Mexican Microfinance Institution (MFI) Financiera Independencia (FinDep) recently announced earnings results for the three and twelve month periods ending December 31, 2007.
The report reveals a 49.2 percent growth in FinDep’s total loan portfolio to MXN 3.4 billion, the equivalent of USD 314.6 million. Net Income increased by a factor of 23 percent to MXN 136 million, the equivalent of USD 47.2 million. In addition, the MFI added 70,022 new clients this quarter bringing the total to 833,902. It’s Return on Assets fell 10.7 percent from 26 percent to 15.3 percent and it’s Return on Equity fell 32.7 percent from 65.7 percent to 33 percent.
As reported by MicroCapital, Financiera Independencia held an IPO on November 1, 2007 in which it raised USD 300 million through the sale of 20 percent of the company’s shares. Prior to the IPO, HSBC owned a 20 percent stake in the MFI. Financeria Independencia was founded in 1993 and is based in Mexico City.
by Jacob Keller
Additional Resources:
PaidContent.org: announced
Financeria Independencia: Home
MicroCapital.org: IPO on November 1, 2007
Mix Market: Financeria Independencia
Bloomberg Currency Converter: Home
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