Q4 2025 Trading and Business Update
ASA International Group plc anticipates its full-year 2025 net profit will double to approximately USD 57 million, up from USD 28.5 million in 2024, driven by strong loan portfolio growth to USD 628.4 million as of December 31, 2025, a 13% increase from the previous quarter and a 37% rise year-over-year, with client numbers growing by nearly 100,000 in the fourth quarter. The company also reported an improvement in its Portfolio at Risk (PAR) over 30 days to 1.8% and successfully completed its digital transformation migration in Ghana, with plans for Tanzania in early 2026.
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ASA International Group plc (LSE: ASAI), one of the world's largest international microfinance institutions, today provides a trading update including a business operations update for the three-month period ended 31 December 2025.
Highlights
FY 2025 profit expected to double:
On a preliminary unaudited basis, FY 2025 net profit is expected to be approximately USD 57m (2024: USD 28.5m), reflecting disciplined execution of the Group's strategic growth agenda
Strong Loan Portfolio Growth
Gross Outstanding Loan Portfolio (OLP) increased to USD 628.4m as at 31 December 2025 (+13% versus 30 September 2025: USD 553.9m; +37% versus 31 December 2024: USD 458.6m). Growth was driven primarily by Ghana, Pakistan, Uganda, Tanzania, Kenya and Nigeria. Client numbers increased by almost 100k clients during the quarter
Resilient Portfolio Quality
PAR>30 (including off-book loans and excluding loans overdue by more than 365 days) improved to 1.8% as at 31 December 2025 (30 September 2025: 2.0%)
Digital Transformation Milestone
Migration to Temenos Transact (T24) in Ghana was completed in October 2025 and new digital apps for clients and loan officers were launched, with the loan officer app already live. Focus now shifts to the planned Tanzania migration in Q1 2026.
Leadership Strengthened
A new CEO has been appointed in Sierra Leone, alongside new CFO appointments in Sierra Leone and Zambia
ASA International's FY 2025 results and the proposed final dividend will be announced on 15 April 2026.
Rob Keijsers, ASA International CEO, said:
"2025 was another outstanding year for ASA International with the delivery of both strong operational growth and significantly increased levels of profitability. Profitability has doubled compared to 2024 and Gross OLP has increased by 37% versus the prior year. It is encouraging to see that the refined strategy we adopted at the start of the year, alongside strengthened leadership layers and an expanded product suite, is already starting to pay off. These results are also a reflection of the strength and commitment of our teams across our various operating markets and the continued trust of our 2.8m clients.
"Zooming into Q4 specifically, performance in the quarter once again demonstrated the robustness of our operating model and saw growth across key markets, including Pakistan, Uganda, Tanzania and Kenya. Our responsible approach to growth is further evidenced by the improved loan portfolio quality seen in the quarter. We also built on the successful digital transformation in Ghana with an intensification of the work ahead of the forthcoming Tanzania migration. As 2026 progresses, our priorities remain firmly centred on sustainable growth, transforming the business through our digital agenda, creating further resilience across the organisation and driving operational excellence. At the heart of all of this remains our mission of increasing financial inclusion for underserved female entrepreneurs."
Business Operations Update
| Clients (in thousands) | Delta | Number of branches | Delta | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| End of period | Dec-24 | Sep-25 | Dec-25 | Dec 24 - Dec 25 | Sep 25 - Dec 25 | Dec-24 | Sep-25 | Dec-25 | Dec 24 - Dec 25 | Sep 25 - Dec 25 |
| Pakistan | 662 | 696 | 741 | 12% | 6% | 380 | 405 | 405 | 7% | 0% |
| India (total) | 172 | 121 | 118 | -32% | -3% | 175 | 155 | 158 | -10% | 2% |
| Sri Lanka | 44 | 47 | 46 | 4% | -3% | 63 | 63 | 63 | 0% | 0% |
| South Asia | 878 | 865 | 904 | 3% | 5% | 618 | 623 | 626 | 1% | 0% |
| The Philippines | 353 | 365 | 369 | 5% | 1% | 400 | 415 | 415 | 4% | 0% |
| Myanmar | 122 | 132 | 133 | 9% | 1% | 89 | 91 | 91 | 2% | 0% |
| Southeast Asia | 475 | 498 | 502 | 6% | 1% | 489 | 506 | 506 | 3% | 0% |
| Ghana | 223 | 245 | 250 | 12% | 2% | 153 | 153 | 154 | 1% | 1% |
| Nigeria | 150 | 170 | 165 | 10% | -3% | 269 | 270 | 270 | 0% | 0% |
| Sierra Leone | 43 | 47 | 50 | 15% | 6% | 49 | 49 | 48 | -2% | -2% |
| West Africa | 416 | 463 | 465 | 12% | 0% | 471 | 472 | 472 | 0% | 0% |
| Tanzania | 280 | 311 | 321 | 14% | 3% | 221 | 244 | 244 | 10% | 0% |
| Kenya | 262 | 298 | 312 | 19% | 5% | 145 | 160 | 160 | 10% | 0% |
| Uganda | 150 | 193 | 214 | 43% | 11% | 125 | 133 | 133 | 6% | 0% |
| Rwanda | 23 | 24 | 23 | 0% | -6% | 37 | 37 | 37 | 0% | 0% |
| Zambia | 29 | 32 | 37 | 29% | 14% | 39 | 56 | 55 | 41% | -2% |
| East Africa | 744 | 858 | 907 | 22% | 6% | 567 | 630 | 629 | 11% | -0.2% |
| Group | 2,513 | 2,683 | 2,778 | 11% | 4% | 2,145 | 2,231 | 2,233 | 4% | 0.1% |
- Total number of clients across all regions increased to 2.8m at the end of Q4 2025, 4% higher than at the end of Q3 2025 and 11% higher than at 31 December 2024. This growth was seen across the network, but primarily driven by increased client numbers in Pakistan, Uganda, Kenya, and Tanzania
| Gross OLP (in USDm) | Delta | PAR>30 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| End of period | Dec-24 | Sep-25 | Dec-25 | Dec 24 - Dec 25 (USD) | Dec 24 - Dec 25 (CC) | Sep 25 - Dec 25 (USD) | Sep 25 - Dec 25 (CC) | Dec-24 | Sep-25 | Dec-25 |
| Pakistan | 90.0 | 104.6 | 118.1 | 31% | 32% | 13% | 12% | 0.5% | 0.4% | 0.4% |
| India (total) | 40.5 | 28.6 | 30.2 | -25% | -22% | 6% | 7% | 5.4% | 5.8% | 2.8% |
| Sri Lanka | 5.4 | 6.6 | 6.6 | 22% | 29% | 0% | 2% | 4.9% | 3.9% | 4.5% |
| South Asia | 135.8 | 139.8 | 155.0 | 14% | 16% | 11% | 11% | 2.1% | 1.7% | 1.0% |
| The Philippines | 60.4 | 63.7 | 63.3 | 5% | 6% | -1% | 0% | 6.8% | 7.2% | 6.0% |
| Myanmar | 27.3 | 34.3 | 36.0 | 32% | 32% | 5% | 5% | 0.3% | 0.8% | 0.7% |
| Southeast Asia | 87.6 | 98.1 | 99.3 | 13% | 14% | 1% | 2% | 4.8% | 5.0% | 4.1% |
| Ghana | 67.7 | 109.6 | 141.9 | 110% | 50% | 29% | 10% | 0.2% | 0.3% | 0.9% |
| Nigeria | 11.8 | 17.0 | 19.3 | 64% | 54% | 14% | 11% | 4.9% | 2.6% | 2.8% |
| Sierra Leone | 6.7 | 8.0 | 9.3 | 37% | 37% | 16% | 17% | 9.4% | 7.0% | 5.3% |
| West Africa | 86.2 | 134.5 | 170.4 | 98% | 49% | 27% | 10% | 1.5% | 1.0% | 1.3% |
| Tanzania | 85.4 | 94.7 | 103.3 | 21% | 23% | 9% | 10% | 1.3% | 2.0% | 2.1% |
| Kenya | 36.4 | 44.7 | 47.6 | 31% | 31% | 7% | 6% | 0.3% | 0.3% | 0.3% |
| Uganda | 18.6 | 30.3 | 39.0 | 110% | 106% | 29% | 33% | 0.7% | 0.2% | 0.2% |
| Rwanda | 5.2 | 6.7 | 7.3 | 40% | 47% | 9% | 10% | 5.1% | 6.3% | 8.6% |
| Zambia | 3.3 | 5.1 | 6.5 | 100% | 59% | 27% | 18% | 3.4% | 2.8% | 3.9% |
| East Africa | 148.9 | 181.5 | 203.7 | 37% | 37% | 12% | 13% | 1.1% | 1.4% | 1.6% |
| Group | 458.6 | 553.9 | 628.4 | 37% | 29% | 13% | 10% | 2.2% | 2.0% | 1.8% |
- Gross OLP increased to USD 628.4m, representing a 13% rise from the end of Q3 2025 and a 37% increase compared to 31 December 2024. Growth was seen across the network, but driven primarily by Ghana, where Gross OLP rose by USD 32m during Q4 2025, reflecting both strong underlying portfolio expansion and a 15% appreciation of the Ghanaian cedi from Q3 2025. Further positive contributions came from Pakistan, Uganda, Tanzania, Kenya, and Nigeria
- PAR>30, including off-book loans and excluding loans overdue for more than 365 days, improved to 1.8% at the end of Q4 2025. This was primarily due to better portfolio quality in the Philippines and Sierra Leone, which offset decreases in portfolio quality in Rwanda, Nigeria, and Sri Lanka. Outstanding portfolio quality was recorded in Pakistan, Kenya, and Uganda with PAR>30 less than 0.5% as at 31 December 2025
Notes
- All data in this announcement are unaudited. FY 2025 results remain subject to the completion of the Group's year-end audit process which will finalise certain adjustments relating to ASA India, hyperinflation accounting and tax provisions.
- Constant currency ('CC') implies conversion of local currency results to USD with the exchange rate from the end of December 2024 and September 2025.
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