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Managing Director & CEO's Report

Mr. KIM Bunsocheat, Managing Director & CEO

"ACLEDA MFI Myanmar Co., Ltd. saw the fiscal year 2015/16 as a productive one with the benefit of a peaceful and encouraging investment climate within which the Bank has diversified its growth and responded to the needs of our valued customers from the micro segment of society. The year end kick start of the ASEAN Economic Community 2015 has opened a wider gateway of increased opportunity with even more diversified growth expected for 2016/17."

Performance in 2015/16

Competitive Environment

As of February 2016, the Financial Regulatory Department had withdrawn licenses from 89 MFIs. In spite of this, Myanmar's Microfinance market with its liberal regulatory environment is still highly competitive with more than 168 Microfinance institutions in operation. Overall, amongst these Microfinance Institutions, ACLEDA MFI Myanmar Co., Ltd. managed to maintain its position as market leader in terms of assets, loans, deposits, and profitability and has plans to expand operations to other Regions and States.

Operational Highlights in 2015/16

  • The outstanding loans portfolio decreased slightly due to the depreciation of the Myanmar Kyat from US$8,587,818 with 32,863 active borrowers in 2014/15 to US$8,211,727 in 2015/16 with 32,022 active borrowers at year-end.
  • Deposits grew to US$362,567.76 in 2015/16 with 49,400 active depositors compared to US$302,643.42 in 2014/15 with 40,739 active depositors.
  • Profit before income tax for the year-end 2015/16 was US$1,129,979 compared to US$1,289,708 in 2014/15. Net profit after tax was US$834,635 in 2015/16, while in 2014/15 it was US$967,281.
  • By the end of March 31, 2016, ACLEDA MFI Myanmar Co., Ltd. had opened six offices, two of which are branch offices (Yangon and Bago Region) and four are sub-branch offices in the Yangon Region. The Bank had a total of 155 employees which included 8 Cambodian expatriates.

Strategic Priorities for 2016/17

  1. To build strong cooperation with all relevant government authorities as a means to help to develop the economy;
  2. To strengthen technical and professional skills for staff to help diversify services and products for customers;
  3. To expand our operations by opening 10 new branches and up to 100 new sub-branches in Yangon and Bago Regions to enhance Microfinance's competitive advantage;
  4. To improve the delivery system for products and services and shorten the workfl ow/process-fl ow by focusing on delegation of responsibility, and authority down to front-line management and staff and by decreasing paper work to guarantee quick services to customers. Maximizing productivity by letting staff cross-function;
  5. To upgrade our IT system and network infrastructure, in particular the current server and management information system in order to improve overall response time and user performance. Building strong staff capacity and instilling in them our core corporate values focusing on motivation, professionalism, responsibility, transparency and accountability by continuing to emphasise training to improve their efficiency and effectiveness; and
  6. To participate with our partners and others, including the relevant government authorities, to improve the regulatory environment.

To all our customers, my colleagues on the Board of Directors, management and staff, our professional advisors and, not least the Financial Regulatory Department of the Ministry of Finance, I offer my sincerest thanks, both for your support in 2015/16 and in anticipation of a happy and prosperous 2016/17.

Mr. KIM Bunsocheat
Managing Director & CEO of ACLEDA MFI Myanmar Co., Ltd.

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