Q2 2026 Business Update
ASA International Group plc reported a resilient Q2 2026 with a Gross Outstanding Loan Portfolio (Gross OLP) of USD 604.1m, up 12% year-on-year, driven by Pakistan, Ghana, and Kenya. The client base, excluding India, grew 11% year-on-year to 2.7 million, with Pakistan, Kenya, and Nigeria leading the increase. Portfolio at Risk (PAR) over 30 days was 2.4%, a slight increase from 2.0% a year ago, attributed partly to new trade regulations in Uganda. The company is advancing its digital transformation with its platform live in Tanzania and rolling out in Kenya and Nigeria. Operations in India are being wound down, with Gross OLP reduced by 86% year-on-year to USD 4.3m.
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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 30 June 2026.
Highlights
Gross OLP up 12% year-on-year, surpassing USD 600m
ASA International delivered resilient portfolio growth in Q2. Gross Outstanding Loan Portfolio (Gross OLP) increased by 4% to USD 604.1m as at 30 June 2026 versus the end of Q1 2026 and is 12% higher than a year ago. Pakistan, Ghana and Kenya were the major contributors to the growth in Q2 2026.
Client base up 11% year-on-year continuing markets
Excluding India where operations are being proactively wound down, the Group's client base increased by 11% year-on-year to 2.7m and grew 1% during Q2 2026. Client growth in Q2 2026 was driven primarily by Pakistan, Kenya and Nigeria with accelerating growth evident in June.
PAR>30 of 2.4% versus 2.0% a year ago
PAR>30 was 2.4% as at 30 June 2026 compared to 2.0% as at 30 June 2025, which remains industry-leading. One of the main drivers was the introduction of new trade regulations in Uganda which negatively affected clients.
- Digital platform live in Tanzania, rollout underway in Kenya and Nigeria
Building on the March 2026 launch of the enhanced banking platform and digital financial services app in Tanzania, the Group continued to advance its digital transformation during the second quarter. Preparations intensified for the planned rollout in Kenya, while implementation activities also commenced in Nigeria, supporting the strategy of scalable, technology-enabled growth.
- India Gross OLP brought down 86% year-on-year to USD 4.3m as operations are wound down
Significant additional progress was made in winding down operations in India during the second quarter. Since the end of Q1 2026, clients reduced by a further 70% to 10k, the branch network by 67% to 25, and Gross OLP by 42% to USD 4.3m. As a result, there is now a minimal negative income statement impact from ASA India.
Rob Keijsers, ASA International CEO, said:
"We are hugely proud of the resilience demonstrated by our clients, and consequently by our loan portfolio, given the challenging circumstances seen across many of our markets. ASA International delivered both resilience and growth in the second quarter, which supports our positive expectations for the second half of 2026.
"While we remain mindful of ongoing geopolitical developments, we are encouraged by the momentum seen across key markets including Pakistan, Ghana and Kenya. Combined with our industry-leading portfolio quality, continued progress in our digital transformation agenda and the further reduction of our exposure to India, we believe ASA International is well positioned to execute on its strategy to deliver sustainable growth."
Business Operations Update
| Clients (thousands) | Delta | Branches | Delta | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| End of period | Jun-25 | Mar-26 | Jun-26 | Jun 25 - Jun 26 | Mar 26 - Jun 26 | Jun-25 | Mar-26 | Jun-26 | Jun 25 - Jun 26 | Mar 26 - Jun 26 |
| South Asia | 718 | 827 | 847 | 18% | 2% | 468 | 468 | 488 | 4% | 4% |
| Southeast Asia | 481 | 498 | 502 | 5% | 1% | 524 | 507 | 500 | -5% | -1% |
| West Africa | 437 | 451 | 460 | 5% | 2% | 471 | 471 | 486 | 3% | 3% |
| East Africa | 814 | 911 | 916 | 13% | 1% | 612 | 648 | 664 | 8% | 2% |
| Group (Ex-India) | 2,450 | 2,688 | 2,725 | 11% | 1% | 2,075 | 2,094 | 2,138 | 3% | 2% |
| India (total) | 129 | 34 | 10 | -92% | -70% | 157 | 75 | 25 | -84% | -67% |
| Group | 2,579 | 2,722 | 2,735 | 6% | 0.5% | 2,232 | 2,169 | 2,163 | -3% | 0% |
| Gross OLP (USDm) | Delta | PAR>30 | ||||||||
| End of period | Jun-25 | Mar-26 | Jun-26 | Jun 25 - Jun 26 (USD) | Jun 25 - Jun 26 (CC) | Mar 26 - Jun 26 (USD) | Mar 26 - Jun 26 (CC) | Jun-25 | Mar-26 | Jun-26 |
| South Asia | 100.2 | 136.0 | 142.3 | 42% | 40% | 5% | 5% | 1.0% | 0.6% | 0.6% |
| Southeast Asia | 96.8 | 82.3 | 85.4 | -12% | 13% | 4% | 5% | 4.3% | 4.7% | 4.9% |
| West Africa | 151.8 | 156.4 | 163.2 | 7% | 15% | 4% | 7% | 0.9% | 1.9% | 1.9% |
| East Africa | 161.3 | 201.3 | 208.9 | 30% | 29% | 4% | 4% | 1.3% | 2.0% | 2.9% |
| Group (Ex-India) | 510.1 | 576.0 | 599.8 | 18% | 23% | 4% | 4% | 1.6% | 2.1% | 2.4% |
| India (total) | 30.8 | 7.4 | 4.3 | -86% | -85% | -42% | -42% | 5.9% | 0.7% | 4.4% |
| Group | 540.9 | 583.4 | 604.1 | 12% | 17% | 4% | 4% | 2.0% | 2.0% | 2.4% |
Notes
- All data in this announcement is unaudited
- Constant currency ('CC') converts local currency results to USD using the exchange rates as at 30 June 2025 and 31 March 2026 respectively.
- The Group has elected to cease the disclosure of detailed metrics per operating country on a quarterly basis in its Business Updates. This more streamlined approach aligns the Business Update disclosures with the Group's IFRS segmental reporting based on the four regions.
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