In 2011 FINCA company, remaining one of the leaders in the microfinance market of Kyrgyzstan, significantly improved its performance as compared with 2010.

According to the information of FINCA Kyrgyzstan CEO Makhmud Saidakhmatov, one of the positive results of the company’s operation in the past year was the return to development trend that existed prior to the April events of 2010. Thus, the company’s assets exceeded 3.7 bn. KGS, increasing in comparison with 2010 by 41%. The total capital increased during the reporting period by 43%, and reached as of the year-end more than 924 mln. KGS.

The loan portfolio of FINCA company in 2011 increased in comparison with 2010 by 33%, and constituted 3.2 bn. KGS. According to AMFI information (Association of microfinance institutions) as of the year-end FINCA continues to be a leader in terms of the total volume of loan portfolio among the AMFI members, where it occupies 25%.  The loan collectability is still very high– 99.9%.

Client base increased by 10%, reaching by the year-end 122,263 entrepreneurs. Thus, the share of FINCA company in the republic’s microfinance market based on the results of the year constituted 28%.

Still, the majority of borrowers are women, they constitute 66% of all the disbursed loans. In general, during the year 135,404 loans were disbursed, that is 8% more than during the previous year. Of them 56% were disbursed for development of agriculture and animal husbandry, 44% – for business development. 3,603 loans were extended for start up business under group lending. The average loan amount per month as of the year-end constituted 35,343 KGS.

In 2011 FINCA pursued active development of its infrastructure, increasing the number of service points up to 115, which service population in all 7 oblasts of the Kyrgyz Republic. The Company created 87 new jobs, expanding its staff up to 1,071 people.

The work with the entrepreneurs who suffered during the June events of 2010 continued. Thus, in 2011 in the Southern region FINCA company repeatedly restructured 24 loans for 4.5 mln. KGS. The obligations under 62 loans for 4.7 mln. KGS were written off in full and in part.

Making its contribution into restoration and development of the suffered region, FINCA provided a wide range of medical equipment and furniture to the hospitals in Osh, as well as computers and office equipment to 32 schools in Osh and Djalal-Abad oblasts for a total amount of 4.5 mln. KGS. In general, the company allocated 5.9 mln.KGS for charity purposes in 2011. 89.6 mln. KGS were transferred to the state budget in a form of taxes, as well as 84.7 mln. KGS – to the Social Fund of the Kyrgyz Republic.

In accordance with the further development strategy, in 2012 FINCA Company intends to expand its service network, improve the existing products and develop new efficient financial solutions for entrepreneurs. Also, in a new year the works on introduction of the Client Protection Principles will continue. Special attention will be paid to prevention of borrowers’ over-indebtedness.