Microfinance

Compartamos Banco announces financial results for first quarter

Compartamos Banco a Mexican bank and the largest microfinance bank in Latin America with more than 1.5 million clients has announced its non-audited financial results for the first quarter ended March 31, 2010. All figures were prepared in accordance with the requirements of the Comisión Nacional Bancaria y de Valores (CNBV) and are expressed in nominal pesos.

Highlights for 1Q10

Compartamos Banco MexicoCompartamos was ranked #1 as the “Best Company to Work for in Mexico – Companies with over 5,000 Employees” by the Great Place to Work Institute (www.greatplacetowork.com) for 2010.

The number of active clients in 1Q10 reached 1,546,059, a 28.8% increase compared to 1Q09.

The total loan portfolio in 1Q10 reached Ps. 8,454 million, a 34.1% increase compared to 1Q09.

Net income for 1Q10 reached Ps. 400 million, a 38.9% increase compared to 1Q09.

Capitalization Ratio stood at 43.1%; while ROAE was 37.6%, similar to the level reported in 1Q09.

In 1Q10, the Company added 9 service offices, ending the quarter with 334 service offices in the network.

For 1Q10, the total number of employees grew by 500 people, reaching 7,864 employees, or 1,093 more than in 1Q09.

The ratio of non-performing loans to total loans reached 2.40% in 1Q10, compared to 1.92% in 1Q09 and 2.43% in 4Q09.

Comments from the Chief Executive Officer

Fernando Alvarez Toca, Compartamos’ Chief Executive Officer, commented on the results: “We optimistically entered the new year after a successful 2009 year-end. We are aware that in order to create social value, by reaching as many people as possible, in a short period of time, we must also deliver strong financial results, while remaining committed to the needs of our clients and employees. As a result, our strategy is clear: to take advantage of the economic recovery while assisting clients as they grow their businesses in this ever-changing macroeconomic situation.

The first quarter has been encouraging for us. We observed strong demand from existing and new clients; therefore we were able to maintain and even improve strong financial performance indicators. The loan portfolio surpassed Ps. 8.4 billion, to cover 1,546,059 clients who demand, repay and renew loans with Compartamos. We are grateful for their support and loyalty and will remain committed to seeking new and better ways of serving clients and maintain long-term relationships with them.

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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