ASA International Group (ASAI) Trading Update summary

Business performance and operating environment

• Sustained improvement in business performance and operating environment since March 2024, with momentum expected to continue through H2 2024.

• Gross Outstanding Loan Portfolio (OLP) rose to USD 398 million at June 2024, up from USD 377 million at December 2023, driven by growth in Pakistan, Ghana, Tanzania, and Kenya.

• Unrestricted cash and cash equivalents increased to USD 68 million at June 2024 from USD 48 million at December 2023.

• Strong funding pipeline of USD 174 million in fresh loans as of June 2024, with USD 101 million in new debt raised in H1 2024.

• Collection efficiency remained above 90% in all subsidiaries, with 12 countries exceeding 95%.

Loan portfolio quality and risk metrics

• Group PAR > 30 (loans overdue more than 30 days) was 2.4% in June 2024, up from 1.8% in March 2024, but remains below 1% in Ghana, Kenya, and Uganda.

• Excluding loans overdue more than 180 days, PAR > 30 was stable at 1.5% in June 2024.

• Gross OLP in India increased 3% year-on-year to USD 51 million, while Myanmar's OLP decreased due to currency depreciation.

• Loans overdue more than 365 days now comprise 3.1% of Gross OLP.

Country-level performance and collection efficiency

• Collection efficiency in India was stable at 97% in June 2024; Myanmar and Nigeria maintained high collection rates despite challenging conditions.

• Disbursements as a percentage of collections exceeded 100% in nine countries; India and Sierra Leone saw temporary declines due to weather and disasters.

• Client base grew to 2.37 million at June 2024, up 7% year-on-year; significant client and OLP growth in Kenya, Uganda, and Tanzania.