Group financial performance




FY 2021


FY 2020


FY 2019


YoY %


YTD % Change
(constant currency)

Profit before tax 25,705 2,578 54,336 897% 890%
Net profit 6,358 -1,395 34,497 556% 523%
Cost/income ratio 77% 98% 60%    
Return on average assets (TTM)(1) 1.1% -0.2% 6.7%     
Return on average equity (TTM)(1) 6.0% -1.3% 34.5%    
Earnings growth (TTM)(1) 556% -104% 6%    
OLP 403,738 415,304 467,429  -3% 3%
Gross OLP 430,698 445,257 471,420 -3% 3%
Total assets 562,554 579,260 559,958 -3%  
Client deposits(2) 87,812 80,174 78,080 10%   
Interest-bearing debt(2) 314,413 337,632 317,810  -7%  
Share capital and reserves 103,443 107,073 111,169 -3%   
Number of clients 2,380,690 2,380,685 2,534,015 0%   
Number of branches 2,044 1,965 1,895 4%   
Average Gross OLP per client (USD) 181 187 186 -3% 3% 
PAR>30 days 5.2% 13.1% 1.5%    
Client deposits
as % of loan
22%  19% 17%     

(1) TTM refers to trailing twelve months.
(2) Excludes interest payable.

"We currently expect that the operating environment will further improve in most of our operating countries in the current financial year."

Dirk Brouwer - CEO, ASA International Group plc

  • The Company’s operational and financial performance significantly improved with pre-tax profit increasing from USD 2.6 million in FY 2020 to USD 25.7 million in FY 2021.
  • The recovery from the pandemic was led by strong operational and financial performance of ASA Savings & Loans in Ghana, ASA Pakistan and ASA Tanzania, which delivered substantial OLP growth, PAR>30 of less than 0.5%, and substantially increased profitability.
  • Pagasa Philippines, ASA Nigeria and ASA Kenya also made significant positive contributions to the Group’s net profitability.
  • Due to the increased credit risk of the loan portfolio in 2021 caused by the adverse impact of Covid on the Group’s clients’ businesses, the Group charged USD 37.5 million (FY 2020: USD 27.2m) for expected credit losses (‘ECL’)into the Income Statement, of which USD 25.8 million was due to India.
  • Following the end of the lockdowns in India, Sri Lanka, the Philippines, Myanmar and Uganda, the Group granted certain clients a temporary moratorium of the payment of one or more loan instalments (which, in effect, extended the related loans for the moratorium period), which peaked at USD 48.3 million in June 2021 with 237K clients, mainly in India, benefiting from the moratorium, and reduced to USD 28.7 million by year-end 2021.
  • PAR>30 decreased from 13.1% to 5.2% (after the restructuring of loans outstanding of approximately 38% of clients in India) by the end of December 2021.
  • At 31 December 2021, the Group had approximately USD 91 million of unrestricted cash and cash equivalents, with a funding pipeline reaching approximately USD 192 million.
  • The Group successfully raised USD 191 million in fresh debt to fund its operations in 2021.

Whilst the impact of the Covid pandemic on the Group’s operating subsidiaries remains unpredictable,
it is expected that, the Group’s operating and financial performance should substantially improve in
2022, based on the positive developments during the second half of 2021 and first quarter of 2022.
This is assuming that the impact of expected food, commodities and energy inflation and related forex
movements will not have a major adverse impact on the Group.

The Board has decided not to declare a dividend for the year 2021 due to the ongoing impact of Covid-19 on the Group’s financial performance during 2021. The Company will keep its dividend policy under review until next year.


“We currently expect that the operating environment will further improve in most of our operating
countries in the current financial year.

There has been an improvement of the situation in India, where the regulator introduced radical
changes to the regulation of the Indian microfinance sector effective 1 April 2022. These changes are
a positive development for the Company as it enables ASA India to price its loans based on the risk
profile thereof and create a level playing field for NBFC-MFIs and banks active in the microfinance
sector. The improvement in India has been partially offset by the continued challenging operating
environment in Myanmar due to Covid and the military takeover, and in Sri Lanka which is currently
suffering from an economic crisis.”