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May 29, 2015

Micro savers increase by 20pc in Q1


May 29, 2015

LAHORE: The microfinance network has seen a substantial increase of 20 percent micro savers in the first quarter of 2015 reaching a historical high of 10 million, a statement has said on Thursday.
According to Pakistan Microfinance Network (PMN) quarterly outreach bulletin MicroWatch, the Tameer Microfinance Bank (TMFB), being the main driver, added 1.85 million new depositors to its portfolio with a staggering increase of 53 percent.
The number of active borrowers increased from 3.1 million in 2014 to an all-time high of 3.3 million in the first quarter of 2015. Whereas, the first quarter of 2015 has witnessed a strong growth in the gross loan portfolio (GLP) of the industry increasing by Rs 7 billion to reach Rs 73 billion as compared to Rs 66 billion in the last quarter of 2014.
This significant growth is primarily driven by the microfinance banks whose number of active clients increased by 8.8 percent and GLP by 12.7 percent.
The Microfinance banks continue to witness unprecedented uptake in new borrowers and amount of loan disbursed. NRSP microfinance bank became the largest contributor in the first quarter of 2015 and added 42,176 new clients to its portfolio with loans worth Rs 1.6 billion. With this addition it is now the fourth largest provider of micro-credit in the industry.
Akhuwat as a Microfinance institution proved to be the largest contributor to the sector by adding 39,000 new clients and a loan portfolio of Rs 627 million. Overall, industry’s portfolio at risk (PAR 30) deteriorated slightly from 1.1 percent to 1.7 percent, primarily within Microfinance Banks and Rural Support Program peer groups.
Micro-insurance also exhibited a positive trend in the first quarter of 2015. The policy holders increased by 10.8 percent while the sum insured depicted an increase of 9.9 percent. Similar to the micro-credit, the increase in micro-insurance is also driven by Microfinance Banks.

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