DKnews: Microfinance Organizations Spending Faster than Earnings

The costs of microfinance organizations are growing faster than revenues. However, the profit of MFIs increased by 37% for the year.

Expenses of microfinance companies for the year increased by 37.9% and in January-September 2019 reached 54.1 billion tenge.

At the same time, MFI revenues for the same period increased by 35.8% and amounted to 74.4 billion tenge.

The overwhelming part of the income is accounted for by income related to the receipt of remuneration, which grew by one third over the year - immediately to 64.3 billion tenge. 2.9 billion tenge accounted for income from the restoration of reserves for possible losses from operations, an increase of 2.3 times per year. Revenues from banking and other activities not related to receiving remuneration decreased by 0.3%, to 729 million tenge. Other income grew over the year by 46.3%, up to 6.4 billion tenge.

In the structure of expenses, more than half are related to the payment of remuneration: 22.6 billion tenge, annual growth - by 38.7%. The volume of operating expenses amounted to 15.5 billion tenge, an increase over the year - by 29.2%. The cost of creating reserves for possible losses on operations amounted to 6.6 billion tenge - 70.6% more than in January-September 2018. Other expenses increased over the year by 32.7%, to 9.4 billion tenge.

Source: https://dknews.kz/inner-news.php?id_cat=13+&&+id=52798&fbclid=IwAR2ejYdPIxnCQDhsUTgSNJvZS2bIMlGq4o46Lt_biWXQKbcVxVfgmiyRApA


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