MicroCred Group, a microfinance investment company created by French NGO PlaNet Finance, has released its 2010 results.
For 2010, MicroCred reports a total balance sheet increase of 75 percent and an outstanding loan portfolio of EUR 43.3 million (USD 62.5 million), an increase of 73 percent compared with 2009 [1]. MicroCred reports a increase in savings deposits of 451 percent as compared with 2009 to EUR 12.7 million (USD 18.3 million) saved by 60,870 clients in 2010 [1].
In 2010, investments totaling EUR 7.3 million (USD 10.2 million) in MicroCred Group were placed by AXA Belgium, a Belgian asset management company, and funds managed by US-based asset management company Developing World Markets (DWM), including SNS Institutional Microfinance Fund, which was founded by DWM and SNS Asset Management of the Netherlands [1] [2]. For 2010, MicroCred reported net income of EUR 1.1 million (USD 1.5 million) [1].
As of January 2011, MicroCred Group plans to continue the development of its network and the opening of its second microfinance institution in China, MicroCred Sichuan [1].
By: Alexandra Pattee, Research Associate
About MicroCred Group: MicroCred Group creates and provides technical assistance to microfinance institutions (MFIs). MicroCred was created by French NGO PlaNet Finance and three investors: the International Finance Corporation (IFC), Societe Generale and AXA Belgium. Those founding shareholders were joined by the French Development Agency (AFD) and the European Investment Bank (EIB) in 2007 and US-based Developing World Markets (DWM) in 2008. MicroCred has operations in China, Madagascar, Senegal, Cote D’Ivoire and Nigeria. As of December 31, 2010, MicroCred Group reports MicroCred reports a total balance sheet increase of 75 percent and an outstanding loan portfolio of EUR 43.3 million (USD 62.5 million).
About AXA Belgium: Formed from the merger of Royale Belge and AXA in 1999, AXA Belgium offers life, property and casualty insurance. It relies on approximately 6,000 employees to service approximately 3 million customers with approximately EUR 4.7 billion (USD 6.57 billion) in annual turnover as of 2009.
About Developing World Markets (DWM): DWM is a US-based asset manager and investment bank dedicated to making investments to promote sustainable economic development. It provides both debt and equity investments to microfinance institutions (MFIs) and other socially motivated organizations. As of March 2011, it has USD 880 million in assets under management and has invested in approximately 140 MFIs worldwide.
Sources and Resources:
[1] MicroCred Group Press Release, “From Our 2010 Results, To Our 2011 Perspective”, http://www.microcredgroup.com/lettredudirectoireen/index.html
[2] MicroCapital.org Article, April 8, 2011, “MicroCred Holding, MicroCred China Receive Capital Increases Totaling $31m, Including Participation From AXA Belgium, Developing World Markets, IFC, KfW”, https://www.microcapital.org/microcapital-brief-microcred-holding-microcred-china-receive-capital-increases-totaling-31m-including-participation-from-axa-belgium-developing-world-markets-ifc-kfw/
MicroCapital.org Article, January 5, 2010, “MEET THE BOSS: Isabelle Levard, Deputy CEO of MicroCred, a member of the PlaNet Finance Group”, https://www.microcapital.org/meet-the-boss-isabelle-levard-deputy-ceo-of-microcred-a-member-of-the-planet-finance-group/
MicroCapital’s Microfinance Universe: MicroCred Group, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroCred
MicroCapital’s Microfinance Universe: Developing World Markets (DWM), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Developing+World+Markets+%28DWM%29
MicroCapital’s Microfinance Universe: AXA Belgium, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AXA+Belgium
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/tiki-index.php
Similar Posts:
- MICROCAPITAL BRIEF: First City Monument Bank of Nigeria Offers Asset Financing Starting at $600
- MICROCAPITAL BRIEF: IDB Invest, Sura Investments Channeling $25m in Loans to SMEs, Mid-market Firms in Colombia
- MICROCAPITAL BRIEF: ADB Issues $8.5m Bond to Fund On-lending to Women, Agricultural MSMEs in Azerbaijan
- MICROCAPITAL BRIEF: Impact Asset Management’s Dual Return Vision Microfinance Funds Issue Loans to MFIs in Ecuador, Georgia, Kyrgyzstan, Paraguay
- MICROCAPITAL BRIEF: David Grimaud Named CEO of Palladium Group’s Bamboo Capital Partners
