4% |
| Ghana | 212 | 237 | 245 | 16% | 4% | 152 | 153 | 153 | 1% | 0% |
| Nigeria | 155 | 158 | 170 | 10% | 8% | 268 | 269 | 270 | 1% | 0% |
| Sierra Leone | 39 | 43 | 47 | 21% | 10% | 47 | 49 | 49 | 4% | 0% |
| West Africa | 405 | 437 | 463 | 14% | 6% | 467 | 471 | 472 | 1% | 0% |
| Tanzania | 264 | 301 | 311 | 18% | 3% | 221 | 241 | 244 | 10% | 1% |
| Kenya | 256 | 279 | 298 | 16% | 6% | 145 | 160 | 160 | 10% | 0% |
| Uganda | 138 | 179 | 193 | 40% | 8% | 125 | 133 | 133 | 6% | 0% |
| Rwanda | 22 | 24 | 24 | 10% | 0% | 37 | 37 | 37 | 0% | 0% |
| Zambia | 29 | 30 | 32 | 12% | 7% | 39 | 41 | 56 | 44% | 37% |
| East Africa | 709 | 814 | 858 | 21% | 5% | 567 | 612 | 630 | 11% | 3% |
| Group | 2,447 | 2,579 | 2,683 | 10% | 4% | 2,132 | 2,232 | 2,226 | 4% | -0.3% |
- Total number of clients across all regions increased to 2.7m at the end of Q3 2025, 4% higher than at the end of Q2 2025 and 10% higher than at 30 September 2024. This growth was primarily driven by increased client numbers in Pakistan, Kenya, Uganda, Ghana, Philippines and Nigeria. The deliberate shrinkage of the business in India has naturally led to reduced client numbers in this country which offset the growth seen in almost all other countries
| Gross OLP (in USDm) | Delta | PAR>30 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| End of period | Sep-24 | Jun-25 | Sep-25 | Sept 24 - Sept 25 (USD) | Sept 24 - Sept 25 (CC) | Jun 25 - Sept 25 (USD) | Jun 25 - Sept 25 (CC) | Sep-24 | Jun-25 | Sep-25 |
| Pakistan | 82.6 | 94.4 | 104.6 | 27% | 29% | 11% | 10% | 0.5% | 0.5% | 0.5% |
| India (total) | 47.5 | 30.8 | 28.6 | -40% | -36% | -7% | -4% | 5.3% | 5.9% | 5.8% |
| Sri Lanka | 4.9 | 5.9 | 6.6 | 34% | 37% | 13% | 14% | 4.9% | 4.5% | 3.9% |
| South Asia | 135.1 | 131.0 | 139.8 | 4% | 6% | 7% | 7% | 2.3% | 1.9% | 1.7% |
| The Philippines | 61.1 | 65.1 | 63.9 | 5% | 9% | -2% | 1% | 3.9% | 6.3% | 6.8% |
| Myanmar | 26.2 | 31.6 | 34.3 | 31% | 31% | 9% | 9% | 0.2% | 0.2% | 0.8% |
| Southeast Asia | 87.2 | 96.8 | 98.2 | 13% | 15% | 2% | 4% | 2.7% | 4.3% | 4.7% |
| Ghana | 53.3 | 129.5 | 110.5 | 107% | 63% | -15% | 2% | 0.2% | 0.2% | 0.3% |
| Nigeria | 8.9 | 15.0 | 17.2 | 94% | 72% | 15% | 11% | 7.2% | 2.7% | 2.5% |
| Sierra Leone | 5.8 | 7.4 | 8.0 | 36% | 37% | 8% | 8% | 9.1% | 9.5% | 7.0% |
| West Africa | 68.0 | 151.8 | 135.7 | 100% | 62% | -11% | 3% | 2.1% | 0.9% | 1.0% |
| Tanzania | 69.1 | 85.9 | 94.7 | 37% | 23% | 10% | 3% | 1.4% | 1.6% | 2.0% |
| Kenya | 36.4 | 39.7 | 44.7 | 23% | 23% | 12% | 13% | 0.3% | 0.3% | 0.3% |
| Uganda | 16.1 | 24.9 | 30.3 | 89% | 79% | 22% | 19% | 0.7% | 0.2% | 0.2% |
| Rwanda | 4.5 | 6.4 | 6.7 | 48% | 59% | 5% | 5% | 6.3% | 4.9% | 6.4% |
| Zambia | 3.3 | 4.4 | 5.1 | 55% | 40% | 17% | 17% | 3.3% | 3.2% | 2.8% |
| East Africa | 129.4 | 161.3 | 181.6 | 40% | 32% | 13% | 8% | 1.3% | 1.3% | 1.4% |
| Group | 419.7 | 540.9 | 555.3 | 32% | 25% | 3% | 6% | 2.4% | 2.0% | 2.0% |
- Gross OLP increased to USD 555.3 million, representing a 3% rise from the end of Q2 2025 and a 32% increase compared to 30 September 2024. Growth was primarily driven by strong performance in Pakistan, Tanzania, Uganda, Myanmar, and Nigeria. The reported Gross OLP in Ghana decreased by 15% from Q2 2025 due to depreciation in the Ghanaian Cedi against the USD. On a constant currency basis, Ghana saw an increase in Gross OLP of 2% in Q3 from Q2 2025
- PAR>30, including off-book loans and excluding loans overdue for more than 365 days, remained stable at 2.0% at the end of Q3 2025. This was primarily due to better portfolio quality in Nigeria and Sierra Leone, which offset slight decreases in portfolio quality in Tanzania, Philippines, Myanmar and Rwanda. Outstanding portfolio quality was recorded in Ghana, Kenya, and Uganda with PAR>30 less than 0.5% as at 30 September 2025
Rob Keijsers, ASA International CEO, said:
"Our operational performance in Q3 reflects the ongoing strength and resilience of ASA International's business model. With continued growth in our loan portfolio and client base-particularly in Pakistan, Tanzania, Uganda, Myanmar, and Nigeria-we are delivering on our mission to expand financial inclusion across our operating markets. The successful digital transformation in Ghana marks a major milestone, offering a more compelling and seamless offering to our clients and setting the stage for broader resilience, efficiency and innovation across the Group. We remain focused on sustainable growth, operational excellence, and empowering underserved communities."
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 September 2024 and June 2025.
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