MFIN MicroMeter. June, 2012

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1 MFIN MicroMeter June, 2012

2 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without written permission from MFIN, except you may download, reprint, reproduce and share the images and information strictly for non-commercial, private purposes.

3

4 Microfinance Institutions Network (MFIN) 216, Radisson Suites, Sushant Lok 1 Gurgaon , Haryana, India

5 Introduction This is the inaugural edition of the MFIN MicroMeter It provides an overview of the microfinance industry s position as of st 31 March, 2012 (FY ) The data and analysis is based on FY provisional financials provided by 45 members MFIN members constitute about 90% of the microfinance sector. Hence the data / analysis is a good representation of the state of India s microfinance industry We wish to thank all MFIN members for providing data within 60 days of the close of FY

6 Summary 45 Member NBFC-MFIs ( providing data ) 9,843 Branches 68,976 Employees 2,27,66,021 Clients Rs 1,54,430 mn Gross Loan Portfolio Rs 2,01,347 mn Loan Disbursements 2 2

7 Clients Client base of over 22 mn Pan India: Decrease of 17% over FY AP MFIs: Decrease of 28% over FY Non AP MFIs: Near static at FY levels % mn 15 28% Pan India AP MFIs Non AP MFIs

8 Loan Accounts Total number of loan accounts at mn Pan India: Decrease of 22% over FY AP MFIs: Decrease of 32% over FY Non AP MFIs: Near static at FY levels % mn 15 32% Pan India AP MFIs Non AP MFIs

9 Disbursements Gross disbursements at Rs 201 bn (Rs 20,000 Cr approx) - drop of 38% over FY AP MFIs: Decrease of 67% over FY Non AP MFIs: Increase of 5% over FY % 200 Rs bn 150 5% % Pan India AP MFIs Non AP MFIs

10 Gross Loan Portfolio (GLP) GLP (on Balance Sheet) at Rs 154 bn (Rs 15,400 Cr, approx) Pan India: Decrease of 15% over FY AP MFIs: Decrease of 38% over FY % Non AP MFIs: Increase of 22% Significant asset sales/securitization transactions took place in the year (please see slide 7) Rs bn % 22% Pan India AP MFIs Non AP MFIs

11 Asset Sale/Securitization Asset Sale/Securitization transactions totaled Rs 30 bn (Rs 3,000 Cr approx) This represents a growth of 100% against Rs 15 bn (Rs 1,500 Cr approx) of FY MFIs sold/securitized their microcredit assets 3,500 3,000 2, % Rs Cr 2,000 1,500 1, ,500 3,

12 Branches Total number of branches declined by 12% - from 11,276 to 9,843 50% of the members shrunk their branch network AP MFIs: Branches decreased by 19% over FY ,000 10,000 8,000 13% Non AP MFIs: Branches decreased by 5% 6,000 19% 5% 4, , ,276 9,843 6,352 5,150 4,924 4,693 Pan India AP MFIs Non AP MFIs

13 Employees Total number of employees decreased by 20% 73% members (33) reduced their employee base 100,000 90,000 80,000 70,000 60,000 50,000 20% ,000 30,000 20,000 28% 9% 9 10, ,894 68,976 48,856 35,149 37,038 33,827 Pan India AP MFIs Non AP MFIs

14 Total Assets, Net worth, CAR Overall industry CAR at a healthy 35% -marginal drop from the 37% level in FY Net worth declined by 16% owing to large write-offs by AP MFIs Total Assets (Rs bn) Net Worth (Rs bn) CAR 37% 38% 37% 37% Total Assets declined by 11% % 36% % 35% % 34% 34% 10

15 Portfolio at Risk (PAR), % Non AP portfolios continue to perform well with PAR < 1% 50% 45% 40% AP MFLs Non AP MFLs Pan India 35% 49% 30% 25% 35% 20% 15% 10% 5% 0% PAR>90-180days (%) PAR>180days (%)

16 Write-offs Total write-offs at Rs bn (Rs 1,779 Cr) in FY MFIs (including 2 large AP MFIs) yet to finalize the write-offs amounts. Hence the final write-offs may be even higher 20,000 18,000 16, % % AP MFIs: Write-offs increased by 188% over FY Non AP MFIs: Write-offs decreased by 45% Rs mn 14,000 12,000 10,000 8, ,000 4,000 2, , , , , % Pan India AP MFIs Non AP MFIs

17 Loan Outstanding per client Average Loan Outstanding per client marginally increased from Rs 6,582 to Rs 6,783 6,800 10% * Not adjusted for overlaps 6,750 6,700 6,650 6,600 6, ,500 6,450 6,582 6,

18 % Change Clients and Loan Accounts For 62% of the member MFIs, clients and loan accounts decreased in FY % 150% Clients Loan Accounts 100% 50% 0% % -100% 14

19 % Change GLP and Disbursements For 60% of the member MFIs, GLP and loan disbursements decreased in FY % 200% Gross Loan Portfolio (GLP) Value of Loans Disbursed (during the period) 150% 100% 50% 0% -50% % -150% 15

20 % Change AP* vs Non AP MFIs Non AP MFIs tracking better than Pan India averages and AP MFIs on key parameters AP MFIs MFIs minus AP Pan India 30% 20% 10% Loan Amount Disbursed Gross Loan Portfolio(GLP) Loan Accounts Clients Employees Branches 0% -10% -20% -30% -40% %Change from last FY -50% -60% -70% -80% * 10 MFIs with significant AP portfolio included in the analysis are Asmitha, BSFL, Share, Spandana, Trident, L& T Finance, Trident, SWAWS, Nano and FFSPL. 16

21 Geographic Spread Member MFIs present in 27 states 30 Stronger presence in states such as TN, MP, Maharashtra, Gujarat, Karnataka and Bihar Number of MFIs Tamil nadu Madhya Pradesh Maharashtra Gujarat Karnataka Bihar UttarPradesh Andhra Pradesh Rajasthan Orissa West Bengal Haryana Chattisgarh Delhi Assam Jharkhand Kerala Uttarkhand Pondicherry Punjab Meghalaya Tripura Chandigarh Goa Himachal Pradesh Sikkim Dadra Nagar Haveli 17

22 Branch Ratios (average) Key branch ratios have deteriorated Clients/Branch GLP/Branch (Rs mn) Loan Accounts/Branch Disbursement/Branch (Rs mn) 3,000 2, , ,500 1, Rs mn ,353 2,592 1,991 2,

23 Employee Ratios (average) Marginal improvement in key employee ratios Clients/Employee Loan Accounts/Employee GLP/Employee (Rs mn) GLP per employee (Rs mn)

24 Top MFIs Clients Top 10 MFIs by client base account for 82% of total industry client base SKS mn Others 18% SKS 19% Bandhan Spandana Smile BSFL Share GV Ujjivan Asmitha Bandhan 16% Equitas Asmitha Ujjivan Equitas 5% Share 9% Spandana 15% GV BSFL 20 SMILE

25 Top MFIs GLP Top 10 MFIs by GLP account for 82% of total industry GLP Bandhan Rs bn Others 18% Bandhan 24% Spandana Share BSFL Janalakshmi GFSPL GV Ujjivan 5% Equitas 5% SKS 11% Share 14% Spandana 14% SKS Equitas Ujjivan GV GFSPL Janalakshmi BSFL 3

26 Top MFIs Disbursements Top 10 MFIs by disbursements account for 81% of total industry disbursements Janalakshmi ESAF GFSPL Equitas Ujjivan 5% GV 6% Others 19% Spandana 7% Share 8% Bandhan 31% SKS 14% Bandhan SKS Share Spandana GV Ujjivan Equitas GFSPL ESAF Rs bn Janalakshmi 4 22

27 Top MFIs Branches Top 10 MFIs by branches account for 76% of the total industry branches ,000 1,500 2,000 2,500 Others 24% Spandana 17% Spandana Bandhan SKS 1,674 1,553 1,461 Madura ASA Equitas Ujjivan GV Asmitha 6% Share 9% SKS 15% Bandhan 16% Share Asmitha GV Ujjivan Equitas ASA Madura 211

28 Top MFIs Employees Top 10 MFIs by employees account for 77% of the total industry employee base SKS Thousands 16 Others 23% SKS 24% Bandhan Spandana 8 10 Share 4 ESAF Equitas BSFL Asmitha GV 5% Ujjivan Share % Spandana 12% Bandhan 14% Ujjivan GV Asmitha BSFL Equitas ESAF GFSPL 1

29 GLP growth (YoY%) MFIs (GLP < 50 Cr) MFIs (GLP < Cr) Notwithstanding the operational challenges, a significant number of MFIs registered growth in GLP MFIs < 50 Cr MFIs > Cr MFIs > Cr MFIs>500 Cr Fusion 182% Intellecash 147% Chaitanya 81% Disha 69% Samasta 20% Utkarsh 136% Suryoday 91% SVCL 58% Swadhaar 41% Arman 15% 7 MFIs (GLP> Cr) MFIs(>500 Cr) Distribution of members by GLP 8 25 Muthoot 141% Janalakshmi 138% GFSPL 52% Satin 5% ESAF 19% Bandhan 49% Ujjivan 13% Share 2%

30 Policy & Regulatory Milestones A series of major policy/regulatory announcements during FY April 2011 May 2011 July 2011 Oct 2011 RBI issues detailed directions for NBFC-MFIs including creation of NBFC MFIs category ECBs upto $10 mn permitted to NBFC- MFIs Dec 2011 Feb 2012 The Finance minister in his annual budget speech announces that Microfinance Bill will be tabled in the budget session of Parliament March 2012 MoF constitutes committee for drafting new Microfinance Bill RBI issues of detailed PSL guidelines covering loans to MFIs by Banks D r a f t M i c r o f i n a n c e Bill 2011 put in the public domain MoF constitutes committee for framing Vision Document for Financial inclusion Unified Code of Conduct for MFIs NBFC MFIs recognized as support organization for SHG II Program of GoI RBI gives relief to the industry by deferring implementation of asset classification and provisioning norms for NBFC-MFIs by one year to April 01, 2013

31 Key capital providers, Equity Debt (Bank) Debt (Non Bank) ANANYA 27

32 Members* Anjali Arman Arohan ASA Asirvad Asmitha Asomi Bandhan BSFL Chaitanya Disha Equitas ESAF Fusion FFSL Grama Vidiyal GFSPL Growing Opportunity Intellecash Janalakshmi Kaveri L & T Finance Madura Mimoza Muthoot Nano Sahayata Saija Samasta Sarvodaya Nano Satin Credit Shalom Share SKS Smile Sonata Spandana Suryodaya SVCL SWAWS Swadhar Trident Ujjivan Utkarsh Village Financial * These members contributed data for this publication 28

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