Performance of Microfinance: The Role of Subsidies - ULB

Performance of Microfinance: The Role of Subsidies Ahmad Nawaz Unlike conventional finance institutions, Microfinance institutions (MFIs) strive for financial sustainability but also empowerment of the poor. This social nature of MFIs is mainly financed by subsidies from donors. This paper measures the extent of subsidization in MF sector for the years 2005 and 2006 using Yaron’s Subsidy Dependence Index (SDI) which measures the social cost of subsidized MFIs in a short time frame. This latest data set has been generated from the audit reports of the 204 MFIs with 23 million borrowers in 54 Countries worldwide constituting a significant part of the microfinance outreach worldwide. Based on our subsidy calculations, for the year 2005, 153 MFIs out of 204 are subsidy dependent while for year 2006 it is 122 out of 179 MFIs. A with & without subsidy analysis of conventional financial ratios confirm the fact that MFIs financial performance declines substantially with-out subsidies. Based on the evidence, the paper also highlights the factors which contribute and decrease the sustainability of microfinance. JEL Classifications: G21, H2, D02 Keywords: Microfinance institutions, Subsidies, Sustainability

CEB Working Paper N° 10/008 2010

Université Libre de Bruxelles - Solvay Brussels School of Economics and Management Centre Emile Bernheim ULB CP145/01 50, avenue F.D. Roosevelt 1050 Brussels BELGIUM e-mail: [email protected] Tel. : +32 (0)2/650.48.64 Fax : +32 (0)2/650.41.88

  PerformanceofMicrofinance:TheRoleof Subsidies* 

AhmadNawaz† PakistanInstituteofDevelopmentEconomics

   Abstract: Unlike conventional finance institutions, Microfinance institutions (MFIs) striveforfinancialsustainabilitybutalsoempowermentofthepoor.Thissocialnatureof MFIs is mainly financed by subsidies from donors. This paper measures the extent of subsidizationinMFsectorfortheyears2005and2006usingYaron’sSubsidyDependence Index(SDI)whichmeasuresthesocialcostofsubsidizedMFIsinashorttimeframe.This latestdatasethasbeengeneratedfromtheauditreportsofthe204MFIswith23million borrowers in 54 Countries worldwide constituting a significant part of the microfinance outreachworldwide.Basedonoursubsidycalculations,fortheyear2005,153MFIsoutof 204aresubsidydependentwhileforyear2006itis122outof179MFIs.Awith&without subsidy analysis of conventional financial ratios confirm the fact that MFIs financial performance declines substantially without subsidies. Based on the evidence, the paper also highlights the factors which contribute and decrease the sustainability of microfinance.   KeyWordsǣ‹…”‘ˆ‹ƒ…‡‹•–‹–—–‹‘•ǡ—„•‹†‹‡•ǡ—•–ƒ‹ƒ„‹Ž‹–› JEL‘†‡•ǣG21,H2,D02

 * TheauthorwouldliketoacknowledgethecommentsbyStephanKlasen,JonathanMorduch,CliveBell,CarolaGruen, JacobYaron,MarekHudon,MarcLabie,RoyMerslandandparticipantsoftheFirstEuropeanResearchConferenceon Microfinance,Brussels,2ndInternationalWorkshoponMicrofinanceManagementandGovernance,Kristiansandand6th EuropeanDevelopmentResearchNetwork(EUDN)Ph.D.Seminar,Goettingen.  † POBox1091,QAUCampus,Islamabad,Pakistan,Email:[email protected]goettingen.de,Tel:(92)519048093

 

1.1 Introduction ‹…”‘ˆ‹ƒ…‡ ’”‘‹•‡• ’‘˜‡”–› ”‡†—…–‹‘ ™‹–Š‘—– •—„•‹†‹œƒ–‹‘Ǥ ˆ–‡” ˆ‘—” †‡…ƒ†‡• ‹–‘–Š‡„—•‹‡••–Š‹•’”‘‹•‡‹•›‡––‘„‡ˆ—Žˆ‹ŽŽ‡†ƒ•–Š‡”‘Ž‡‘ˆ•—„•‹†‹‡••–‹ŽŽ’‡”•‹•–•†‡•’‹–‡ ”‡…‡– •—”‰‡ ˆ‘” …‘‡”…‹ƒŽ‹œƒ–‹‘ ‘ˆ ‹…”‘ˆ‹ƒ…‡ ͵Ǥ Š‹• •‘…‹ƒŽ ™‡Žˆƒ”‡ …‘…‡’– ƒ••‘…‹ƒ–‡† 2

™‹–Š ‹…”‘ˆ‹ƒ…‡ •–‹–—–‹‘• ȋ •Ȍ ƒŽ‘‰ ™‹–Š –Š‡ •Š‹ˆ– –‘™ƒ”†• …‘‡”…‹ƒŽ‹œƒ–‹‘ ™ƒ””ƒ–•–Šƒ––Š‡‹”’‡”ˆ‘”ƒ…‡‘–Š‡„ƒ•‹•‘ˆ–”ƒ†‹–‹‘ƒŽˆ‹ƒ…‹ƒŽ”ƒ–‹‘•™‹–Š‘—–—‡ƒ”–Š‹‰ –Š‡‹” †‡‰”‡‡ ‘ˆ •—„•‹†› †‡’‡†‡…‡ ’”‘˜‹†‡• ‘Ž› ƒ ’ƒ”–‹ƒŽ ƒ† ‘ˆ–‡ ‡ƒ‹‰Ž‡•• ‘” ‹•Ž‡ƒ†‹‰’‹…–—”‡‘ˆ–Š‡•‘…‹ƒŽ…‘•–‘ˆƒ‹–ƒ‹‹‰–Š‡ •ȋƒ”‘ǡʹͲͲͶȌǤ”ƒ†‹–‹‘ƒŽŽ›–Š‡ ’‡”ˆ‘”ƒ…‡ ‘ˆ  • Šƒ• „‡‡ ‡ƒ•—”‡† —•‹‰ ‡‹–Š‡” –Š‡ ™‡Žˆƒ”‹•– ‘” –Š‡ ‹•–‹–—–‹‘ƒŽ‹•– ƒ’’”‘ƒ…ŠǤŠ‡ˆ‘”‡”’—–‡’Šƒ•‹•‘ƒ••‡••‹‰–Š‡‹’ƒ…–‘–Š‡™‡Žˆƒ”‡‘ˆ–Š‡’‘‘”™Š‹Ž‡ Žƒ–‡” ƒ”‰—‡• ˆ‘” –Š‡ ƒ••‡••‡– ‹ –‡”• ‘ˆ –Š‡ ‹•–‹–—–‹‘ǯ• •—……‡•• ‹ ƒ…Š‹‡˜‹‰ •‡ŽˆǦ •—•–ƒ‹ƒ„‹Ž‹–› ƒ† „”‡ƒ†–Š ‘ˆ ‘—–”‡ƒ…Š ȋ‘”†—…Šǡ ʹͲͲͲȌǤ ƒ•‹…ƒŽŽ›ǡ –Š‡ ‹•–‹–—–‹‘ƒŽ‹•– ƒ’’”‘ƒ…Š‡’Ž‘›•–™‘‡ƒ•—”‡‡–•‘ˆ•—……‡••ǣ‘—–”‡ƒ…Šƒ†•—•–ƒ‹ƒ„‹Ž‹–›ǤŠ‡”‡‹•‡‹–Š‡” ƒ ƒ‰”‡‡† —’‘ ‘” ƒ ™‹†‡•’”‡ƒ† †‡ˆ‹‹–‹‘ ‘ˆ ƒ ™‡ŽŽǦ’‡”ˆ‘”‹‰  Ǥ Š‡ ’‡”ˆ‘”ƒ…‡ …”‹–‡”‹ƒ ƒ† ‹†‹…ƒ–‘”• —•‡† ˜ƒ”› •‹‰‹ˆ‹…ƒ–Ž› ˆ”‘ ‘‡ ƒ—–Š‘” –‘ ƒ‘–Š‡” ‘” ˆ”‘ ‘‡ ‘”‰ƒ‹œƒ–‹‘ –‘ ƒ‘–Š‡”ǡ •‹…‡ –Š‡› †‡’‡† ‘ –Š‡ ‡–Š‘†‘Ž‘‰‹…ƒŽ ƒ’’”‘ƒ…Šǡ ™Š‹…Šǡ ‹ –—”ǡ †‡’‡†•‘–Š‡†‡–‡”‹ƒ–‹‘–‘‰‹˜‡’”‹‘”‹–›–‘–Š‡•—’’Ž›•‹†‡‘”–‘–Š‡†‡ƒ†•‹†‡‘ˆ–Š‡ ˆ‹ƒ…‹ƒŽ‹–‡”‡†‹ƒ–‹‘ǤŠ‹•‡••ƒ›ƒ†‘’–•ƒƒ’’”‘ƒ…Š„ƒ•‡†‘„‘–Š’‡”ˆ‘”ƒ…‡…”‹–‡”‹ƒ ‹–”‘†—…‡†„›ƒ”‘ȋͳͻͻʹ„ǡ‡–ǤƒŽͳͻͻ͹Ȍƒ†–Š‘•‡’”‘’‘•‡†„› ȋʹͲͲ͵ȌǤŠ‡•‡ƒ—–Š‘”• •—‰‰‡•– –™‘ ‡› …”‹–‡”‹ƒ –‘ ‡˜ƒŽ—ƒ–‡ –Š‡ ’‡”ˆ‘”ƒ…‡ ‘ˆ  •ǣ ‘—–”‡ƒ…Š ƒ† •—•–ƒ‹ƒ„‹Ž‹–›Ǥ —•–ƒ‹ƒ„‹Ž‹–›”‡“—‹”‡• •–‘Šƒ˜‡ƒ’‘•‹–‹˜‡”‡–—”‘‡“—‹–›ȋ‡–‘ˆƒ›•—„•‹†›”‡…‡‹˜‡†Ȍ ™Š‹Ž‡…‘˜‡”‹‰ƒŽŽ–”ƒ•ƒ…–‹‘…‘•–•ȋŽ‘ƒŽ‘••‡•ǡˆ‹ƒ…‹ƒŽ…‘•–•ǡƒ†‹‹•–”ƒ–‹˜‡…‘•–•ǡ‡–…ǤȌǡƒ† …‘•‡“—‡–Ž› –‘ ˆ—…–‹‘ ™‹–Š‘—– •—„•‹†‹‡•Ǥ Š‡ Ž‡˜‡Ž ‘ˆ •—•–ƒ‹ƒ„‹Ž‹–› ‹• ‡ƒ•—”‡† –Š”‘—‰Š ˆ‹ƒ…‹ƒŽ‹†‹…ƒ–‘”••—…Šƒ•–Š‡—„•‹†›‡’‡†‡…› †‡šȋ Ȍǡ•—‰‰‡•–‡†„›ƒ”‘ȋͳͻͻʹƒǡ ͳͻͻ͹Ȍ‘”‘–Š‡”‘”‡…‘‘‡ƒ•—”‡••—…Šƒ•–Š‡”‡–—”‘‡“—‹–›ȋȌ‘”–Š‡”‡–—”‘ ƒ••‡–•ȋȌǤ‘™‡˜‡”–Š‡ˆ‹‰—”‡•‘–Š‡ •”‘ˆ‹–ƒ†Ž‘•••–ƒ–‡‡–•ƒ”‡“—‡•–‹‘ƒ„Ž‡ƒ• ‘•– ‘ˆ –Š‡ •—„•‹†› †‘‡• ‘– ƒ‡ ‹– ‹–‘ –Š‡ „ƒŽƒ…‡ •Š‡‡–• ‘ˆ ”‡•’‡…–‹˜‡  •Ǥ ˜‡ ‹ˆ ‹– †‘‡•ǡ–Š‡ •–‡†–‘—†‡”‡•–‹ƒ–‡–Š‡•—„•‹†›ˆ‹‰—”‡•–‘ƒ‡–Š‡‹”ƒ……‘—–•Ž‘‘‘”‡ ƒ……‡’–ƒ„Ž‡Ǥ ‘–”ƒ”‹Ž› –‘ –Š‡ ™‡Žˆƒ”‹•– ƒ’’”‘ƒ…Šǡ •—„•‹†‹‡• ƒ†Œ—•–‡–• ƒ”‡ ‡…‡••ƒ”› —†‡” –Š‹• ƒ’’”‘ƒ…Šǡ ƒ† –Š‡› Šƒ˜‡ –‘ „‡ ”‡†—…‡† –‘ ƒ ‹‹— Ž‡˜‡Ž ™Š‡ ƒ   ‹• Ž‘‘‹‰ ˆ‘” •—•–ƒ‹ƒ„‹Ž‹–› ȋŠ›‡ǡ ͳͻͻͶȌǤ ‘–™‹–Š•–ƒ†‹‰ –Š‡•‡ •Š‘”–…‘‹‰•ǡ –Š‹• ’ƒ’‡” …ƒŽ…—Žƒ–‡• –Š‡ •—•–ƒ‹ƒ„‹Ž‹–›‘ˆ •—•‹‰–Š‡ƒ”‘ǯ•—„•‹†›‡’‡†‡…‡ †‡šȋ Ȍ™Š‹…Š‡ƒ•—”‡•–Š‡  3

 See for example, Armendáriz de Aghion and Jonathan Morduch(2004, 2005); Morduch (1999a); Morduch (1999b); Goodman (2005); Cull et al. (2007)andZelleretal.(2002)

 

•‘…‹ƒŽ…‘•–‘ˆ•—„•‹†‹œ‡† •ǤŠ‡‡ƒ•—”‡‡–‘ˆ–Š‡•‘…‹ƒŽ…‘•–‘ˆ‡˜‡Ž‘’‡–ˆ‹ƒ…‹ƒŽ •–‹–—–‹‘•ƒ––‡”•„‡…ƒ—•‡ˆ—†•‡ƒ”ƒ”‡†ˆ‘”†‡˜‡Ž‘’‡–ƒ”‡•…ƒ”…‡Ǥ—„•‹†‹‡•ˆ‘” • ƒ”‡ ‘– ’”‘„Ž‡ƒ–‹… —Ž‡•• –Š‡› …‘—Ž† ‹’”‘˜‡ •‘…‹ƒŽ ™‡Žˆƒ”‡ ‘”‡ •‘‡™Š‡”‡ ‡Ž•‡ ȋ…Š”‡‹‡” ƒ† ƒ”‘ǡ ͳͻͻͻ Ƭ ʹͲͲͳȌǤ Š‹• “—ƒŽ‹–› ˆ‹ƒ…‹ƒŽ ‹ˆ‘”ƒ–‹‘ Šƒ• „‡‡ ‰‡‡”ƒ–‡† †‹”‡…–Ž›ˆ”‘ –Š‡ ƒ—†‹– ”‡’‘”–• Ͷ ‘ˆ –Š‡ ʹͲͶ  • ™‹–Š ʹ͵‹ŽŽ‹‘ „‘””‘™‡”• ‹ ͷͶ ‘—–”‹‡• 3

™‘”Ž†™‹†‡ ˆ‘” ›‡ƒ”• ʹͲͲͷ ƒ† ʹͲͲ͸Ǥ Š‹• …‘•–‹–—–‡• ƒ •‹‰‹ˆ‹…ƒ– ’ƒ”– ‘ˆ –Š‡ ‹…”‘ˆ‹ƒ…‡ ‘—–”‡ƒ…Š™‘”Ž†™‹†‡Ǥ ‘”–Š‡’”‘’‘‡–•‘ˆ–Š‡‹Ǧ‹’”‘’‘•‹–‹‘‹Ǥ‡Ǥ‹…”‘ˆ‹ƒ…‡”‡†—…‡•’‘˜‡”–›ƒ† ‹–Š‡…‘—”•‡‘ˆ–Šƒ–„‡…‘‡••—„•‹†›ˆ”‡‡‘”•—•–ƒ‹ƒ„Ž‡ǡ–Š‡‘˜‡”ƒŽŽ‡˜‹†‡…‡‹•‘–ƒ‰‘‘† ‘‡‘–Š‡•—•–ƒ‹ƒ„‹Ž‹–›ˆ”‘–Ǥƒ•‡†‘‘—” …ƒŽ…—Žƒ–‹‘•ˆ‘”–Š‡›‡ƒ”ʹͲͲͷǡͳͷ͵ •‘—– ‘ˆʹͲͶƒ”‡•—„•‹†›†‡’‡†‡–™Š‹Ž‡ˆ‘”›‡ƒ”ʹͲͲ͸‹–‹•ͳʹʹ‘—–‘ˆͳ͹ͻ •Ǥ —”–Š‡”•—ƒ”› •–ƒ–‹…• ”‡˜‡ƒŽ –Šƒ–  • Ž‘…ƒ–‡† ‹ ˆ”‹…ƒ ƒ† ‘—–Š •‹ƒ ƒ”‡ ‘”‡ •—„•‹†› †‡’‡†‡– ‘ ƒ˜‡”ƒ‰‡–Šƒ–Š‡”‡•–‘ˆ–Š‡”‡‰‹‘•™Š‹Ž‡ƒ–‹‡”‹…ƒȋȌ •ƒ”‡ˆƒ”Ž‡•••—„•‹†‹œ‡†Ǥ  • ™‹–Š •–ƒ–—• ‘ˆ Dzƒdz ƒ† Dz dz ƒ”‡ ‘”‡ •—„•‹†› †‡’‡†‡– ‘ ƒ˜‡”ƒ‰‡ –Šƒ –Š‡ ‘–Š‡”•Ǥ ‘–™‹–Š•–ƒ†‹‰ –Š‡ Ž‡†‹‰ ‡–Š‘†‘Ž‘‰›ǡ  • ™‹–Š ‰”‘—’ ȋ•‘Ž‹†ƒ”‹–›Ȍ Ž‡†‹‰ ‡–Š‘†‘Ž‘‰› ƒ”‡ ‘”‡ •—„•‹†› †‡’‡†‡– ™Š‹Ž‡  • ™Š‹…Š Ž‡† –‘ ‹†‹˜‹†—ƒŽ• ƒ”‡ ‘ ƒ˜‡”ƒ‰‡”‡Žƒ–‹˜‡Ž›Ž‡•••—„•‹†›†‡’‡†‡–ǤŠ‹Ž‡ •’”‘˜‹†‹‰‘–Š‡”•‡”˜‹…‡•‹Ǥ‡‡†—…ƒ–‹‘ ƒ†Š‡ƒŽ–Š‡–…Ǥ‹ƒ††‹–‹‘–‘ˆ‹ƒ…‹ƒŽ•‡”‹˜‹…‡•ƒ”‡‘ƒ˜‡”ƒ‰‡‘”‡•—„•‹†›†‡’‡†‡–ǤŠ‡ •–—†› ƒŽ•‘ •Š‘™• –Š‡ ‹ƒ„‹Ž‹–› ‘ˆ …‘˜‡–‹‘ƒŽ ˆ‹ƒ…‹ƒŽ ”ƒ–‹‘• ‹Ǥ‡Ǥ  ƒ†  –‘ –ƒ‡ ‹–‘ ƒ……‘—––Š‡–”—‡•‘…‹ƒŽ…‘•––‘•‘…‹‡–›‘ˆ–Š‡•—„•‹†‹œƒ–‹‘‹‹…”‘ˆ‹ƒ…‡•‡…–‘”Ǥ Š‡ ’ƒ’‡” ‹• ‘”‰ƒ‹œ‡† ƒ• ˆ‘ŽŽ‘™•Ǥ  –Š‡ ‡š– •‡…–‹‘ǡ ƒ †‡•…”‹’–‹‘ ‘ˆ †ƒ–ƒ ƒ† –Š‡‘”‡–‹…ƒŽ ˆ”ƒ‡™‘” ‘ˆ …ƒŽ…—Žƒ–‹‰   ‹• ’”‡•‡–‡† ˆ‘ŽŽ‘™‡† „› –Š‡ ‘˜‡”ƒŽŽ †‡•…”‹’–‹‘ ‘ˆ •—„•‹†› †‡’‡†‡…‡ ‘ˆ ‹…”‘ˆ‹ƒ…‡ •‡…–‘”Ǥ Š‡ ƒ …‘’ƒ”‹•‘ „‡–™‡‡ …‘˜‡–‹‘ƒŽ ‘‹ƒŽƒ†•—„•‹†›Ǧƒ†Œ—•–‡†ˆ‹ƒ…‹ƒŽ”ƒ–‹‘•‹•„‡‹‰’”‡•‡–‡†Ǥ…‘…Ž—•‹‘‹•‰‹˜‡ƒ––Š‡ ‡†Ǥ

 1.2 DataandTheoreticalFramework 1.2.1DescriptionoftheData  ƒ„Ž‡ 1.1 ‰‹˜‡• ƒ ‘˜‡”˜‹‡™ ‘ˆ ˜ƒ”‹ƒ„Ž‡• —•‡† ‹ –Š‡ •–—†› ƒŽ‘‰ ™‹–Š •—ƒ”› •–ƒ–‹•–‹…•Ǥ – ‹• •—‡† —’ ‹–‘ –™‘ …ƒ–‡‰‘”‹‡• ‹Ǥ‡Ǥ ˜ƒ”‹ƒ„Ž‡• —•‡† ‹ …ƒŽ…—Žƒ–‹‰   ƒ†  4

 The audit reports have been taken from the Mix Market Website (hhp://www.mixmarket.org). The MIX MARKET is a global, webbased microfinanceinformationplatform.ItprovidesinformationtosectoractorsandthepublicatlargeonMicrofinanceInstitutions(MFIs)worldwide, public and private funds that invest in microfinance, MFI networks, raters/external evaluators, advisory firms, and governmental and regulatory agencies

 

˜ƒ”‹ƒ„Ž‡•†‡’‹…–‹‰ˆ‹ƒ…‹ƒŽ”ƒ–‹‘•ǤŠ‡†‡ˆ‹‹–‹‘•‘ˆ–Š‡˜ƒ”‹ƒ„Ž‡•ƒ”‡ƒŽ•‘‰‹˜‡ƒ•†‡•…”‹„‡† „› –Š‡ ‹š ƒ”‡– ™‡„•‹–‡ ͷ ƒ†  ǡ ʹͲͲ͵Ǥ Š”‘—‰Š –Š‹• ‹ˆ‘”ƒ–‹‘ ‡š…Šƒ‰‡ ’Žƒ–ˆ‘” ‹†‹˜‹†—ƒŽ …ƒ’”‘˜‹†‡ˆ‹ƒ…‹ƒŽƒ†‘—–”‡ƒ…Š†ƒ–ƒƒ†–Š‡‹šƒ”‡–”ƒ•–Š‡•‡†ƒ–ƒ ˆ‘”“—ƒŽ‹–›—•‹‰ƒͷǦ•–ƒ”•›•–‡ǡ™Š‡”‡ͷ‹•–Š‡‘•–…‘’Ž‡–‡†ƒ–ƒƒ˜ƒ‹Žƒ„Ž‡ǡ™Š‹Ž‡ͳ‹•–Š‡ Ž‡ƒ•– …‘’Ž‡–‡ †ƒ–ƒ ƒ˜ƒ‹Žƒ„Ž‡ ȋ—•—ƒŽŽ› –Š‡ —„‡” ‘ˆ „‘””‘™‡”• ƒ† •‘‡ ‘–Š‡” ‘—–”‡ƒ…Š ‹†‹…ƒ–‘”•„—–Ž‹––Ž‡ˆ‹ƒ…‹ƒŽ‹ˆ‘”ƒ–‹‘ȌǤˆ–‡”…ƒ”‡ˆ—ŽŽ›”‡˜‹‡™‹‰–Š‡—†‹–‡’‘”–•‘ˆ‘”‡ –Šƒ͵ͲͲͷǦ•–ƒ” •–ƒ‡ˆ”‘–Š‡‹šƒ”‡–™‡„•‹–‡ǡʹͲͶ •‹ͷͶ…‘—–”‹‡•Šƒ˜‡„‡‡ …Š‘•‡„ƒ•‡†‘–Š‡…Žƒ”‹–›‘ˆ–Š‡‹””‡•’‡…–‹˜‡—†‹–‡’‘”–•‹‰‡‡”ƒŽƒ†•—„•‹†›ˆ‹‰—”‡•‹ ’ƒ”–‹…—Žƒ”Ǥ Š‡ ‘•– ‹’‘”–ƒ– ˜ƒ”‹ƒ„Ž‡ –‘ ‡š–”ƒ…– ˆ”‘ –Š‡ ƒ—†‹– ”‡’‘”–• ˆ‘” •—„•‹†› …ƒŽ…—Žƒ–‹‘•‹•–Š‡’—„Ž‹…†‡„–Ȁ…‘…‡••‹‘ƒŽ„‘””‘™‹‰ǤŠ‡”‡ˆ‘”‡ •Šƒ˜‡„‡‡•‡Ž‡…–‡†‹ Žƒ”‰‡’ƒ”–‘–Š‡“—ƒŽ‹–›ƒ†…Žƒ”‹–›‘ˆ’—„Ž‹…†‡„–ˆ‹‰—”‡•‹–Š‡‹””‡•’‡…–‹˜‡ƒ—†‹–”‡’‘”–•ǤŽŽ –Š‡  • ƒ†Š‡”‡ –‘ –Š‡ –‡”ƒ–‹‘ƒŽ ……‘—–‹‰ –ƒ†ƒ”†• ȋ Ȍ ‹ …‘’‹Žƒ–‹‘ ‘ˆ –Š‡‹” ”‡•’‡…–‹˜‡ ƒ—†‹– ”‡’‘”–•Ǥ Š‡ •—„•‹†› ˆ‹‰—”‡• ˆ‘” –Š‡ ʹͷ  • ˆ‘” –Š‡ ›‡ƒ” ʹͲͲ͸ ƒ”‡ ‹••‹‰ †—‡ –‘ –Š‡ —ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ˆ –Š‡ †ƒ–ƒǤ Š‡”‡ˆ‘”‡ǡ –Š‡ •ƒ’Ž‡ ‹ ƒ„Ž‡ ʹǤͳ …‘•‹•–• ‘ˆ ͵ͺ͵ ‘„•‡”˜ƒ–‹‘• ȋʹͲͶ ˆ‘” –Š‡ ›‡ƒ” ʹͲͲͷ ’Ž—• ͳ͹ͻ ˆ‘” –Š‡ ›‡ƒ” ʹͲͲ͸ȌǤ Š‡ •—ƒ”› •–ƒ–‹•–‹…• ”‡˜‡ƒŽ •‘‡ ‹’‘”–ƒ– ‹ˆ‘”ƒ–‹‘Ǥ Š‡ ƒ˜‡”ƒ‰‡ ‹–‡”‡•– ”ƒ–‡ ’ƒ‹† „› –Š‡  • –‘ ƒ…“—‹”‡ Ž‘ƒƒ„Ž‡ ˆ—†• ‹• ͹ǤͶΨǤ Š‡”‡ƒ•ǡ –Š‡ ƒ˜‡”ƒ‰‡ ‹–‡”‡•– ”ƒ–‡ –Š‡› …Šƒ”‰‡ „› Ž‡†‹‰ –‘ –Š‡ „‘””‘™‡”• ‹• ͵ͲǤ͵ΨǤ —”–Š‡”ǡ –Š‡ ƒ˜‡”ƒ‰‡ ˜ƒŽ—‡ ‘ˆ ͲǤʹͳͶ ˆ‘”   •—‰‰‡•–• –Šƒ– ‘˜‡”ƒŽŽ –Š‡ ƒ˜‡”ƒ‰‡‹–‡”‡•–”ƒ–‡ˆ”‘Ž‡†‹‰–‘–Š‡„‘””‘™‡”•Šƒ•–‘„‡‹…”‡ƒ•‡†„›ʹͳǤͶΨ–‘ƒ‡–Š‡ ‹…”‘ˆ‹ƒ…‡•‡…–‘”•—„•‹†›Ǧˆ”‡‡Ǥ 

ƒ„Ž‡1.1 VariableDescriptionandSummaryStatistics

Variableusedinsubsidy Obs. calculations ˜‡”ƒ‰‡ƒ—ƒŽƒ••‡–•ȋAȌ

͵ͺ͵

˜‡”ƒ‰‡ƒ—ƒŽ‡“—‹–›ȋEȌ

͵ͺ͵

—„•‹†‹•‡†‡“—‹–›

͵ͺ͵

˜‡”ƒ‰‡’—„Ž‹…†‡„–ȋAȌ

͵ͺ͵

–‡”‡•–…‘•–‘†‡„–

͵ͺ͵

…–—ƒŽ‹–‡”‡•–”ƒ–‡ȋcȌ

͵ͺ͵

’’‘”–—‹–›…‘•–‘ˆ…ƒ’‹–ƒŽ ͵ͺ͵

Definition

unit Mean Median

˜‡”ƒ‰‡‘ˆ…—””‡–›‡ƒ”ȋtȌƒ†’”‡˜‹‘—•›‡ƒ”ȋt1Ȍ ƒ••‡–•Ǥ –‹…Ž—†‡•ƒŽŽƒ••‡–ƒ……‘—–•‡–‘ˆƒŽŽ…‘–”ƒǦ ƒ••‡–ƒ……‘—–•ǡ•—…Šƒ•–Š‡Ž‘ƒǦŽ‘••ƒŽŽ‘™ƒ…‡ƒ† ƒ……——Žƒ–‡††‡’”‡…‹ƒ–‹‘Ǥ ˜‡”ƒ‰‡‘ˆ…—””‡–ȋtȌƒ†’”‡˜‹‘—•›‡ƒ”ȋt1Ȍ‡“—‹–›Ǥ ‘–ƒŽƒ••‡–•Ž‡••–‘–ƒŽŽ‹ƒ„‹Ž‹–‹‡•Ǥ ˜‡”ƒ‰‡‡“—‹–›ȋEȌέ’’‘”–—‹–›…‘•–‘ˆ…ƒ’‹–ƒŽȋmȌ ˜‡”ƒ‰‡ƒ—ƒŽ‘—–•–ƒ†‹‰…‘…‡••‹‘ƒ”›Ǧ „‘””‘™‡†ˆ—†• …–—ƒŽ‹–‡”‡•–”ƒ–‡ȋ…Ȍέ ˜‡”ƒ‰‡’—„Ž‹…†‡„–ȋAȌ ‹–‡”‡•–…‘•–’ƒ‹†‘…‘…‡••‹‘ƒ”›„‘””‘™‡†ˆ—†•Ȁ ˜‡”ƒ‰‡’—„Ž‹…†‡„–ȋAȌ ƒ”‡–Ž‡†‹‰”ƒ–‡ ͹Ǥ‡†‹‰”ƒ–‡‹•–Š‡„ƒ”ƒ–‡ 6

 5 6

http://www.mixmarket.org/en/glossary NegativeequityvaluefortheMFIKandoJagimaofMali.

 

Min

Max

͵ʹ͵

ͷʹͳͲͲͲ

̈́

͵͹ͲͲͲ ͳʹͲͲͲ

̈́

ͺʹʹͻ

͵ͻͲͲ

ǦͳͶͲͲ ͸

ͳͺͲͲͲͲ

̈́

ͳʹͶͻ

ͷ͵ͳ

ǦͳͶͲ

ʹ͹͸ͲͲ

̈́

ͳͲ͸ͲͲ

͵͵ͲͲ

Ͳ

ͳͲͲͲͲͲ

̈́

͹͹ͻ

ʹ͸͹

Ͳ

ͺ͸ʹͻ

Ψ

͹ǤͶ

͹Ǥʹ

Ͳ

͵ʹǤͳ

Ψ

ͳͷǤͲ

ͳʹǤͻ

͹ǤͲ

͸͹Ǥ͹

ȋmȌ

‹•…‘—–‘†‡„–

͵ͺ͵

‡˜‡—‡‰”ƒ–•

͵ͺ͵



͵ͺ͵

……‘—–‹‰’”‘ˆ‹–

͵ͺ͵

ƒš

͵ͺ͵

”‘ˆ‹–‡–‘ˆ–ƒšȋPȌ —„•‹†›ȋSȌ ˜‡”ƒ‰‡Ž‘ƒ’‘”–ˆ‘Ž‹‘

͵ͺ͵ ͵ͺ͵ ͵ͺ͵

‡˜‡—‡•ˆ”‘Ž‘ƒ ’‘”–ˆ‘Ž‹‘

͵ͺ͵

–”‡•–”ƒ–‡Ȁ‹‡Ž† —„•‹†›†‡’‡†‡…‡‹†‡š ȋSDIȌ FinancialRatios …Šƒ‰‡‹›‹‡Ž† ͳͲ ‘‹ƒŽ•—„•‹†›ˆ”‡‡›‹‡Ž† ˆŽƒ–‹‘ ͳͳ 1

‡ƒŽ•—„•‹†›ˆ”‡‡›‹‡Ž† ”—‡’”‘ˆ‹– ‡–—”‘ƒ••‡–•ȋROAȌ

͵ͺ͵

–Šƒ–—•—ƒŽŽ›‡‡–•–Š‡•Š‘”–ƒ†‡†‹—–‡” ˆ‹ƒ…‹‰‡‡†•‘ˆ–Š‡’”‹˜ƒ–‡•‡…–‘”ǤŠ‹•”ƒ–‡‹• ‘”ƒŽŽ›†‹ˆˆ‡”‡–‹ƒ–‡†ƒ……‘”†‹‰–‘–Š‡ …”‡†‹–™‘”–Š‹‡••‘ˆ„‘””‘™‡”•ƒ†‘„Œ‡…–‹˜‡•‘ˆ ˆ‹ƒ…‹‰Ǥ A×(mc) ̈́ ƒ•Š‰‹ˆ–•‡š…‡’–ˆ‘”–Š‡ƒ……‘—–‹‰…Š‘‹…‡–‘”‡…‘”† –Š‡ƒ•”‡˜‡—‡•”ƒ–Š‡”–Šƒƒ•†‹”‡…–‹Œ‡…–‹‘–‘ ̈́ ‡“—‹–›Ǥ —‘ˆ”‡˜‡—‡‰”ƒ–•ƒ††‹•…‘—–‘‡š’‡•‡• ͺ ̈́ ‘–ƒŽ”‡˜‡—‡Ž‡••–‘–ƒŽ‡š’‡•‡•ǡ‘’‡”ƒ–‹‰ƒ†‘Ǧ ̈́ ‘’‡”ƒ–‹‰ǡ …Ž—†‹‰ƒŽŽ†‘ƒ–‹‘•ƒ†–ƒš‡•ǡ‹ˆƒ› …Ž—†‡•ƒŽŽ–ƒš‡•’ƒ‹†‘‡–‹…‘‡‘”‘–Š‡” ‡ƒ•—”‡‘ˆ’”‘ˆ‹–•ƒ•†‡ˆ‹‡†„›Ž‘…ƒŽ–ƒšƒ—–Š‘”‹–‹‡•Ǥ ̈́ Š‹•‹–‡ƒ›ƒŽ•‘‹…Ž—†‡ƒ›”‡˜‡—‡–ƒšǤ ……‘—–‹‰”‘ˆ‹–Ȃƒš‡• ̈́ [E×m+A(mc)+K– P] ̈́ ˜‡”ƒ‰‡ƒ—ƒŽ‘—–•–ƒ†‹‰Ž‘ƒ’‘”–ˆ‘Ž‹‘ ̈́ ‡˜‡—‡ˆ”‘‹–‡”‡•–‡ƒ”‡†ǡˆ‡‡•ǡƒ†…‘‹••‹‘• ȋ‹…Ž—†‹‰Žƒ–‡ˆ‡‡•ƒ†’‡ƒŽ–‹‡•Ȍ‘–Š‡‰”‘••Ž‘ƒ ̈́ ’‘”–ˆ‘Ž‹‘‘Ž›Ǥ ˜‡”ƒ‰‡‘Ž‡†‹‰‹–‡”‡•–”ƒ–‡Ȁ›‹‡Ž†‘Ž‡†‹‰ Ψ

͹Ͳͻ

ͳͷͷ

ǦͳͲͶͶ

ͳ͵ͻͲͲ

ͷʹ͸

ͳǤͳͶͶ

Ͳ

͹ͻͺͲͲ

ͷʹ͸

ͳǤͳͶͶ

Ͳ

͹ͻͺͲͲ

ͳ͹ͻ͵

ͷͳͲ

Ǧͷ͸Ͷ͵

Ͷͳ͵ͲͲ

ʹͺʹ

ͲǤͶͲ͵

Ǧͳͷͺ

͹Ͳ͹ͺ

ͳͷͳͲ ͻ͸͹ ͺͻͳͲͲ

Ͷ͸ͳ ʹʹͲ ͺͶͳͳ

ʹ͹͹ͲͲ

ʹͶͲͳ

Ͳ

ͺͲͶͲͲͲͲ

͵ͲǤ͵

ʹ͸Ǥ͹

ͲǤͲʹ

ͳʹͺǤͳ



ͲǤʹͳͶ

ͲǤͳʹʹ

ǦͳǤͻͳͶ

ͶǤͷ͸ͺ ͻ

Ψ Ψ

 ͸Ǥͻ ͵͹Ǥʹ

 ʹǤͺ ͵ͲǤͺ

Ǧ͹͸Ǥ͸ Ǧ͵ͻǤ͸

ͳ͹ͳǤͷ ʹͷ͵Ǥ͵

Ψ

͸Ǥ͸ͷ

͸ǤʹͶ

ͲǤ͸Ͷ

ʹͶǤͲ͵

Ψ ̈́

͵ͲǤͻ ʹͺʹ

ʹͷǤͳ ͳͳʹ

Ǧ͵͵Ǥ͹ ǦͷͲ͵ͲͲ

ʹʹͻǤ͸ ͵ͺͷͲͲ

Ψ

ͷǤʹ͵

ͶǤͶ

Ǧ͸ͺǤͷ

͸ͳǤ͸

Ψ

ͲǤ͸Ͷ

ͳǤʹͲ

ǦͻͷǤͳ

ͷʹǤͳ

Ψ

ͳͶǤͷ͸

ͳ͸ǤͻͶ

Ǧͳ͹ʹ͵

ͺͷ͵Ǥͷ

Ψ

Ǧ͵Ǥ͵ʹ

ͲͷǤͺ͹

Ǧͳ͹͸͵Ǥͻ

ͳͶ͸ͺǤ͵

‹ƒ…‹ƒŽ”‡˜‡—‡ȋ‘–ƒŽȌȀȋ ‹ƒ…‹ƒŽ ‡š’‡•‡Ϊ‘ƒ Ψ Ž‘••’”‘˜‹•‹‘‡š’‡•‡Ϊ’‡”ƒ–‹‰‡š’‡•‡Ȍ

ͳʹ͵ǤͶ

ͳʹͲǤ͹

͵Ǥͷ͹

ʹͷͶǤͻ

͵ͺ͵ —„•‹†›ȋSȌȀ‡˜‡—‡ˆ”‘Ž‡†‹‰ȋRȌ   ͵ͺ͵ SDIέȋƒ…–—ƒŽ›‹‡Ž†ˆ”‘Ž‡†‹‰Ȍ ͵ͺ͵ Šƒ‰‡‹›‹‡Ž†Ϊƒ…–—ƒŽ›‹‡Ž†‘Ž‡†‹‰ †‹…‡••Š‘™ˆ‘”…‘•—‡”’”‹…‡•ƒ”‡–Š‡‘•– ˆ”‡“—‡–Ž›—•‡†‹†‹…ƒ–‘”•‘ˆ‹ˆŽƒ–‹‘ƒ†”‡ˆŽ‡…– ͵ͺ͵ …Šƒ‰‡•‹–Š‡…‘•–‘ˆƒ…“—‹”‹‰ƒˆ‹š‡†„ƒ•‡–‘ˆ ‰‘‘†•ƒ†•‡”˜‹…‡•„›–Š‡ƒ˜‡”ƒ‰‡…‘•—‡” ͵ͺ͵ ȋ‘‹ƒŽ•—„•‹†›ˆ”‡‡›‹‡Ž†Ǧ ‹ˆŽƒ–‹‘ȌȀȋͳΪ‹ˆŽƒ–‹‘Ȍ ͵ͺ͵ ……‘—–‹‰’”‘ˆ‹–Ǧ”‘ˆ‹–‰”ƒ–• ȋ‡–‘’‡”ƒ–‹‰‹…‘‡Ž‡••ƒš‡•ȌȀ‡”‹‘†ƒ˜‡”ƒ‰‡ ͵ͺ͵ ƒ••‡–•

—„•‹†›ƒ†Œ—•–‡† ȋSAROAȌ

͵ͺ͵ ”—‡’”‘ˆ‹–Ȁ‡”‹‘†ƒ˜‡”ƒ‰‡ƒ••‡–•

‡–—”‘‡“—‹–›ȋROEȌ

͵ͺ͵

—„•‹†›ƒ†Œ—•–‡† ȋSAROEȌ ’‡”ƒ–‹‘ƒŽ•‡Žˆ •—ˆˆ‹…‹‡…›ȋOSSȌ

ȋ‡–‘’‡”ƒ–‹‰‹…‘‡ǡŽ‡••–ƒš‡•ȌȀ‡”‹‘†ƒ˜‡”ƒ‰‡ ‡“—‹–›

͵ͺ͵ ”—‡’”‘ˆ‹–Ȁ‡”‹‘†ƒ˜‡”ƒ‰‡‡“—‹–› ͵ͺ͵

Ǧͷͺͻͻ Ͷͳ͵ͲͲ ǦͳͺͳͲͲ ͹͸ͻͲͲ Ͷͺ ʹͶͳͲͲͲͲͲ

Sourceǣ—–Š‘”Ʋ•‘™…ƒŽ…—Žƒ–‹‘„ƒ•‡†‘–Š‡—†‹–‡’‘”–•‘ˆ •–ƒ‡ˆ”‘‹šƒ”‡–™‡„•‹–‡ǤŽŽ–Š‡˜ƒŽ—‡•‹ƒ”‡‹ƮͲͲͲ•ǯǤ š…Šƒ‰‡”ƒ–‡•ƒ”‡ƒŽ•‘–ƒ‡ˆ”‘‹šƒ”‡–™‡„•‹–‡Ǥ‘‡†‡ˆ‹‹–‹‘•ƒ”‡–ƒ‡ˆ”‘ ȋʹͲͲ͵Ȍ

 7

MarketlendinginterestratehasbeentakenfromtheInternationalFinancialStatistics,IMFfortheyears2005and2006 Forthesakeofsimplicity,thediscountonexpensesisassumedtobezero. 9 Theƒš‹—˜ƒŽ—‡‘ˆ ‹•ͶǤͷ͸ͺˆ‘” Dzdz‘ˆ‡‹Ǥ 10 TheactualyieldafteraccountedfortheSDI. 11 takenfromtheWorldbank’sWorldDevelopmentIndicators(WDI),2005&2006 8

 

Š‡ —› ˜ƒ”‹ƒ„Ž‡• ƒŽ‘‰ ™‹–Š –Š‡‹” …ƒ–‡‰‘”‹‡• —•‡† ‹ –Š‹• •–—†› Šƒ˜‡ „‡‡ ’”‡•‡–‡† ‹ ƒ„Ž‡ 1.2Ǥ Š‡ …ƒ–‡‰‘”‹‡• ƒ”‡ „ƒ•‡† ‘ –Š‡ ‹š ƒ”‡– …Žƒ••‹ˆ‹…ƒ–‹‘Ǥ —”–Š‡”ǡ ƒ„Ž‡1.3Š‹‰ŠŽ‹‰Š–•–Š‡†‡ˆ‹‹–‹‘•‘ˆ–Š‡‹””‡•’‡…–‹˜‡…ƒ–‡‰‘”‹‡•Ǥ 



ƒ„Ž‡1.2 CategoricalVariables

Variables

Description

‡‘‰”ƒ’Š‹…”‡‰‹‘‹™Š‹…Š–Š‡ ‘’‡”ƒ–‡•…Žƒ••‹ˆ‹‡†‹–‘͸”‡‰‹‘•ǣˆ”‹…ƒ ȋAȌǢƒ•–•‹ƒƒ†–Š‡ƒ…‹ˆ‹…ȋEA&PȌǢƒ•–‡”—”‘’‡ƒ†‡–”ƒŽ•‹ƒ ‡‰‹‘ ȋEE&CAȌǢ‹††Ž‡ƒ•–ƒ†‘”–Šˆ”‹…ƒȋMENAȌǢƒ–‹‡”‹…ƒƒ†–Š‡ ƒ”‹„„‡ƒȋLACȌǢ‘—–Š•‹ƒȋSAȌǤ ‡†‹‰‡–Š‘†‘Ž‘‰›‹•…Žƒ••‹ˆ‹‡†‹–‘Ͷ…ƒ–‡‰‘”‹‡•ǣ †‹˜‹†—ƒŽȋIȌǢ †‹˜‹†—ƒŽ ‡†‹‰‡–Š‘†‘Ž‘‰› Ƭ‘Ž‹†ƒ”‹–›Ȁ ”‘—’ȋISȌǢ ”‘—’Ȁ‘Ž‹†ƒ”‹–›ȋSȌǢ‹ŽŽƒ‰‡„ƒ‹‰ȋVȌǤ Žƒ••‹ˆ‹‡†‹–‘ͷ…ƒ–‡‰‘”‹‡•ǣ‘‰‘˜‡”‡–ƒŽ‘”‰ƒ‹œƒ–‹‘•ȋNGOȌǢƒ –ƒ–—• ȋBȌǢ‘Ǧ„ƒ‹‰ˆ‹ƒ…‹ƒŽ‹–‡”‡†‹ƒ”‹‡•ȋNBFIȌǢ—”ƒŽƒȋRBȌǢ ‘‘’‡”ƒ–‹˜‡•ȋCoop.ȌǤ Š‡–Š‡” ’”‘˜‹†‡•‘–Š‡”•‡”˜‹…‡•‹Ǥ‡ǤŠ‡ƒŽ–Šǡ‡†—…ƒ–‹‘‡–…‹ƒ††‹–‹‘–‘ –Š‡”•‡”˜‹…‡• ’”‘˜‹†‹‰ˆ‹ƒ…‹ƒŽ•‡”˜‹…‡•‘”‘–Ǥ ƒ˜‹‰ Š‡–Š‡”•ƒ˜‹‰ȋ˜‘Ž—–ƒ”›‘”‘’—Ž•‘”›Ȍ‹•ƒˆ‡ƒ–—”‡‘ˆ ‘”‘–Ǥ ‡‰—Žƒ–‡† Š‡–Š‡” ‹•”‡‰—Žƒ–‡†„›•‘‡ƒ—–Š‘”‹–›Ž‹‡…‡–”ƒŽ„ƒ‡–…Ǥ‘”‘–Ǥ ȗƒ–ƒˆ‘”ƒŽŽ–Š‡…ƒ–‡‰‘”‹…ƒŽ˜ƒ”‹ƒ„Ž‡•Šƒ˜‡„‡‡–ƒ‡†‹”‡…–Ž›ˆ”‘–Š‡‹šƒ”‡–‡„•‹–‡

 ƒ„Ž‡1.3 DefinitionsofCategoricalvariables LendingMethodology †‹˜‹†—ƒŽȋIȌ ‘Ž‹†ƒ”‹–›‘” ”‘—’ȋSȌ †‹˜‹†—ƒŽƬ ”‘—’ „‘–ŠȋISȌ ‹ŽŽƒ‰‡ƒ‹‰ȋVȌ StatusofanMFI ‘ ‘˜‡”‡–ƒŽ ”‰ƒ‹•ƒ–‹‘ȋNGOȌ

ƒȋBȌ

‘Ǧƒ‹‰ ‹ƒ…‹ƒŽ –‡”‡†‹ƒ”‹‡•ȋNBFIȌ

  •™Š‹…Š‰‹˜‡Ž‘ƒ•–‘‹†‹˜‹†—ƒŽ„‘””‘™‡”•Ǥ  •™Š‹…Š‰‹˜‡Ž‘ƒ•–‘‰”‘—’‘ˆ„‘””‘™‡”•…‘ŽŽ‡…–‹˜‡Ž›Ǥ  •™Š‹…Š‰‹˜‡Ž‘ƒ•–‘„‘–Š‹†‹˜‹†—ƒŽ„‘””‘™‡”•ƒ† ”‘—’‘ˆ „‘””‘™‡”•Ǥ ‹ŽŽƒ‰‡ƒ‹‰‡–Š‘†‘Ž‘‰›ǡ†‡˜‡Ž‘’‡†„›  –‡”ƒ–‹‘ƒŽǡ’”‘˜‹†‡• Ž‘ƒ–‘‹ˆ‘”ƒŽ•‡ŽˆǦŠ‡Ž’•—’’‘”–‰”‘—’‘ˆʹͲǦ͵Ͳ‡„‡”•ǡ ’”‡†‘‹ƒ–Ž›ˆ‡ƒŽ‡Š‡ƒ†•Ǧ‘ˆǦŠ‘—•‡Š‘Ž†Ǥ  ‘”‰ƒ‹œƒ–‹‘”‡‰‹•–‡”‡†ƒ•ƒ‘’”‘ˆ‹–ˆ‘”–ƒš’—”’‘•‡•‘”•‘‡‘–Š‡” Ž‡‰ƒŽ…Šƒ”–‡”Ǥ –•ˆ‹ƒ…‹ƒŽ•‡”˜‹…‡•ƒ”‡—•—ƒŽŽ›‘”‡”‡•–”‹…–‡†ǡ—•—ƒŽŽ›‘– ‹…Ž—†‹‰†‡’‘•‹––ƒ‹‰ǤŠ‡•‡‹•–‹–—–‹‘•ƒ”‡–›’‹…ƒŽŽ›‘–”‡‰—Žƒ–‡†„›ƒ „ƒ‹‰•—’‡”˜‹•‘”›ƒ‰‡…›Ǥ Ž‹…‡•‡†ˆ‹ƒ…‹ƒŽ‹–‡”‡†‹ƒ”›”‡‰—Žƒ–‡†„›ƒ•–ƒ–‡„ƒ‹‰•—’‡”˜‹•‘”› ƒ‰‡…›Ǥ –ƒ›’”‘˜‹†‡ƒ›‘ˆƒ—„‡”‘ˆˆ‹ƒ…‹ƒŽ•‡”˜‹…‡•ǡ‹…Ž—†‹‰ǣ †‡’‘•‹––ƒ‹‰ǡŽ‡†‹‰ǡ’ƒ›‡–•‡”˜‹…‡•ǡƒ†‘‡›–”ƒ•ˆ‡”•Ǥ ‹•–‹–—–‹‘–Šƒ–’”‘˜‹†‡••‹‹Žƒ”•‡”˜‹…‡•–‘–Š‘•‡‘ˆƒƒǡ„—–‹• Ž‹…‡•‡†—†‡”ƒ•‡’ƒ”ƒ–‡…ƒ–‡‰‘”›ǤŠ‡•‡’ƒ”ƒ–‡Ž‹…‡•‡ƒ›„‡†—‡–‘ Ž‘™‡”…ƒ’‹–ƒŽ”‡“—‹”‡‡–•ǡ–‘Ž‹‹–ƒ–‹‘•‘ˆ‹ƒ…‹ƒŽ•‡”˜‹…‡‘ˆˆ‡”‹‰•ǡ‘” –‘•—’‡”˜‹•‹‘—†‡”ƒ†‹ˆˆ‡”‡–•–ƒ–‡ƒ‰‡…›Ǥ •‘‡…‘—–”‹‡•–Š‹• …‘””‡•’‘†•–‘ƒ•’‡…‹ƒŽ…ƒ–‡‰‘”›…”‡ƒ–‡†ˆ‘”‹…”‘ˆ‹ƒ…‡‹•–‹–—–‹‘•Ǥ 



—”ƒŽƒȋRBȌ

‘‘’‡”ƒ–‹˜‡ȋCoop.Ȍ

‡‰—Žƒ–‡†ȋRȌ

ƒ˜‹‰ –Š‡”‡”˜‹…‡•

ƒ‹‰‹•–‹–—–‹‘–Šƒ––ƒ”‰‡–•…Ž‹‡–•™Š‘Ž‹˜‡ƒ†™‘”‹‘Ǧ—”„ƒ ƒ”‡ƒ•ƒ†™Š‘ƒ”‡‰‡‡”ƒŽŽ›‹˜‘Ž˜‡†‹ƒ‰”‹…—Ž–—”ƒŽǦ”‡Žƒ–‡†ƒ…–‹˜‹–‹‡•Ǥ ‘’”‘ˆ‹–ǡ‡„‡”Ǧ„ƒ•‡†ˆ‹ƒ…‹ƒŽ‹–‡”‡†‹ƒ”›Ǥ –ƒ›‘ˆˆ‡”ƒ”ƒ‰‡‘ˆ ˆ‹ƒ…‹ƒŽ•‡”˜‹…‡•ǡ‹…Ž—†‹‰Ž‡†‹‰ƒ††‡’‘•‹––ƒ‹‰ǡˆ‘”–Š‡„‡‡ˆ‹–‘ˆ ‹–•‡„‡”•ǤŠ‹Ž‡‘–”‡‰—Žƒ–‡†„›ƒ•–ƒ–‡„ƒ‹‰•—’‡”˜‹•‘”›ƒ‰‡…›ǡ‹– ƒ›…‘‡—†‡”–Š‡•—’‡”˜‹•‹‘‘ˆ”‡‰‹‘ƒŽ‘”ƒ–‹‘ƒŽ…‘‘’‡”ƒ–‹˜‡ …‘—…‹ŽǤ ‡‰—Žƒ–‹‘•‘ …ƒ„‡‹–Š‡ˆ‘”‘ˆ‡–”›”‡•–”‹…–‹‘ƒ†Ȁ‘”•‘‡ ’”—†‡–‹ƒŽ•—’‡”˜‹•‹‘„›•‘‡ƒ—–Š‘”‹–›Ǥ‘•–Ž›”‡‰—Žƒ–‡† •ƒ”‡ ƒŽŽ‘™‡†–‘…‘ŽŽ‡…–†‡’‘•‹–•ƒ†‹…”‡ƒ•‡–Š‡‹”Ž‘ƒƒ„Ž‡ˆ—†•ȋƒ’‹‘ ƒ†Š‹–‡ǡͳͻͻͻȌǤ ‘•–…‘—–”‹‡•ǡ–›’‹…ƒŽ„ƒ‹‰”‡‰—Žƒ–‹‘•†‘‘– …‘˜‡”‹…”‘ˆ‹ƒ…‡ƒ…–‹˜‹–‹‡•Ǥ—””‡–Ž›ǡ •…ƒ‘’‡”ƒ–‡ƒ•”‡‰—Žƒ–‡†‘” ‘Ǧ”‡‰—Žƒ–‡†‘”ǡ‹•‘‡…‘—–”‹‡•ǡ…ƒ…Š‘‘•‡„‡–™‡‡„‡‹‰”‡‰—Žƒ–‡† ƒ†„‡‹‰—”‡‰—Žƒ–‡†Ǥ˜‡”ƒŽŽǡ •…ƒ„‡•—„Œ‡…––‘‡‹–Š‡”ƒ†ƒ–‘”› ‡–”›”‡‰—Žƒ–‹‘ǡ’”—†‡–‹ƒŽ”‡‰—Žƒ–‹‘ǡ‘”•‘‡•‘”–‘ˆ‡–”›”‡‰—Žƒ–‹‘ ƒ†…‘•‡“—‡–‘‹–‘”‹‰ȋ–‹‡”‡†”‡‰—Žƒ–‹‘Ȍȋƒ”–ƒ”•ƒƒ†ƒ†‘Ž›ƒǡ ʹͲͲ͹ȌǤ  •™Š‹…Š…‘ŽŽ‡…–•ƒ˜‹‰•ȋ†‡’‘•‹–•ȌǤŠ‡†ƒ–ƒ†‘‡•‘–†‹•–‹‰—‹•Š „‡–™‡‡…‘’—Ž•‘”›•ƒ˜‹‰•ƒ†˜‘Ž—–ƒ”›•ƒ˜‹‰•Ǥ  •™Š‹…Š’”‘˜‹†‡‘–Š‡”•‡”˜‹…‡•‹ƒ††‹–‹‘–‘Ž‘ƒ•‹Ǥ‡Ǥ”‡Žƒ–‡†–‘ –”ƒ‹‹‰ǡ‡–‡”’”‹•‡†‡˜‡Ž‘’‡–ǡŠ‡ƒŽ–Šǡ‡†—…ƒ–‹‘ǡ‡˜‹”‘‡–ǡ ƒ‰”‹…—Ž–—”‡‡–…Ǥ

‘—”…‡ǣ‹šƒ”‡–‡„•‹–‡

 ‹‰—”‡1.1†‡’‹…–•‰”ƒ’Š‹…ƒŽ†‹•’Žƒ›‘ˆ–Š‡ƒ–—”‡‘ˆ–Š‡†ƒ–ƒ—•‡†‹–Š‹••–—†›Ǥ • 



Figure1.1

DescriptiveanalysisofData

Sourceǣ ˆ‘”ƒ–‹‘–ƒ‡ˆ”‘–Š‡‹šƒ”‡–™‡„•‹–‡„ƒ•‡†‘–Š‡•ƒ’Ž‡‘ˆʹͲͶ • ȗ †‹˜‹†—ƒŽȋ ȌǢ †‹˜‹†—ƒŽƬ‘Ž‹†ƒ”‹–›ȋ ȌǢ‘Ž‹†ƒ”‹–›ȋȌǢ‹ŽŽƒ‰‡ƒ‹‰ȋȌ

 

ȋͶ͸ΨȌ †‘‹ƒ–‡ –Š‡ ‹…”‘ˆ‹ƒ…‡ •‡…–‘” ˆ‘ŽŽ‘™‡† „› –Š‡  • ȋʹͻΨȌǤ  • ™‹–Š Dzƒdz •–ƒ–—•…‘•–‹–—–‡‘Ž›ͳ͸ǤʹͻΨ‘ˆ–‘–ƒŽ•ƒ’Ž‡ǤŽ‘•–ŠƒŽˆ‘ˆ–Š‡ •ȋͶͺΨȌ‘ˆˆ‡”„‘–Š‰”‘—’ ƒ† ‹†‹˜‹†—ƒŽ Ž‡†‹‰ •‡”˜‹…‡• ˆ‘ŽŽ‘™‡† „›  • ™Š‹…Š Ž‡† ‡š…Ž—•‹˜‡Ž› –‘ –Š‡ ‹†‹˜‹†—ƒŽ• ȋ͵ʹΨȌǤ ‡‘‰”ƒ’Š‹…ƒŽŽ›‘‡Ǧ–Š‹”†‘ˆ •Ž‘…ƒ–‡‹ƒ–‹‡”‹…ƒȋ͵͵ΨȌƒ†ƒŽ‘•–‘‡Ǧˆ‘—”–Š ‹ˆ”‹…ƒȋʹ͵ΨȌǤ‘—–Š•‹ƒ •…‘•–‹–—–‡‘Ž›ƒ„‘—–ͳͶΨ‘ˆ–Š‡–‘–ƒŽ •‹–Š‡•ƒ’Ž‡Ǥ ƒŒ‘”‹–›‘ˆ–Š‡ •‹–Š‡•ƒ’Ž‡ƒ”‡”‡‰—Žƒ–‡†ȋͷ͹ΨȌƒ†’”‘˜‹†‡†‡’‘•‹–•Ȁ•ƒ˜‹‰••‡”˜‹…‡• ȋͷͷΨȌ–‘–Š‡…Ž‹‡–•Ǥ„‘—–ͶͲΨ‘ˆ–Š‡ •‹–Š‡•ƒ’Ž‡’”‘˜‹†‡‘–Š‡”•‡”˜‹…‡•–‘–Š‡…Ž‹‡–• ‹ ƒ††‹–‹‘ –‘ ’”‘˜‹†‹‰ ˆ‹ƒ…‹ƒŽ •‡”˜‹…‡•Ǥ  …‘’Ž‡–‡ Ž‹•– ‘ˆ –Š‡ ƒ‡• ‘ˆ –Š‡ ʹͲͶ ‹…”‘ˆ‹ƒ…‡‹•–‹–—–‹‘•‹–Š‡•ƒ’Ž‡‹•‰‹˜‡ƒ––Š‡‡†‹AppendixA. 

1.2.2TheSDIFormula Š‹• ’ƒ’‡” …ƒŽ…—Žƒ–‡• •—„•‹†‹‡• —•‹‰ ƒ”‘ǯ• —„•‹†› ‡’‡†‡…‡ †‡š ͳʹ ȋ Ȍ 1

ȋƒ”‘ǡ ͳͻͻʹƒ ƒ† ͳͻͻʹ„Ȍ ™Š‹…Š ‡ƒ•—”‡• –Š‡ •‘…‹ƒŽ …‘•– ‘ˆ •—„•‹†‹œ‡†  •Ǥ Š‡   ‹• ƒ •—ƒ”› ‡ƒ•—”‡ ‘ˆ •—•–ƒ‹ƒ„‹Ž‹–›Ǥ – ‹• –Š‡ ”ƒ–‹‘ ‘ˆ •—„•‹†› ”‡…‡‹˜‡† „› ƒ   –‘ ”‡˜‡—‡ ˆ”‘Ž‘ƒ•–‘–Š‡–ƒ”‰‡–‰”‘—’Ǣ‹–‹†‹…ƒ–‡•™Š‡–Š‡”ƒ …‘—Ž† …‘’‡•ƒ–‡ •‘…‹‡–› ˆ‘” –Š‡ ‘’’‘”–—‹–›…‘•–‘ˆ’—„Ž‹…ˆ—†•—•‡†‹ƒ•Š‘”––‹‡ˆ”ƒ‡ƒ†•–‹ŽŽ•Š‘™ƒ’”‘ˆ‹–Ǥ Š‡ ‘”—Žƒˆ‘” ‹•ǣ 

SDI

Subsdies revenues from lending

Š‡”‡ǣ

>E u m  Am  c  K  P@  LP u i



Eαƒ˜‡”ƒ‰‡ƒ—ƒŽ‡“—‹–›Ǣ mე‡– –‡”‡•–”ƒ–‡Ȁ –‡”‡•–”ƒ–‡–Š‡ ‹•ƒ••—‡†–‘’ƒ›ˆ‘”„‘””‘™‡†ˆ—†•‹ˆ ƒ……‡••–‘…‘…‡••‹‘ƒŽ„‘””‘™‡†ˆ—†•™‡”‡‡Ž‹‹ƒ–‡†Ǥ Aα˜‡”ƒ‰‡ƒ—ƒŽ‘—–•–ƒ†‹‰…‘…‡••‹‘ƒ”›Ǧ„‘””‘™‡†ˆ—†•Ȁ˜‡”ƒ‰‡’—„Ž‹…†‡„– cዐ–‡”‡•–”ƒ–‡’ƒ‹†‘…‘…‡••‹‘ƒ”›„‘””‘™‡†ˆ—†•Ȁ—„Ž‹…†‡„– Pα‡’‘”–‡†ƒ—ƒŽ’”‘ˆ‹–Ȁƒ……‘—–‹‰’”‘ˆ‹–• Kα–Š‡”—„•‹†‹‡•‹Ǥ‡Ǥ‡˜‡—‡ ”ƒ–ȋRGȌΪ‹•…‘—–‘š’‡•‡•ȋDXȌ LPα˜‡”ƒ‰‡ƒ—ƒŽ‘—–•–ƒ†‹‰Ž‘ƒ’‘”–ˆ‘Ž‹‘‘ˆ–Š‡  iαŽ‡†‹‰‹–‡”‡•–”ƒ–‡Ȁ›‹‡Ž†‘Ž‡†‹‰  Š‡ Šƒ•ƒŽ‘™‡”„‘—†‘ˆǦͳͲͲ’‡”…‡–„—–‘—’’‡”„‘—†ȋ‡Œƒ‹ͳͻͻͶȌǤ   ‘ˆ œ‡”‘ ‡ƒ• –Šƒ– ƒ   Šƒ• ƒ…Š‹‡˜‡† ˆ—ŽŽ •‡ŽˆǦ•—•–ƒ‹ƒ„‹Ž‹–›Ǥ    ‘ˆ ͳͲͲ ’‡”…‡– ‹†‹…ƒ–‡•–Šƒ–ƒ†‘—„Ž‹‰‘ˆ–Š‡’”‡˜ƒ‹Ž‹‰ƒ˜‡”ƒ‰‡‘ǦŽ‡†‹‰‹–‡”‡•–”ƒ–‡™‘—Ž†„‡”‡“—‹”‡† –‘‡Ž‹‹ƒ–‡•—„•‹†‹‡•Ǥ‡‰ƒ–‹˜‡ ‹†‹…ƒ–‡•–Šƒ–ƒ Šƒ•ƒ…Š‹‡˜‡†ˆ—ŽŽ•‡ŽˆǦ•—•–ƒ‹ƒ„‹Ž‹–›  12

ToexamineSDIcalculationsinpaststudiesseeforexampleHulmeandMosley(1996);Schreiner(1997);SchreinerandYaron(1999and2001); Jehangir(2005);Sharma(204);Congo(2002)

 

ƒ† –Šƒ– ‹–• ƒ—ƒŽ ’”‘ˆ‹–• ‡š…‡‡†‡† –Š‡ –‘–ƒŽ ƒ—ƒŽ ˜ƒŽ—‡ ‘ˆ ƒ› •—„•‹†‹‡• ”‡…‡‹˜‡† „› –Š‡  Ǥ—…Šƒ …‘—Ž†Ž‘™‡”‹–•ƒ˜‡”ƒ‰‡‘ǦŽ‡†‹‰‹–‡”‡•–”ƒ–‡ǡ‡Ž‹‹ƒ–‡ƒŽŽ•—„•‹†‹‡•ƒ† ”‡ƒ‹•‡ŽˆǦ•—•–ƒ‹ƒ„Ž‡Ǥ –Š‡ƒ„‘˜‡ ˆ‘”—Žƒǡ™‘”–Š‡–‹‘‹‰‹•™Šƒ–…‘•–‹–—–‡•—„•‹†‹‡•ƒ†–Š‡…Š‘‹…‡ ‘ˆ‘’’‘”–—‹–›…‘•–‘ˆ •…‘…‡••‹‘ƒŽ„‘””‘™‹‰•‘”–Š‡…Š‘‹…‡‘ˆƒ”‡–‹–‡”‡•–”ƒ–‡Ǥ 

1.2.3WhatConstituteSubsidies 13? 1

Š‡•‡ƒ”‡•—„•‹†‹œ‡†Ȁ’—„Ž‹…ˆ—†•ˆ”‘‰‘˜‡”‡–‘”†‘‘”•ƒ†…‘‡‹•‹šˆ‘”• ƒ••Š‘™‹ƒ„Ž‡1.4„‡Ž‘™Ǥ  ƒ„Ž‡1.4 TypeofSubsidizedFunds TYPE

Notation

ͳǤ‹”‡…– ”ƒ–

DG

ʹǤƒ‹†Ǧ—’Ǧ…ƒ’‹–ƒŽ

PC

͵Ǥ‡˜‡—‡ ”ƒ–

RG

ͶǤ‹•…‘—–‘—„Ž‹…‡„–

A.(mc)

ͷǤ‹•…‘—–‘š’‡•‡•

DX

͸Ǥ”—‡”‘ˆ‹–

TP

Typeofgrant “—‹–› ”ƒ–(EG)

”‘ˆ‹– ”ƒ–(PG) “—‹–› ”ƒ–(EG)

‘—”…‡ǣ…Š”‡‹‡”ƒ†ƒ”‘ȋͳͻͻͻȌ

Š”‡‡ ƒ”‡ ‡“—‹–› ‰”ƒ–• –Šƒ– ‹…”‡ƒ•‡ ‡– ™‘”–Š „—– †‘ ‘– †‹”‡…–Ž› …Šƒ‰‡ –Š‡ ƒ……‘—–‹‰ ’”‘ˆ‹– ”‡’‘”–‡† ‹ –Š‡ ›‡ƒ” ”‡…‡‹˜‡†Ǥ Š‡ ‘–Š‡” –Š”‡‡ ƒ”‡ profit grants –Šƒ– †‘ †‹”‡…–Ž› ‹…”‡ƒ•‡ –Š‡ ƒ……‘—–‹‰ ’”‘ˆ‹– ”‡’‘”–‡† ‹ –Š‡ ›‡ƒ” ”‡…‡‹˜‡† •‹…‡ –Š‡› ‹ˆŽƒ–‡ ”‡˜‡—‡• ƒ†Ȁ‘” †‡ˆŽƒ–‡ ‡š’‡•‡•Ǥ Š‹• ‹…”‡ƒ•‡• ”‡–ƒ‹‡† ‡ƒ”‹‰• ƒ– ›‡ƒ”Ǧ‡† ƒ† –Š—• ‹…”‡ƒ•‡• ‡– ™‘”–ŠǤ ‘’ƒ”‡† ™‹–Š –Š‡ …ƒ•‡ ™‹–Š‘—– –Š‡ ‰”ƒ–ǡ ƒŽŽ •‹š ˆ‘”• ‘ˆ •—„•‹†‹œ‡† ˆ—†•‹…”‡ƒ•‡‡–™‘”–Š‘‡Ǧˆ‘”Ǧ‘‡ǤŽŽ•‹šˆ‘”•Šƒ˜‡–Š‡•ƒ‡•‘…‹ƒŽ‘’’‘”–—‹–›…‘•–Ǥ• ‹ƒ”‘ȋͳͻͻʹ„Ȍǡ–Š‡†‹˜‹†‡†•ƒ†–ƒš‡•‘’”‘ˆ‹–•ƒ”‡‹‰‘”‡†ˆ‘”•‹’Ž‹…‹–›Ǥ  1.2.3.1 Equitygrants Š‡ˆ‹”•––™‘ˆ‘”•‘ˆ•—„•‹†‹œ‡†ˆ—†•ƒ”‡‡“—‹–›‰”ƒ–•EGǤŠ‡•‡…ƒ•Š‰‹ˆ–•‹…”‡ƒ•‡ ‡– ™‘”–Š „—– †‘ ‘– …Šƒ‰‡ ƒ……‘—–‹‰ ’”‘ˆ‹– †‹”‡…–Ž›Ǥ “—‹–› ‰”ƒ–• ƒ”‡ –Š‡ •— ‘ˆ †‹”‡…– ‰”ƒ–•DGƒ†’ƒ‹†Ǧ‹…ƒ’‹–ƒŽPCǣ  “—‹–›‰”ƒ–•α‹”‡…–‰”ƒ–•Ϊƒ‹†‹…ƒ’‹–ƒŽǡ  13

ThissectionisprimarilybasedonSchreinerandYaron(1999)

 

EG=DG+PC ‹”‡…–‰”ƒ–•DGƒ”‡…ƒ•Š‰‹ˆ–•Ǥ‹”‡…–‰”ƒ–•‹…”‡ƒ•‡‡–™‘”–Šǡ„—––Š‡›†‘‘–’ƒ•• –Š”‘—‰Š–Š‡‹…‘‡•–ƒ–‡‡–ǡƒ†Š‡…‡–Š‡›†‘‘–‹ˆŽƒ–‡ƒ……‘—–‹‰’”‘ˆ‹–Ǥ‹”‡…–‰”ƒ–• ‹…Ž—†‡„‘–Š‰‹ˆ–•‹…ƒ•Šƒ†‰‹ˆ–•‹‹†•—…Šƒ•…‘’—–‡”•‘”–”—…•–Šƒ–ƒ”‡”‡…‘”†‡†‹ –Š‡ƒ……‘—–•Ǥ ƒ‹†Ǧ‹…ƒ’‹–ƒŽPC…‘‡•ˆ”‘•ƒŽ‡•‘ˆ•Šƒ”‡•–‘†‘‘”•‘”‰‘˜‡”‡–Ǥ—…Šƒ•ƒŽ‡‹• Ž‹‡ƒ†‹”‡…–‰”ƒ–•‹…‡’—„Ž‹…ˆ—†•’ƒ›ˆ‘”–Š‡•Šƒ”‡•Ǥ —”–Š‡”‘”‡ǡ‘•–’—„Ž‹…‡–‹–‹‡•†‘ ‘–ƒ…–Ž‹‡’”‹˜ƒ–‡‘™‡”•Ǥ‡ƒ••—‡–Šƒ–ƒŽŽ’ƒ‹†Ǧ‹…ƒ’‹–ƒŽ…‘‡•ˆ”‘’—„Ž‹…•‘—”…‡•Ǥ  1.2.3.2 Profitgrants ”‘ˆ‹–‰”ƒ–•PG ƒ”‡–Š‡–Š‹”†–Š”‘—‰Šˆ‹ˆ–Šˆ‘”•‘ˆ•—„•‹†‹œ‡†ˆ—†•ȋ•‡‡ƒ„Ž‡1.4ȌǤ ‹‡ ƒŽŽ ‡“—‹–› ‰”ƒ–•ǡ ƒŽŽ ˆ‘”• ‘ˆ ’”‘ˆ‹– ‰”ƒ–• ‹…”‡ƒ•‡ ‡– ™‘”–Š •‹…‡ –Š‡› ‹ˆŽƒ–‡ ƒ……‘—–‹‰ ’”‘ˆ‹– ‘” ”‡†—…‡ ƒ……‘—–‹‰ Ž‘•• ƒ† ™‹† —’ ‹ ‡– ™‘”–Š –Š”‘—‰Š ”‡–ƒ‹‡† ‡ƒ”‹‰• ƒ– –Š‡ ‡† ‘ˆ–Š‡ ›‡ƒ”Ǥ ”‘ˆ‹– ‰”ƒ–• †‹•–‘”–ƒ……‘—–‹‰ ’”‘ˆ‹–Pƒ†–Š—••‹…‡ –Š‡› †‡’‡† ‘ –Š‡ ƒ”„‹–”ƒ”› …Š‘‹…‡• ƒ†‡ ‹ ’”ƒ…–‹…‡ „› ƒ†‹‹•–”ƒ–‘”• ƒ† ƒ……‘—–ƒ–•Ǥ ‘‘”•…ƒƒ†‘ˆ–‡†‘—•‡’”‘ˆ‹–‰”ƒ–•–‘—†‰‡ƒ……‘—–‹‰’”‘ˆ‹–Š‹‰Š‡”Ǥ …‘–”ƒ•–ǡ–Š‡  ”‡…‘‰‹œ‡•–Š‡‡…‘‘‹…ˆƒ…––Šƒ–ƒ†‘ŽŽƒ”–”‡ƒ–‡†ƒ•ƒ’”‘ˆ‹–‰”ƒ–Šƒ•–Š‡•ƒ‡‡ˆˆ‡…–‘ –Š‡„—•‹‡••’‡”ˆ‘”ƒ…‡‘ˆƒ ƒ•ƒ†‘ŽŽƒ”–”‡ƒ–‡†ƒ•ƒ‡“—‹–›‰”ƒ–Ǥ ”‘ˆ‹–‰”ƒ–•ƒ”‡–Š‡•—‘ˆ”‡˜‡—‡‰”ƒ–•RGǡ†‹•…‘—–•‘’—„Ž‹…†‡„–A.ȋmcȌǡƒ† †‹•…‘—–•‘‡š’‡•‡•DXǣ  ”‘ˆ‹–‰”ƒ–•α‡˜Ǥ‰”ƒ–•Ϊ‹•…‘—–’—„Ž‹…†‡„–Ϊ‹•…‘—–‘‡š’‡•‡• PG=RG+A(mc)+DX.  ‡˜‡—‡ ‰”ƒ–• RG ƒ”‡ …ƒ•Š ‰‹ˆ–•Ǥ Š‡› ƒ”‡ Œ—•– Ž‹‡ ‡“—‹–› ‰”ƒ–• ‡š…‡’– ˆ‘” –Š‡ ƒ……‘—–‹‰ …Š‘‹…‡ –‘ ”‡…‘”† –Š‡ ƒ• ”‡˜‡—‡ ”ƒ–Š‡” –Šƒ ƒ• †‹”‡…– ‹Œ‡…–‹‘• –‘ ‡“—‹–›Ǥ ‡˜‡—‡ ‰”ƒ–• ‹…”‡ƒ•‡ ‡– ™‘”–Šǡ „—– ‘Ž› ƒˆ–‡” –Š‡› ’ƒ•• –Š”‘—‰Š –Š‡ ‹…‘‡ •–ƒ–‡‡– ƒ†‹…”‡ƒ•‡”‡’‘”–‡†ƒ……‘—–‹‰’”‘ˆ‹–ǤŠ‹•‹•‹•Ž‡ƒ†‹‰•‹…‡”‡˜‡—‡‰”ƒ–•ƒ”‡‘––Š‡ ’”‘†—…–‘ˆ„—•‹‡••‘’‡”ƒ–‹‘•Ǥ ‹•…‘—–•‘’—„Ž‹…†‡„–A×(mc)ƒ††‹•…‘—–•‘‡š’‡•‡•DXƒ”‡–Š‡ˆ‘—”–Šƒ†ˆ‹ˆ–Š ˆ‘”• ‘ˆ •—„•‹†‹œ‡† ˆ—†•Ǥ Š‡› ƒ”‡ ‘Ǧ…ƒ•Š ‰‹ˆ–•ǡ ‡š’‡•‡• ’ƒ‹† ‘ „‡ŠƒŽˆ ‘ˆ –Š‡ †‡˜‡Ž‘’‡–ˆ‹ƒ…‡‹•–‹–—–‹‘•ȋ •Ȍ„›•‘‡‘‡‡Ž•‡Ǥ‹•…‘—–•‹…”‡ƒ•‡–Š‡…ƒ•ŠŠ‡Ž†„› –Š‡ •‹…‡–Š‡›†‡…”‡ƒ•‡–Š‡…ƒ•Š•’‡–„›–Š‡ Ǥ Š‡ †‹•…‘—– ‘ ’—„Ž‹… †‡„– A×(mc) ‹• –Š‡ ‘’’‘”–—‹–› …‘•– ‘ˆ ’—„Ž‹… †‡„– Ž‡•• ™Šƒ– –Š‡   ’ƒ‹†ǡ ™Š‡”‡ A ‹• ƒ˜‡”ƒ‰‡ ’—„Ž‹… †‡„–ǡ c ‹• –Š‡ ”ƒ–‡ ’ƒ‹† „› –Š‡  ǡ ƒ† m ‹• –Š‡ ‘’’‘”–—‹–›…‘•–‘ˆ’—„Ž‹…†‡„–ˆ‘”•‘…‹‡–›ǣ  

 ‹•…‘—–’—„Ž‹…†‡„–α˜‡”ƒ‰‡’—„Ž‹…†‡„–ȋ’’Ǥ‘•–‘ˆ’—„Ž‹…†‡„–Ǧƒ–‡’ƒ‹†Ȍ αA×(mc)  ‹•…‘—–•‘’—„Ž‹…†‡„–ƒ”‡•—„•‹†‹œ‡† ˆ—†• –Šƒ–‹ˆŽƒ–‡ ’”‘ˆ‹–ƒ† „‘‘•– ‡– ™‘”–Š •‹…‡ –Š‡› …—– ‡š’‡•‡•Ǥ —„Ž‹… †‡„– ‹• Ž‹‡ ’”‹˜ƒ–‡ †‡„– Ž‹‡† –‘ ƒ ‰”ƒ– ‘ˆ A×ȋmcȌ ȋ –‡”Ǧ ‡”‹…ƒ‡˜‡Ž‘’‡–ƒǡͳͻͻͶȌǤŽ‹‡–Š‡†‹•…‘—–‘’—„Ž‹…†‡„–A×ȋmcȌǡ’—„Ž‹…†‡„– ȋA)‹–•‡Žˆ†‘‡•‘–‹…”‡ƒ•‡‡–™‘”–Š†‹”‡…–Ž›Ǥ ‹•…‘—–• ‘ ‡š’‡•‡• DX ƒ”‡ …‘•–• ƒ„•‘”„‡† „› ‰‘˜‡”‡– ‘” †‘‘”• –Šƒ– –Š‡   †‘‡•‘–”‡…‘”†ƒ•‡š’‡•‡•ǤŽƒ••‹…‡šƒ’Ž‡•ƒ”‡–‡…Š‹…ƒŽƒ••‹•–ƒ…‡ǡˆ”‡‡†‡’‘•‹–‹•—”ƒ…‡ǡ …‘˜‡”ƒ‰‡ ‘ˆ ‘”‰ƒ‹œƒ–‹‘ …‘•–• ‘” ˆ‡ƒ•‹„‹Ž‹–› •–—†‹‡•ǡ †‡„– ‰—ƒ”ƒ–‡‡•ǡ …‘•—Ž–ƒ– •‡”˜‹…‡•ǡ …Žƒ••‡• ˆ‘” Ž‘ƒ ‘ˆˆ‹…‡”•ǡ ƒ† –”ƒ˜‡Ž ˆ‘” ‡’Ž‘›‡‡•Ǥ Š‹• ’ƒ’‡” ƒ••—‡• DX –‘ „‡ œ‡”‘ ‹ ƒŽŽ …ƒ•‡•ƒ• •†‘‘–…ƒ–‡‰‘”‹…ƒŽŽ›†‹•…Ž‘•‡‹–‹–Š‡ƒ—†‹–”‡’‘”–•Ǥ  1.2.3.3 Trueprofit ”—‡ ’”‘ˆ‹– TPǡ ƒ ‘Ǧ…ƒ•Š ‡“—‹–› ‰”ƒ–ǡ ‹• –Š‡ •‹š–Š ˆ‘” ‘ˆ •—„•‹†‹œ‡† ˆ—†• ȋƒ„Ž‡ ͳǤͶȌǤ –‹•ƒ……‘—–‹‰’”‘ˆ‹–ȋP)Ž‡••’”‘ˆ‹–‰”ƒ–•ǣ  ”—‡’”‘ˆ‹–α……‘—–‹‰’”‘ˆ‹–Ǧ”‘ˆ‹–‰”ƒ–•ǡ TP=P[RG+A(mc)+DX]  ŽŽ‡Ž•‡…‘•–ƒ–ǡ–”—‡’”‘ˆ‹–‹•–Š‡…Šƒ‰‡‹”‡–ƒ‹‡†‡ƒ”‹‰•–Šƒ–™‘—Ž†‘„–ƒ‹‹–Š‡ ƒ„•‡…‡‘ˆ’”‘ˆ‹–‰”ƒ–•Ǥ‘•‹–‹˜‡–”—‡’”‘ˆ‹–•ƒ”‡ƒ„‡‡ˆ‹–•‹…‡•‘…‹‡–›…‘—Ž†™‹–Š†”ƒ™–Š‡ ˆ‘”—•‡‡Ž•‡™Š‡”‡Ǥ‡‰ƒ–‹˜‡–”—‡’”‘ˆ‹–•ȋ–”—‡Ž‘••‡•Ȍƒ”‡•‘…‹ƒŽ…‘•–•Ǥ 

1.2.4 ChoiceofEconomicOpportunitycostofMFIConcessionalfunds(m) Š‡”‡ ‹• ƒŽ™ƒ›• ƒ …‘–”‘˜‡”•› ƒ„‘—––Š‡„‡•–’‘••‹„Ž‡ƒŽ–‡”ƒ–‹˜‡ ˆ‘” –Š‡ —•‡ ‘ˆ  • …‘…‡••‹‘ƒŽ ˆ—†•Ǥ ‘•– ”‡•‡ƒ”…Š‡”• ͳͶ ‹ –Š‹• …‘–‡š– Šƒ˜‡ ˆ‘ŽŽ‘™‡† –Š‡ ”ƒ–‡ ™Šƒ– ƒ”‘ 1

ȋͳͻͻʹƒǡ ͳͻͻʹ„ǡ ͳͻͻͶǡ ƒ† ‡–Ǥ ƒŽ ͳͻͻ͹Ȍ Šƒ• ’”‡•…”‹„‡† ˆ”‘ ‹˜‡•–‘”ǯ• ’‘‹– ‘ˆ ˜‹‡™ ™Š‡”‡ ‹ƒ…‡ •–‹–—–‹‘”‡’Žƒ…‡•’—„Ž‹…†‡„–™‹–Š†‡’‘•‹–•Ǥ‡†‡•…”‹„‡†‹–ƒ•–Š‡”ƒ–‡‘ˆ‹–‡”‡•– ‘†‡’‘•‹–• ͳͷ‹Ǥ‡Ǥ‹–‡”‡•–”ƒ–‡ˆ‘”–”‡ƒ•—”›„‹ŽŽ•‘”ǡ…‡”–‹ˆ‹…ƒ–‡•‘ˆ†‡’‘•‹–™‹–Šƒ–—”‹–‹‡•‘ˆ•‹š 1

‘–Š•–‘‘‡›‡ƒ”Ǥ”‡“—‹˜ƒŽ‡–Ž›ǡ–Š‡”ƒ–‡’ƒ‹†ˆ‘”–‹‡†‡’‘•‹–•„›•–ƒ–‡Ǧ‘™‡† •’Ž—• ƒ ƒ”Ǧ—’ ˆ‘” –Š‡ ‡š’‡…–‡† …‘•– ‘ˆ ƒ†‹‹•–”ƒ–‹‘ ƒ† ”‡•‡”˜‡ ”‡“—‹”‡‡–•ǡ …‘‘Ž›  14

Khandker,Khalily,andKhan,(1995)asRateonthreeyearDeposit(Bangladesh);HashemiandSchuler(1997)asTransactioncosts(3%)+ BangladeshBankdepositrate(IMF);Morduch,(1999b)asBangladeshBankdepositrate(IMF)+3%transactioncosts;Sacay,Randhawa,and Agabin,1996asdepositrate;Yaron,BenjaminandPiprek(1997)asmarketdepositrate;SchreinerandYaron(1999)asDepositratepaidbyMFI+ 3%transactioncosts 15 Benchmarkmarketrateforlocalcurrencyobligationsistheaveragedepositrate(line60l)fromtheInternationalMonetaryFund,International FinancialStatistics

 

ƒ••—‡† –‘ „‡ ƒ„‘—– –™‘ –‘ –Š”‡‡ ’‡”…‡–ƒ‰‡ ’‘‹–• „—– ƒ†Œ—•–ƒ„Ž‡ –‘ –Š‡ •’‡…‹ˆ‹… …ƒ•‡Ǥ —– •…‡’–‹…‹• ƒ„‘—†• ƒ• ‘Ž› ˆ‡™  • –ƒ‡ †‡’‘•‹–•Ǥ ˜‡ †‡’‘•‹– –ƒ‹‰  • ”‡’Žƒ…‡ •‘‡ •‘ˆ–†‡„–™‹–Šƒ”‡–†‡„–Ǥ  ’‘‹– ™‘”–Š ‡–‹‘‹‰ ‹• –Šƒ– ƒŽŽ –Š‡ •–—†‹‡• ˆ‘ŽŽ‘™ ƒ”‘ǯ• ȋͳͻͻʹƒƬ„Ȍ ƒ’’”‘ƒ…Š ƒ••—‡• „‘–Š –Š‡ ‘’’‘”–—‹–› …‘•– ‘ˆ —„Ž‹… †‡„– ƒ† ‡“—‹–› –‘ „‡ –Š‡ •ƒ‡Ǥ ‘™‡˜‡” ‡Œƒ‹ȋͳͻͻͶȌƒ††•ƒ’”‡‹—ˆ‘””‹•–‘–Š‡Ž‘…ƒŽ’”‹‡”ƒ–‡ˆ‘”–Š‡‘’’‘”–—‹–›…‘•–‘ˆ †‡„– ‘ –Š‡ ’”‡‹•‡ –Šƒ–  • ‡“—‹–› ƒ”‡ ‘”‡ ”‹•‹‡” –Šƒ –Š‡ †‡„– ƒ† –Š‡› †”ƒ™ ’”‹˜ƒ–‡ ˆ—†•ˆ”‘–Š‡‹”‘™ƒ”‡–•ȋ‘‹•…Š‡ǡͳͻͻͳǢ‡Š”ƒƒ†”‡•…‘––ǡͳͻͺͷǢ‘†‹‰Ž‹ƒ‹ƒ† ‹ŽŽ‡”ǡͳͻͷͺȌǤ…Š”‡‹‡”ȋͳͻͻͻǡʹͲͲ͵ȌƒŽ•‘„ƒ•‡†Š‹•…ƒŽ…—Žƒ–‹‘•‘ˆƒ”‡–‹–‡”‡•–”ƒ–‡ ͳ͸(m) 1

‘–Š‡•ƒ‡Ž‹‡•ǤŠ‡”‡–Š‡”‹•’”‡‹—‹•ǣ  ”‡‹—ˆ‘””‹•αpremiumforage+premiumforprofitability Š‡”‡Premiumforageis: =ȋ2/100/nȌ Š‡”‡n=NumberofyearsofoperationofanMFI †ǡPremiumofprofitabilityisǣ  ˆROEδͲ–Š‡ƒ††ͲǤͲ͵ ͲδROEδ”‹‡”ƒ–‡–Š‡ƒ††ͲǤͲʹ †–Š‡’”‹…‡‘ˆƒ”‡–‡“—‹–›‹•ǣ ”‹…‡‘ˆƒ”‡–“—‹–›ȋrȌαmȋͳǤͳΪͲǤͳLȌ Š‡”‡ ‡˜‡”ƒ‰‡ȋLȌαƒ˜‡”ƒ‰‡Ž‹ƒ„‹Ž‹–‹‡•Ȁƒ˜‡”ƒ‰‡‡“—‹–› rεmǡƒ•‡“—‹–›‹•‘”‡”‹•‹‡”–Šƒ†‡„–  ‡•‹†‡•–Šƒ–•‘‡‘–Š‡”•–—†‹‡• ͳ͹‘’–‡†ˆ‘””ƒ–‡‘ˆ‹ˆŽƒ–‹‘ƒ•’”‘š›ˆ‘”‘’’‘”–—‹–› 1

…‘•–‘ˆ’—„Ž‹…ˆ—†Ǥ—–ƒ••—‰‰‡•–‡†„›…Š”‡‹‡”ȋͳͻͻ͹Ȍǡ–Š‹•™‘—Ž†‡ƒƒ”‡ƒŽ‘’’‘”–—‹–› …‘•–‘ˆœ‡”‘ǡƒ†–Šƒ–‹•–‘‘Ž‘™Ǥ‘–Š‡”’”‘š›—•‡†‹–Š‡Ž‹–‡”ƒ–—”‡ˆ‘”–Š‡‘’’‘”–—‹–›…‘•– ‘ˆ—„Ž‹…†‡„–‹•DzͳͲΨ ͳͺ‹”‡ƒŽ–‡”•dzˆ”‘’‘‘”‘”†‘‘”•’‘‹–‘ˆ˜‹‡™Ǥ‘•–‰‘˜‡”‡–• 1

ƒ††‘‘”••—…Šƒ•–Š‡‘”Ž†ƒŠƒ˜‡—•‡†ƒ”—Ž‡‘ˆ–Š—„‘ˆͳͲ‘”ͳʹ’‡”…‡–’‡”›‡ƒ”‹ ”‡ƒŽ–‡”•Ǥ‡˜‡”–Š‡Ž‡••ǡ‘‘‡‘™•ƒ„‘—––Š‡–”—‡‘’’‘”–—‹–›…‘•–ˆ‘”–Š‡’‘‘”Ǥ –…‘—Ž† „‡ Š‹‰Š‡” ‘” Ž‘™‡”ǡ „—– ͳͲ ’‡”…‡– •‡‡• Ž‹‡ ƒ ‰‘‘† ”—Ž‡ ‘ˆ –Š—„Ǥ ˆ –Š‹• ”ƒ–‡ ‹• –‘‘ Š‹‰Šǡ –Š‡ ‹– —Œ—•–Ž› ˜ƒŽ—‡• ’‡‘’Ž‡ ‘™ ƒ† ‹ –Š‡ ‡ƒ” ˆ—–—”‡ ‘”‡ –Šƒ ’‡‘’Ž‡ ‹ –Š‡ †‹•–ƒ– ˆ—–—”‡Ǥ  ’”ƒ…–‹…‡ǡ –Š‡ ’‘‹– ‹• ‘‘–Ǥ  • …‘’‡–‡ ˆ‘” ’—„Ž‹… ˆ—†• ‘™ ƒ‰ƒ‹•– ƒŽŽ ‘–Š‡” ’”‘Œ‡…–•ˆ—†‡†„›–Š‡„—†‰‡–‡ƒ”ƒ”‡†–‘Š‡Ž’–Š‡’‘‘”Ǥ‘…‘’ƒ”‡–Š‡•‡’”‘Œ‡…–•ǡ†‘‘”• —•–—•‡–Š‡•ƒ‡‘’’‘”–—‹–›…‘•–ˆ‘”ƒŽŽ‘ˆ–Š‡ǤŠ‹•‘’’‘”–—‹–›…‘•–•Š‘—Ž†„‡Œ—•–Š‹‰Š  16

17%(Localprimerate+riskadjustment).Tooklendingrate(IFS)aslocalprimerate (Rosenberg,Christen,andHelms,1997;HoltmannandMommartz,1996;Christenetal.,1995;SEEP,1995;IADB,1994) 18 (Belli,1996;KatzandWelch,1993;Gittinger,1982) 17

 

‡‘—‰Š •‘–Š‡ ’”‘Œ‡…–• –Šƒ– ’ƒ••ƒ „‡‡ˆ‹–Ǧ…‘•– –‡•–‡šŠƒ—•– ƒŽŽ –Š‡ ˆ—†• ‡ƒ”ƒ”‡† –‘ Š‡Ž’ –Š‡’‘‘”ǤŠ‡„—”†‡‘ˆ’”‘‘ˆˆ‘”•‘‡‘–Š‡”‘’’‘”–—‹–›…‘•–”‡•–•‘–Š‡ƒƒŽ›•–ȋ ‹––‹‰‡”ǡ ͳͻͺʹȌǤ Š‡†‡„ƒ–‡•‡‡•–‘„‡‰‘‹‰‘‡†Ž‡••Ž›Ǥ……‘”†‹‰–‘…Š”‡‹‡”ƒ†ƒ”‘ȋͳͻͻͻȌǡ –Š‡…Š‘‹…‡•Š‘—Ž†‡‡–ˆ‘—”…”‹–‡”‹ƒǤ ‹”•–ǡ–Š‡—„‡”•Š‘—Ž†„‡‡ƒ‹‰ˆ—Žǡ–Šƒ–‹•ǡ…”‡†‹„Ž› …Ž‘•‡ –‘ –Š‡ –”—‡ ‘’’‘”–—‹–› …‘•–Ǥ ‡…‘†ǡ ƒŽŽ ’—„Ž‹…Ǧ•‡…–‘” ƒƒŽ›•‡• •Š‘—Ž† —•‡ –Š‡ •ƒ‡ ‘’’‘”–—‹–› …‘•– „‡…ƒ—•‡ ƒŽŽ ’—„Ž‹… ’”‘Œ‡…–• …‘’‡–‡ ˆ‘” ’—„Ž‹… ˆ—†• ƒ† „‡…ƒ—•‡ …‘’ƒ”‹•‘•ƒ…”‘••’”‘Œ‡…–•”‡“—‹”‡–Š‡—•‡‘ˆƒ—‹ˆ‘”‘’’‘”–—‹–›…‘•–ǤŠ‹”†ǡŠ‹‰Š‡””ƒ–‡• ƒ”‡’”‡ˆ‡””‡†–‘Ž‘™‡””ƒ–‡•ǡƒŽŽ‡Ž•‡…‘•–ƒ–ǤŠ‹•’”‘–‡…–••‘…‹‡–›ˆ”‘–Š‘•‡™Š‘™‘—Ž†—•‡ Ž‘™”ƒ–‡•–‘‰‹˜‡ƒˆƒŽ•‡•‡•‡‘ˆ”‹‰‘”–‘•—’’‘”––Š‡‹”’‡–’”‘Œ‡…–•Ǥ ‘—”–Šǡ–Š‡”ƒ–‡…Š‘•‡ —•–„‡…”‡†‹„Ž‡Ǥ ƒ•‡†‘–Š‡ƒ„‘˜‡†‹•…—••‹‘ǡ–Š‹••–—†›—•‡•–Š‡…‘•–‘ˆ’”‹˜ƒ–‡†‡„–ȋŽ‘…ƒŽ’”‹‡”ƒ–‡ ‹Ǥ‡Ǥ Ž‡†‹‰ ”ƒ–‡ ͳͻȌ ƒ• ƒ ‘’’‘”–—‹–› …‘•– ˆ‘”  • …‘…‡••‹‘ƒŽ „‘””‘™‹‰• ‹ …ƒŽ…—Žƒ–‹‰ 1

•—„•‹†› †‡’‡†‡…‡ ‹†‡š ȋ Ȍ ‘ –Š‡ ’”‡‹•‡ –Šƒ– ’”‹˜ƒ–‡ †‡„– ”‡’Žƒ…‡• ’—„Ž‹… †‡„–Ǥ ‘” ˆ‡™…‘—–”‹‡•™Š‡”‡”‡Ž‹ƒ„Ž‡‡•–‹ƒ–‡•‘ˆ‡†‹‰”ƒ–‡ƒ”‡‘–ƒ˜ƒ‹Žƒ„Ž‡ǡͳͲΨ”ƒ–‡‹•—•‡†ƒ•ƒ ’”‘š›Ǥ ‘” …‘’ƒ”ƒ–‹˜‡ ƒƒŽ›•‹• ’—”’‘•‡ǡ ‹ ƒ††‹–‹‘ –‘ —•‹‰ ƒ”‡– Ž‡†‹‰ ”ƒ–‡ ȋmȌǡ –Š‹• ’ƒ’‡”ƒŽ•‘…ƒŽ…—Žƒ–‡• —•‹‰‡Œƒ‹ȋͳͻͻͶȌˆ‘”—Žƒ„›ƒ††‹‰–Š‡”‹•’”‡‹—–‘–Š‡ Ž‡†‹‰”ƒ–‡ƒ•†‡•…”‹„‡†ƒ„‘˜‡ǤŠ‡…ƒŽ…—Žƒ–‡† ˜ƒŽ—‡•—•‹‰‡Œƒ‹ˆ‘”—ŽƒŠƒ˜‡„‡‡ ’”‡•‡–‡†ƒ––Š‡‡†‹AppendixB 20Ǥ 1

 1.3 MicrofinanceHorizon 1.3.1SubsidyDependenceIndex(SDI) ƒ„Ž‡ 1.5 †‡’‹…–• –Š‡ …ƒŽ…—Žƒ–‡†   ˜ƒŽ—‡• ˆ‘” ›‡ƒ”• ʹͲͲͷ Ƭ ʹͲͲ͸ —•‹‰ –Š‡ Ž‡†‹‰ ”ƒ–‡ƒ•–Š‡ƒ”‡–‹–‡”‡•–”ƒ–‡Ǥ†‡–ƒ‹Ž‡†•‡–‘ˆ…ƒŽ…—Žƒ–‹‘•ˆ‘”ƒŽŽ–Š‡ •ƒ”‡‰‹˜‡ƒ––Š‡ ‡† ‹ Appendix CǤ   ˜ƒŽ—‡• ˆ‘” ʹͷ  • ˆ‘” –Š‡ ›‡ƒ” ʹͲͲ͸ ƒ”‡ ‹••‹‰ †—‡ –‘ –Š‡ —ƒ˜ƒ‹Žƒ„‹Ž‹–›‘ˆ–Š‡‹”—†‹–‡’‘”–•ˆ‘”›‡ƒ”ʹͲͲ͸Ǥ—–‘ˆ–Š‡–‘–ƒŽʹͲͶ •‹›‡ƒ”ʹͲͲͷǡͳͷ͵  •ƒ”‡•—„•‹†›†‡’‡†‡–™Š‹Ž‡ˆ‘”›‡ƒ”ʹͲͲ͸ǡ‹–‹•ͳʹʹ‘—–‘ˆ–‘–ƒŽͳ͹ͻ •ǤŽŽ–Š‡˜ƒŽ—‡• –ƒ‡ ˆ”‘ –Š‡ ”‡•’‡…–‹˜‡  ǯ• —†‹– ”‡’‘”–• Šƒ˜‡ „‡‡ …‘˜‡”–‡† ‹–‘ –Š‡  —•‹‰ ‡š…Šƒ‰‡ ”ƒ–‡• ’”‘˜‹†‡† „› Š‡ ‹š ƒ”‡– ™‡„•‹–‡Ǥ Š‡ ‹–‡”’”‡–ƒ–‹‘ ‘ˆ   ˜ƒŽ—‡• ‹• •–”ƒ‹‰Š–ˆ‘”™ƒ”†Ǥƒ‡–Š‡˜ƒŽ—‡‘ˆ›‡ƒ”ʹͲͲͷ‘ˆͳ•– DzCDSdz‹ƒ„Ž‡1.5ˆ‘”‡šƒ’Ž‡ǤŠ‡ ’‘•‹–‹˜‡˜ƒŽ—‡‘ˆͲǤͳ͸ͳ‡ƒ•–Šƒ–‹••—„•‹†›†‡’‡†‡–ƒ•‹–†‹•–‘”–•’—„Ž‹…™‡ƒŽ–ŠǤ –Šƒ•  19 20

TakenfromtheInternationalFinancialStatistics(IFS)2005&2006. ThedetailedcalculationsofSDIaccordingtoBenjamin(1994)formulaforallMFIsareavailableuponrequest

 

ƒ„Ž‡1.5 SubsidyDependenceIndex(SDI) MFIs

2005 2006 MFIs 2005 2006 MFIs 2005 2006 MFIs 2005 2006 AFRICA HORIZON ͲǤͳʹͶ ͲǤͲ͹͸ FIE ͲǤʹͳͺ ͲǤͲͻͻ EDPY.EDYF ͲǤʹ͵Ͳ ͲǤͶ͵͸ CDS ͲǤͳ͸ͳ ͲǤͳͲͻ INECO ǦͲǤͲʹͺ ͲǤͲ͸ͺ FONCRESOL ͲǤ͵ͷͻ Ǧ FINCAPER ͲǤʹ͸ͻ ͲǤ͵ͺͲ ACSI ǦͲǤʹͷͲ ǦͲǤ͵ͺͺ CREDAGRO ͲǤ͸ͺ͹ ͲǤͲͲͲ FUNBODEM ͲǤͶͳ͸ ͲǤͳ͹ʹ FONDESURCOͲǤʹ͸Ͷ ͲǤͷͳͻ ADCSI ͲǤͳ͹ͻ ͲǤ͹ͲͶ ACCESS ͲǤͶ͸ͳ ͲǤͶͲͶ PRODEM ͲǤͳͷ͹ ͲǤͲͳʹ IDESILL ͲǤͲʹʹ Ǧ BG ͲǤͺͲͻ ͲǤͲʹ͸ NORMICRO ͲǤͳͺ͵ ͲǤʹͻͲ PROMUJAR ͲǤͶͲ͹ ͲǤʹͶͳ MIBANCO ǦͲǤͲͺͻ ͲǤͲ͵Ͷ DECSI ǦͲǤͲ͹Ͷ ǦͲǤͳͲͺ VIATOR ǦͲǤͳʹͳ ͲǤͲͺʹ CMMBOG ͲǤͳʹʹ ͲǤͲͻ͸ MOVIM.MR ͲǤͳͳͶ ͲǤʹʹʹ OMO ͲǤͶͺͶ ǦͲǤͲͲ͵ EKI ͲǤͳͶ͸ ǦͲǤͳ͹͵ FINAMERICA ͲǤͳʹͳ ͲǤͳ͹Ͳ PROMUJER ͲǤʹͷ͸ ͲǤͳ͸͹ WISDOM ͲǤͶͻͳ ǦͲǤͲ͸ͳ MIKROFIN ǦͲǤͲͶͷ ǦͲǤ͵ͷͶ FMMBUCA ǦͲǤͳ͹Ͷ ǦͲǤͳͺ͵ MCHL ͲǤͶͻͲ Ǧ NOVOBANCO ʹǤ͹͹Ͷ ͲǤ͵Ͷ͹ PARTNER ͲǤͲͻͳ ǦͲǤͳʹͷ FMMPOP ǦͲǤͳ͵ͷ ͲǤͲͶ͹ BANGENTE ͲǤ͸͸Ͷ ͲǤ͵ͷͳ ALIDE ͳǤͳ͸ͻ ͲǤͷͺͺ SUNRISE ͲǤͲʹͳ ǦͲǤͳ͹͸ WMMMED ͲǤʹͳʹ ͲǤͲʹ͵ ME&NA FECECAM ͲǤͲͷͶ ͳǤ͵ͺʹ CFUND ͲǤʹͳ͸ ͲǤ͵Ͳͻ WWBCA ͲǤͲʹͲ ͲǤͲ͹ͷ ALTADAMUNͲǤͻ͹ͷ ǦͲǤ͹ʹͲ PADME ͲǤʹͺ͹ ʹͳͶǤͷ͸ͷ CONSTANTA ͲǤͷͶͺ ͲǤ͵͸ͻ CREDIMUJER ͲǤ͸ʹ͵ ͲǤʹͻʹ DBACD ͲǤʹͶʹ ͲǤͲʹͷ VF ͲǤʹͲͷ ͲǤʹͷͶ CREDO ͲǤ͹ʹͺ ͲǤͶʹ͸ FUNDECOCA ͲǤͺʹ͸ Ǧ LEAD ͳǤ͵͵Ͳ ǦͲǤͶ͹Ͳ RCPB ǦͲǤͲͷͳ ǦͲǤͲͻͶ LAZIKA ͲǤͺͷͲ ͲǤ͵Ͷ͸ ADEMI ͲǤͳ͹Ͳ Ǧ TamweelcomǦͲǤͲ͸ʹ ǦͲǤͲͶͲ ACEPCAM ͳǤʹͶ͸ Ǧ KMF ǦͲǤͲͻͺ ǦͲǤͲͻ͹ BANCOSOL ͲǤͲͲ͵ ͲǤͳͷ͸ MFW ǦͲǤͳʹͷ ͲǤͲͳͲ KSF ͲǤͳͻ͸ Ǧ AIYLBANK ͲǤͻ͵͹ ͲǤͺͺ͸ COACJARDIN ͲǤͳʹʹ ͲǤͳͳͺ ALAMANA ǦͲǤͲͲͺ ͲǤͲͳʹ OISASL ͲǤͳͺͻ ǦͲǤͲͻʹ BTFF ͳǤͳ͸Ͷ ͲǤͷͷͶ COACSJOSE ͲǤͲͶͷ ͲǤͳͶ͹ ALKARAMA ǦͲǤͳͳͲ ͲǤͲͳͳ PCREDGHA ǦͲǤͲ͸ͺ ǦͲǤͲʹͺ FMCC ͲǤͷͲͺ ǦͲǤͲͲͶ COACSAC ͲǤͳ͵͹ ͲǤͳͶͲ FONDEP ǦͲǤͲʹʹ ǦͲǤ͵͵Ͳ SAT ǦͲǤͲͳ͵ ͲǤͲͷ͵ CRED.MONGOL ͲǤͶͷ͹ ͲǤͶͲ͹ DMIRO ǦͲǤͲ͹ͷ ǦͲǤʹ͹ͺ INMAA ǦͲǤͲͲͶ ǦͲǤͲͻͲ EBS ǦͲǤʹ͵ͺ ǦͲǤ͵ʹͲ KHANBANK ͲǤͲͷʹ ǦͲǤͲ͸͵ FINCAECU ǦͲǤ͸ͳͳ ǦͲǤʹ͹ͷ ZAKOURA ǦͲǤͲ͵͹ ͲǤͲ͸ͳ KADET ͲǤͷͺʹ ͲǤͺͶͻ FORUS ͲǤͲͻͷ ͲǤ͵͵ʹ FODEMI ǦͲǤͲͷͷ ǦͲǤͲͻͳ ENDA ǦͲǤͲͶͶ ǦͲǤ͵ʹͲ KREP ͲǤͳͺͺ ͲǤͲ͵ͺ AGROINVEST ͲǤʹͷͺ ͲǤͳʹͷ FUNDACIONESǦͲǤ͵ͳͷ ǦͲǤͶʹ͵ SOUTHASIA KWFT ͲǤͳ͵Ͷ ͲǤͳ͸Ͳ BANKESKHATAͲǤͲͲ͹ͷ ͲǤʹ͹ʹ PROCREDECU ͲǤͲͷͷ ǦͲǤͲͲͳ ARMP ͲǤ͸ͷ͵ ͲǤͳͺʹ MDSL ͲǤͳͷͳ ǦͳǤͻͳͶ FMFBTAJ ͳǤͷͲͻ ͲǤͺͳͷ AMCDERL ͲǤͳ͸Ͷ ͲǤͶͲͳ BRACAFG ͳǤʹͲͲ ͲǤ͸Ͷ͸ SMEP ͲǤʹ͵ʹ ͲǤ͵Ͳͻ IMON ͲǤͺʹͶ ͲǤ͵Ͳͳ FUNDACION ͲǤʹͶʹ ͲǤͶ͸ͻ FMFBAFG ͳǤͲ͵Ͷ ͲǤͲ͹͹ FINCAMAL ͲǤ͵ͳ͵ Ǧ MICROINVEST ͲǤʹ͵͹ ͲǤʹ͸ͳ FAFIDESS ǦͲǤͳͳ͹ Ǧ ASA ǦͲǤʹͺ͸ ǦͲǤʹʹ͸ KAN.JAGIMA ǦͲǤ͵ͺͲ Ǧ E.ASIA&PACIFIC FUNDACIONM ͲǤ͹ͻͶ Ǧ BRACBAN ͳǤͲ͵ͷ ͲǤͺͷͻ SOROY ͲǤͻͷʹ ͳǤͷͲ͸ ACLEDA ͲǤͲͻͻ ͲǤͲ͸͸ FUNDEA ͲǤʹͳͻ Ǧ BTANGAIL ǦͲǤͳ͵͸ ǦͲǤͲʹ͵ FCC ͳǤͶ͸ ͲǤͳͺͲ AMRET ͲǤͳ͵ʹ ͲǤͲ͹Ͳ GENESISEM ͲǤͳ͵ͳ ͲǤͳͷͷ DESHA ͲǤͲͶͷ Ǧ NOV.BANCO ͲǤ͵͹͹ ǦͲǤͳͲͶ SATHAPNA ͲǤͳͻͶ ͲǤ͵ͺ͵ ACME ͲǤͳͺͺ ͲǤʹ͸ͳ IDF ǦͲǤͲ͹ͳ ǦͲǤͲͷͻ SOCREMO ͲǤ͵ͷͲ ͲǤͳͻ͵ HKL ͲǤʹͶʹ ͲǤͲͺ͸ FINCAHON ͲǤͳͻͶ ͲǤͳʹͶ RDRS ͳǤͳͻͷ ͳǤʹͺ͹ TCHUMA ͲǤʹͷͷ ͲǤʹͳ͹ PRASAC ͲǤ͵Ͷ͹ ͲǤ͵Ͳͳ HDH ͲǤʹͶͲ ͲǤͺͻͲ SHAKTI ͲǤͳ͹ͻ ǦͲǤͲͲͺ LAPO ͲǤͲͳʹ ǦͲǤͲ͹ʹ MBKVENTU ͲǤ͵ͺͶ ͲǤʹͳͳ WORLDREL ͲǤͳʹʹ ͲǤͲͻͺ TMSS ͲǤ͹ͷ͵ ͲǤͷͻͳ SEAP ǦͲǤͳͺͲ ǦͲǤ͵Ͳͷ ASHI ͲǤ͵͵ͳ ͲǤͲͺʹ ACODEP ǦͲǤͳͳ͵ ǦͲǤͳͷͶ BANDHAN ͲǤͲͻͷ ǦͲǤʹͳͷ SEFZAF ͲǤ͵ͲͲ ͲǤͳ͸ͳ BCB ǦͲǤʹ͹ʹ ǦͲǤͳͻ͸ FAMA ǦͲǤʹͳͺ Ǧ BASIX ͲǤͳͳͻ ͲǤͲͺͺ ACEP ͲǤͶʹͳ Ǧ BANGKOKA ǦͲǤͳͳ͵ ǦͲǤͳͷ͹ FDL ǦͲǤͳ͹͸ ǦͲǤͲͷͳ CASHPOOR ͲǤ͹Ͷ͸ ͲǤ͵ͺ͸ CMS ͲǤ͵͸ͳ ͲǤ͵ͳ͵ CBMO ǦͲǤʹʹ͹ ǦͲǤʹͷ͵ BANEX ͲǤͲͲ͸ ǦͲǤͲ͵͹ ESAF ͲǤʹͶ͵ ǦͲǤͲͺ͵ PAMECAS ͲǤͲͷʹ ǦͲǤͳͲ͵ DIGOS ǦͲǤͲͳͲ ǦͲǤͲͻͻ FJN ǦͲǤͳͶͻ Ǧ GK ͲǤͳ͵Ͳ ǦͲǤͲͷͻ FINCATAN ͲǤͲ͸ͷ Ǧ GREEN ǦͲǤͲͲ͵ Ǧ FUNDENUSE ǦͲǤͶͺʹ Ǧ IASC ͲǤͲͺͺ Ǧ PRIDE ͲǤͲͳ͹ ͲǤͲ͹Ͷ ISTVALLEY ͲǤͳͻͺʹ ǦͲǤʹ͵Ͷ PROCREDNIC ͲǤͲ͵ͳ ͲǤͳͳ͸ KBSLAB ͲǤͶ͸ʹ ͲǤͶ͹ͺ CBANK ͲǤͲͲͻ ǦͲǤͲ͹Ͷ NWFT ͲǤͲ͹͸͹ ǦͲǤͲͳ͵ PRODESA ǦͲǤʹͺʹ ǦͲǤ͵ͳͳ MAHASEMANǦͲǤͳͲͲ Ǧ CML ͲǤͲʹͶ ͲǤͳͺͻ SOLANO ǦͲǤʹͶͳ ǦͲǤʹ͸ͻ FIELCO ͲǤͲͶͻ ͲǤͲͻͳ SHAREMF ǦͲǤͳͳ͸ ͲǤͳͷͺ FAULU ͲǤʹͳͳ ͲǤͶ͵͸ TSPI ǦͲǤͲͷͲ ǦͲǤͲ͹Ͳ INTERFISA ͲǤͳʹͺ ͲǤͲͲʹ SNFL ͲǤ͸͵ͻ ͲǤͷ͵ͳ FINCAUGA ͲǤͲͶ͹ ͲǤͳʹͷ SPBD ͲǤͷͲ͵ ͲǤ͵͹ͳ BANTRA ͲǤͲͷ͵ ͲǤͳͷͺ CBB ͲǤʹͻ͸ ǦͲǤͲʹͻ MEDNET ͲǤͳ͹ͻ ͵ǤͲͲͺ CEP ǦͲǤͲ͹Ͳ ǦͲǤͳͳ͹ CAJANOR ͲǤͲ͵Ͳ ͲǤͲͺ͹ NIRDHAN ͲǤʹͷͲ ͲǤʹ͸ͷ UML ͲǤ͹ͷͻ Ǧ TYM ǦͲǤͳͳͲ ǦͲǤͲͳͲ CARITAS ͲǤ͸Ͷ͸ ͲǤͶ͵ͺ NSSC ͲǤͳͲͷ Ǧ CETZAM ʹǤ͵Ͷʹ ͲǤͺ͵Ͳ AGROCAPITAL ͲǤ͸ͳͷ ͲǤʹ͸ͷ CMACARQ ǦͲǤͲͺͶ ǦͲǤͲ͹͵ PGBB ͲǤͷ͵͵ Ǧ FINCAZAM ͲǤͷͳͻ ͲǤͲ͵Ͷ LATINAMERICA CMACCUS ǦͲǤͲͺʹ Ǧ VYCCU ǦͲǤͳͺʹ Ǧ C.ASIA&E.EUROPE BANCOSOL ͲǤͳͳͶ ͲǤͲͲͲ CMACMAY ͲǤͲ͹ͺ ͲǤͲ͹Ͳ ASASAH ͲǤʹͳͳ ͳǤͲͳͷ BESA ͲǤʹͶͲ͵ ͲǤͲͳͲ BNACOLA ͲǤ͵ͳͳ ͲǤͳʹͶ CMACTAC ͲǤͲͷ͸ ͲǤͳ͵ͺ FMBL ʹǤͳʹͷ ͲǤͷͳͶ PCREDALB ͲǤͲͷʹ ͲǤͲͲ͸ CRECER ͲǤͲ͵ͻ ǦͲǤͲʹͺ CMACTRU ͲǤͲ͵͵ ͲǤͲͳͺ KASHF ͲǤͲ͵͸ ͲǤͲͶͷ Opportunity ͲǤʹͺͷ ͲǤͲͷͻ ECOFUTURO ͲǤͳͳͺ ͲǤͲͳ͵ EDPY.CT ͲǤͳͻ͸ ͲǤ͵͹Ͳ   ACBA ͲǤʹͺ͵ ͲǤʹ͹ͳ FADES ͲǤͷͶ͹ ͲǤʹͶͻ EDPY.COF. ͲǤʹͷ͸ ͲǤ͸͵ͳ   2

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AhighSDIvalueheresignifieslargenegativeprofitduetothesharpdeclineinrevenuesfromthelendingoperations.

 

•—„•‹†›ˆ”‡‡•Š‘—Ž†…Šƒ”‰‡ʹʹǤͶͳΨ‹–‡”‡•–”ƒ–‡–‘„‘””‘™‡”•‘Ž‘ƒ•Ǥ–Š‡‘–Š‡”Šƒ†–Š‡ ʹ† Dz dz‹ͳ•–…‘Ž—Šƒ•ƒ‡‰ƒ–‹˜‡˜ƒŽ—‡‘ˆǦͲǤʹͷͲ™Š‹…Š•Š‘™•–Šƒ–‹–‹••—„•‹†›Ǧˆ”‡‡ ƒ†–Š—•…”‡ƒ–‹‰’—„Ž‹…™‡ƒŽ–ŠǤŠ‹••—‰‰‡•–•–Šƒ–‹–…ƒ”‡†—…‡‹–‡”‡•–”ƒ–‡‘Ž‘ƒ„›ʹͷΨ ƒ†•–‹ŽŽ”‡ƒ‹••—„•‹†›Ǧˆ”‡‡Ǥ Dz dzƒ…–—ƒŽŽ›…Šƒ”‰‡•ͺǤ͸Ψ‹–‡”‡•–”ƒ–‡‘Ž‘ƒ•–‘–Š‡ „‘””‘™‡”•ǤʹͷΨ”‡†—…–‹‘‹‹–‡”‡•–”ƒ–‡•—‰‰‡•–•–Šƒ–‹–…ƒ”‡†—…‡‹–‡”‡•–”ƒ–‡–‘͸ǤͶͷΨ ƒ†•–‹ŽŽ”‡ƒ‹•—„•‹†›Ǧˆ”‡‡Ǥ ƒ”‘‡–ƒŽǤȋͳͻͻ͹Ȍ’‹†‘™ˆ‘—”ˆƒ…–‘”•…”‹–‹…ƒŽ‹‡Ž‹‹ƒ–‹‰•—„•‹†›†‡’‡†‡…‡ƒ• ƒ†‡“—ƒ–‡‘ǦŽ‡†‹‰”ƒ–‡•ǡŠ‹‰Š”ƒ–‡•‘ˆŽ‘ƒ…‘ŽŽ‡…–‹‘ǡ •ƒ˜‹‰•‘„‹Ž‹œƒ–‹‘ǡƒ†…‘–”‘Ž‘ˆ ƒ†‹‹•–”ƒ–‹˜‡…‘•–•ǤƒŽ…—Žƒ–‹‰ ˆ‘”–™‘…‘•‡…—–‹˜‡›‡ƒ”•‡ƒ„Ž‡•—•–‘–”ƒ…†‘™–Š‡ ‘˜‡‡–ƒ†…ƒ—•‡•‘ˆ•—„•‹†‹œƒ–‹‘‘ˆ‡ƒ…Š Ǥ  ƒ„Ž‡1.6 —„•‹†›Ǧˆ”‡‡ •‹ʹͲͲ͸ȋ•—„•‹†›Ǧ†‡’‡†‡–•‹ʹͲͲͷȌ MFIs OMO WISDOM OlSASL MDSL NOVO BANCO LAPO PAMECAS Centenary Bank EKI PARTNER SUNRISE FMCC KHANBANK 1stVALLEY NWFT CRECER AL TADAMUN LEAD SHAKTI

Contributingfactors ”‘ˆ‹–•‹…”‡ƒ•‡†„›ƒŽ‘•–Ͷ–‹‡•Ǥ‡˜‡—‡•ˆ”‘Ž‡†‹‰ƒŽ‘•–†‘—„Ž‡†Ǥ ”‘ˆ‹–• ‹…”‡ƒ•‡† „› ‘”‡ –Šƒ ͸ –‹‡•Ǥ ‡˜‡—‡• ˆ”‘ Ž‡†‹‰ ‘”‡ –Šƒ †‘—„Ž‡†Ǥ ”‘ˆ‹–•‹…”‡ƒ•‡†„›ƒŽ‘•–ʹͻ–‹‡•Ǥ ”‘ˆ‹–• ‹…”‡ƒ•‡† „› ƒŽ‘•– ͳͺ –‹‡•Ǥ –‡”‡•– …‘•– –‘ Ž‘ƒƒ„Ž‡ ˆ—†• •‹‰‹ˆ‹…ƒ–Ž›†‡…”‡ƒ•‡†Ǥ ”‘ˆ‹–• ™‡”‡ ‡‰ƒ–‹˜‡ ‹ ʹͲͲͷǤ  ›‡ƒ” ʹͲͲ͸ ‹– Šƒ• ’‘•‹–‹˜‡ ’”‘ˆ‹–•Ǥ ƒ”‡– Ž‡†‹‰”ƒ–‡†‡…”‡ƒ•‡†Ǥ ‘ ”‡˜‡—‡ ‰”ƒ–• ˆ‘” ›‡ƒ” ʹͲͲ͸Ǥ  ʹͲͲͷǡ ‹– ™ƒ• Ͷ͸͹͸͹͹  ƒ• ‘’‡”ƒ–‹‰ ‰”ƒ–Ǥƒ”‡–Ž‡†‹‰”ƒ–‡ƒŽ•‘†‡…”‡ƒ•‡†Ǥ ”‘ˆ‹–•‹…”‡ƒ•‡†„›‘”‡–Šƒ†‘—„Ž‡Ǥ –‡”‡•–‹…‘‡‹…”‡ƒ•‡†–‘‘Ǥ ‘ …‘…‡••‹‘ƒŽ Ž‘ƒ•Ǥ …”‡ƒ•‡† ’”‘ˆ‹–• †—‡ –‘ ‹˜‡•–‡– ‹…‘‡ „› –ƒ‹‰ †‡’‘•‹–•ƒ†‹–‡”‡•–‹…‘‡Ǥ ”‘ˆ‹–• ‹…”‡ƒ•‡† „› ͵ –‹‡• Žƒ•– ›‡ƒ”Ǥ ƒ”‡– Ž‡†‹‰ ”ƒ–‡ †‡…”‡ƒ•‡† ‹ ›‡ƒ” ʹͲͲ͸Ǥ ”‘ˆ‹–• ‹…”‡ƒ•‡† „› ͵ –‹‡• Žƒ•– ›‡ƒ”Ǥ ƒ”‡– Ž‡†‹‰ ”ƒ–‡ †‡…”‡ƒ•‡† ‹ ›‡ƒ” ʹͲͲ͸Ǥ ”‘ˆ‹–• †‘—„Ž‡† Žƒ•– ›‡ƒ”Ǥ ƒ”‡– Ž‡†‹‰ ”ƒ–‡ †‡…”‡ƒ•‡†ǡ ƒ‹‰ „‘””‘™‹‰ …Š‡ƒ’Ǥ ”‘ˆ‹–•‘”‡–Šƒ–”‹’Ž‡††—‡–‘‹…”‡ƒ•‡‹‹˜‡•–‡–‹…‘‡Ǥ ”‘ˆ‹–• ‘”‡ –Šƒ †‘—„Ž‡†Ǥ –‡”‡•– ‹…‘‡ ˆ”‘ Ž‘ƒ• ƒ† ‹˜‡•–‡– „‘–Š ‹…”‡ƒ•‡†Ǥƒ”‡–Ž‡†‹‰”ƒ–‡†‡…”‡ƒ•‡†ˆ‘”›‡ƒ”ʹͲͲ͸Ǥ –‡”‡•– ’ƒ‹† ˆ‘” „‘””‘™‹‰ ™ƒ• ‰”‡ƒ–‡” –Šƒ ƒ”‡– ”ƒ–‡ ˆ‘” ʹͲͲ͸Ǥ ”‘ˆ‹– ‹…”‡ƒ•‡† †—‡ –‘ ‹…”‡ƒ•‡† ‹–‡”‡•– ‹…‘‡ ƒ† ‹˜‡•–‡–Ǥ ‡˜‡—‡ ‰”ƒ–• ƒŽ•‘‡Ž‹‹ƒ–‡†Ǥ –‡”‡•– ’ƒ‹† ˆ‘” „‘””‘™‹‰ ™ƒ• ‰”‡ƒ–‡” –Šƒ ƒ”‡– ”ƒ–‡ ˆ‘” ʹͲͲ͸Ǥ ‡˜‡—‡ ‰”ƒ–•‡Ž‹‹ƒ–‡†Ǥ ƒ”‡–Ž‡†‹‰”ƒ–‡ˆ‡ŽŽ•‹‰‹ˆ‹…ƒ–Ž›‹ʹͲͲ͸–‘ͳͳΨˆ”‘ͳ͹Ψ‹ʹͲͲͷǤ ‡˜‡—‡ ‰”ƒ–• †‡…”‡ƒ•‡† •‹‰‹ˆ‹…ƒ–Ž›Ǥ Š‹Ž‡ ‹–‡”‡•– ‹…‘‡ ˆ”‘ Ž‡†‹‰ ‹…”‡ƒ•‡†Ǥ ‡˜‡—‡‰”ƒ–•†‡…”‡ƒ•‡†Ǥ –‡”‡•–‹…‘‡ˆ”‘Ž‘ƒ•‹…”‡ƒ•‡†•Šƒ”’Ž›Ǥ ”‘ˆ‹–•‹…”‡ƒ•‡†Ǥ‹•…‘—–‘„‘””‘™‹‰ƒŽ•‘†‡…”‡ƒ•‡†‹ʹͲͲ͸Ǥ 



BANDHAN ESAF GK CBB

”‘ˆ‹–•‹ʹͲͲ͸‹…”‡ƒ•‡†•Šƒ”’Ž›Ǥ ‡˜‡—‡‰”ƒ–•†‡…”‡ƒ•‡†ǤŠ‹Ž‡”‡˜‡—‡ˆ”‘Ž‡†‹‰‹…”‡ƒ•‡†•‹‰‹ˆ‹…ƒ–Ž›Ǥ ‡˜‡—‡‰”ƒ–•†‡…”‡ƒ•‡†ǤŠ‹Ž‡”‡˜‡—‡ˆ”‘Ž‡†‹‰‹…”‡ƒ•‡†•‹‰‹ˆ‹…ƒ–Ž›Ǥ ”‘ˆ‹––”‹’Ž‡†Ǥ

Sourceǣ—–Š‘”Ʋ•‘™…ƒŽ…—Žƒ–‹‘„ƒ•‡†‘–Š‡—†‹–‡’‘”–•‘ˆ”‡•’‡…–‹˜‡ •

ƒ„Ž‡ ͳǤ͸ Ž‹•–• –Š‘•‡  • ™Š‹…Š Šƒ˜‡ ‡Šƒ…‡† –Š‡‹” ˆ‹ƒ…‹ƒŽ •—•–ƒ‹ƒ„‹Ž‹–› ƒ† „‡…‘‡•—„•‹†›ˆ”‡‡‹›‡ƒ”ʹͲͲ͸ǡ„—–™‡”‡’”‡˜‹‘—•Ž›•—„•‹†›†‡’‡†‡–‹›‡ƒ”ʹͲͲͷǤŠ‡ …‘–”‹„—–‹‰ ˆƒ…–‘”• –‘ –Š‹• ‹…”‡ƒ•‡ ‹ ˆ‹ƒ…‹ƒŽ •—•–ƒ‹ƒ„‹Ž‹–› ƒ”‡ ƒŽ•‘ Ž‹•–‡† ˆ‘” ”‡•’‡…–‹˜‡  • ™‹–Š –Š‡ ‘•– ‹’‘”–ƒ– ‘‡ ƒ• –Š‡ ‹…”‡ƒ•‡ ‹ –Š‡ ‘˜‡”ƒŽŽ ’”‘ˆ‹–•Ǥ Š‹• ‹…”‡ƒ•‡ ‹ ’”‘ˆ‹–• ‹• ƒ‹Ž› ƒ––”‹„—–‡† –‘ ƒ ‹…”‡ƒ•‡ ‹ –Š‡ ”‡˜‡—‡• ˆ”‘ Ž‡†‹‰ ƒ† ‹˜‡•–‡–•ǡ ƒ †‡…”‡ƒ•‡ ‹ –Š‡ ƒ”‡– Ž‡†‹‰ ”ƒ–‡ –Š—• ƒ‹‰ „‘””‘™‹‰ …Š‡ƒ’‡” ƒ† –‘ †‘ ƒ™ƒ› ™‹–Š ‰”ƒ–•Ǥ ‹‹Žƒ”Ž› ƒ„Ž‡ 1.7 Ž‹•–• –Š‘•‡  • ™Š‹…Š Šƒ˜‡ „‡…‘‡ ™‘”•‡ ‹ –‡”• ‘ˆ ˆ‹ƒ…‹ƒŽ •—•–ƒ‹ƒ„‹Ž‹–›„›„‡…‘‹‰•—„•‹†›†‡’‡†‡–‹›‡ƒ”ʹͲͲ͸ǡ„—–™‡”‡’”‡˜‹‘—•Ž›•—„•‹†›Ǧˆ”‡‡ ‹ ›‡ƒ” ʹͲͲͷǤ Š‡ …‘–”‹„—–‹‰ ˆƒ…–‘”• ”‡Ž‡˜ƒ– –‘ –Š‹• †‡…Ž‹‡ ‹ –Š‡ ˆ‹ƒ…‹ƒŽ •—•–ƒ‹ƒ„‹Ž‹–› ȋ‘”„‡…‘‡•—„•‹†›†‡’‡†‡–Ȍƒ”‡ƒŽ•‘Ž‹•–‡†ˆ‘”–Š‡”‡•’‡…–‹˜‡ •ǤŠ‡ƒ‹…‘–”‹„—–‹‰ ˆƒ…–‘”•ƒ––”‹„—–‡–‘–Š‹•†‡…Ž‹‡‹•—•–ƒ‹ƒ„‹Ž‹–›ƒ”‡†‡…”‡ƒ•‡‹–Š‡’”‘ˆ‹–•†—‡–‘ƒ‹…”‡ƒ•‡ ‹–Š‡ƒ†‹‹•–”ƒ–‹˜‡…‘•–•ƒ†ƒŽ•‘‹…”‡ƒ•‡‹–Š‡…‘•–‘ˆŽ‘ƒƒ„Ž‡ˆ—†•ȋ„‘””‘™‹‰ȌǤ  ƒ„Ž‡1.7 —„•‹†›Ǧ†‡’‡†‡– •‹ʹͲͲ͸ȋ•—„•‹†›Ǧˆ”‡‡‹ʹͲͲͷȌ MFIs SAT INECO VIATOR FMMPOP MIBANCO MFW ALAMANA ALKARAMA ZAKOURA SHAREMF

Contributingfactors ”‘ˆ‹–•†‡…”‡ƒ•‡†–‘ŠƒŽˆ‹ʹͲͲ͸Ǥ ‘””‘™‹‰ ‘”‡ –Šƒ †‘—„Ž‡† ™Š‹…Š †‘—„Ž‡† –Š‡ †‹•…‘—– ‘ „‘””‘™‹‰•Ǥ …”‡ƒ•‡•‹”‡˜‡—‡•ˆ”‘Ž‡†‹‰ƒ†‹˜‡•–‡–†‹†‘–‘ˆˆ•‡––Šƒ–Ǥ ‹•…‘—–‘„‘””‘™‹‰‘”‡–Šƒ†‘—„Ž‡††—‡–‘†‡…”‡ƒ•‡‹ƒ…–—ƒŽ…‘•–‘ˆ „‘””‘™‹‰Ǥ”‘ˆ‹–ƒŽ•‘†‡…”‡ƒ•‡†Ǥ ”‘ˆ‹–•†‡…”‡ƒ•‡†Ǥ ƒ”‡–Ž‡†‹‰”ƒ–‡‹…”‡ƒ•‡†„›͵ͲΨǤ ”‘ˆ‹–ˆ‡ŽŽ•Šƒ”’Ž›†—‡–‘‹…”‡ƒ•‡‹…‘•–•ȋ†‹‹•–”ƒ–‹˜‡ƒ†‹–‡”‡•–ȌǤ ‘””‘™‹‰‹…”‡ƒ•‡†ƒŽ‘•–Ͷ–‹‡•Ǥ ‡˜‡—‡‰”ƒ–•‹…”‡ƒ•‡†Ͷ–‹‡•Ǥ …–—ƒŽ…‘•–‘ˆ„‘””‘™‹‰†‡…”‡ƒ•‡†Ǥ ”‘ˆ‹–• †‡…”‡ƒ•‡† „› ƒŽ‘•– ͸ –‹‡• –Š‡ ’”‡˜‹‘—• ›‡ƒ” ƒ‹Ž› †—‡ –‘ †‡…”‡ƒ•‡‹‹–‡”‡•–‹…‘‡ˆ”‘Ž‘ƒ•Ǥ

Sourceǣ—–Š‘”Ʋ•‘™…ƒŽ…—Žƒ–‹‘„ƒ•‡†‘–Š‡—†‹–‡’‘”–•‘ˆ”‡•’‡…–‹˜‡ •

ƒ„Ž‡ 1.8 •Š‘™• ƒ …‘’ƒ”‹•‘ ‘ˆ  • „› …ƒŽ…—Žƒ–‹‰   —•‹‰ –Š‡ ‡Œƒ‹ ȋͳͻͻͶȌ ˆ‘”—Žƒǡ–ƒ‹‰‹–‘ƒ……‘—––Š‡”‹•’”‡‹—‹–Š‡ƒ”‡–Ž‡†‹‰”ƒ–‡ƒ•†‡•…”‹„‡†‹–Š‡ ’”‡˜‹‘—••‡…–‹‘™‹–Š ˜ƒŽ—‡•„›–ƒ‹‰ƒ”‡–Ž‡†‹‰”ƒ–‡ƒ•ƒ’”‘š›ˆ‘”‘’’‘”–—‹–›…‘•– –‘ •‘…‹‡–›Ǥ —– ‘ˆ ʹͲͶ  • ‹ ›‡ƒ” ʹͲͲͷǡ ‘™ ͳ͹ͻ  • „‡…‘‡ •—„•‹†› †‡’‡†‡– ƒ•  

…‘’ƒ”‡† –‘ –Š‡ ͳͷ͵  • ȋ‘Ž› ƒ”‡– Ž‡†‹‰ ”ƒ–‡ ‹Ǥ‡Ǥ ‘ ”‹• ’”‡‹—Ȍ ™Š‹Ž‡ ˆ‘” ›‡ƒ” ʹͲͲ͸ǡ ‹– ‹• ͳͷͷ ‘—– ‘ˆ –‘–ƒŽ ͳ͹ͺ  • …‘’ƒ”‡† –‘ ͳʹʹ  • ȋ‘ ”‹• ’”‡‹—ȌǤ Š‹• •Š‘™• –Šƒ–—•‹‰‡Œƒ‹ȋͳͻͻͶȌˆ‘”—Žƒ„›ƒ††‹‰”‹•’”‡‹—–‘–Š‡ƒ”‡–‹–‡”‡•–”ƒ–‡ǡ–Š‡ —„‡”‘ˆ•—„•‹†›ˆ”‡‡ •”‡†—…‡–‘ʹͷˆ”‘ͷͳƒ†–‘ʹͶˆ”‘ͷͷˆ‘”›‡ƒ”•ʹͲͲͷƒ†ʹͲͲ͸ ”‡•’‡…–‹˜‡Ž›Ǥ  ƒ„Ž‡1.8 ’’‘”–—‹–›…‘•–‘ˆ’—„Ž‹…†‡„–…‘’ƒ”‹•‘ȋ‘Ǥ‘ˆ •Ȍ    —„•‹†›‡’‡†‡– —„•‹†› ”‡‡ ‘–ƒŽ

Year2005  ȋ‡†‹‰  ȋ‡Œƒ‹ǡ ”ƒ–‡Ȍ ͳͻͻͶȌ ‘”‹• ™‹–Š”‹• ’”‡‹— ’”‡‹— ͳͷ͵ ͳ͹ͻ ͷͳ ʹͷ ʹͲͶ ʹͲͶ

Year2006  ȋ‡†‹‰  ȋ‡Œƒ‹ǡ ”ƒ–‡Ȍ ͳͻͻͶȌ ‘”‹• ™‹–Š”‹•’”‡‹— ’”‡‹— ͳʹʹ ͳͷͷ ͷ͹ ʹͶ ͳ͹ͻ ͳ͹ͻ

Sourceǣ—–Š‘”Ʋ•‘™…ƒŽ…—Žƒ–‹‘„ƒ•‡†‘–Š‡—†‹–‡’‘”–•‘ˆ •ƒ†‹…”‘ˆ‹ƒ…‡ ˆ‘”ƒ–‹‘‡ƒ‰‡ …Ǥ

 Š‡…‘””‡Žƒ–‹‘ƒ–”‹š‹ƒ„Ž‡1.9•Š‘™•–Š‡•–”‡‰–Š‘ˆ–Š‡”‡Žƒ–‹‘•Š‹’ƒ‘‰–Š‡ ˜ƒ”‹ƒ„Ž‡• —•‡† –‘ …ƒŽ…—Žƒ–‡   ‹ –Š‹• •–—†›Ǥ – ‹• ‹–‡”‡•–‹‰ –‘ Ž‘‘ ƒ– –Š‡ ”‡Žƒ–‹‘•Š‹’ „‡–™‡‡ •‘‡ ˜ƒ”‹ƒ„Ž‡•Ǥ   Šƒ• •‹‰‹ˆ‹…ƒ– ’‘•‹–‹˜‡ ”‡Žƒ–‹‘•Š‹’    ™‹–Š ƒ……‘—–‹‰ ’”‘ˆ‹–ǡ ’—„Ž‹… †‡„– ƒ† ‘‹ƒŽ ƒ† ”‡ƒŽ •—„•‹†›Ǧˆ”‡‡ ›‹‡Ž†Ǥ  –Š‡ ‘–Š‡” Šƒ†ǡ ‹– Šƒ• ƒ •‹‰‹ˆ‹…ƒ– ‡‰ƒ–‹˜‡ ”‡Žƒ–‹‘•Š‹’ ™‹–Š ‘‹ƒŽ ƒ† •—„•‹†›Ǧƒ†Œ—•–‡† ǡ ”‡ƒŽ •—„•‹†›Ǧˆ”‡‡ ›‹‡Ž† ƒ† –”—‡’”‘ˆ‹–•Ǥ  ƒ„Ž‡1.9 Correlations Debt Debt Change Grant Profit Subsidy Loan Revnue SDI NSFY RSFY Int Dis. yield Asset ͳǤͲͲ              Equity ͲǤ͹ͻͺȗ ͳǤͲͲ             Debt ͲǤ͹͵ͺȗ ͲǤͷ͵ͷȗ ͳǤͲͲ            DebtInt. ǦͲǤͲ͹͸ ǦͲǤͲ͵ͳ ǦͲǤͲͳͳ ͳǤͲͲ           DebtDisc. ͲǤ͸͸ͳȗ ͲǤͶ͵͸ȗ ͲǤ͹͸ͷȗ ǦͲǤͲͻͶ ͳǤͲͲ          Grant ͲǤͶ͹͸ȗ ͲǤ͸ʹͺȗ ͲǤʹͻͺȗ ͲǤͲͳͷ ͲǤͳͻ͵ȗ ͳǤͲͲ         Profit ͲǤ͹ͷͲȗ ͲǤ͹ʹ͹ȗ ͲǤͷ͵ͳȗ ǦͲǤͲʹʹ ͲǤͷͲͶȗ ͲǤͶ͸ͳȗ ͳǤͲͲ        Subsidy ͲǤͷ͵͹ȗ ͲǤ͸͸ʹȗ ͲǤ͵ͺ͵ȗ ǦͲǤͲͲʹ ͲǤ͵͹ͺȗ ͲǤͺͻ͹ȗ ͲǤʹͻʹȗ ͳǤͲͲ       Loan ͲǤͲͳͷ ͲǤͲʹͲ ͲǤͲͲ͸ ǦͲǤͲͳͲ ͲǤͲͳ͵ ͲǤͲͲͺ ͲǤͲͳʹ ͲǤͲͳͷ ͳǤͲͲ      Revenue ͲǤͲͲͺ ͲǤͲͳ͸ ǦͲǤͲͲͲ ǦͲǤͲͲͻ ͲǤͲͳͳ ͲǤͲͲ͹ ͲǤͲͳͲ ͲǤͲͳͶ ͲǤͻͻͻȗ ͳǤͲͲ     SDI ͲǤͲͶͶ ͲǤͲͷ͹ ͲǤͳͷͷȗ ǦͲǤͲͺͶ ͲǤͲͻͻ ͲǤͲ͹Ͳ ǦͲǤͲͷͶ ͲǤͳ͵ͺȗ ǦͲǤͲͳ͵ ǦͲǤͲͳͺ ͳǤͲͲ    chayield ǦͲǤͲͺͲ ǦͲǤͲʹͶ ǦͲǤͲͻͷ ǦͲǤͳʹͲȗ ǦͲǤͲʹͲ ͲǤͲͻͷ ǦͲǤͳʹͻȗ ͲǤͳͷ͸ȗ ǦͲǤͲʹʹ ǦͲǤͲʹͳ ͲǤͶͷͷȗ ͳǤͲͲ   nomsfy ǦͲǤͳ͵ͻȗ ǦͲǤͲ͹ͷ ǦͲǤͳ͹Ͷȗ ͲǤͲͺͷ ǦͲǤͲͷͻ ͲǤͲ͸͵ ǦͲǤͳʹͲȗ ͲǤͲͻͻ ǦͲǤͲͳʹ ǦͲǤͲͲͺ ͲǤʹ͹ʹȗ ͲǤͺͶͻȗ ͳǤͲͲ  realsfy ǦͲǤͳʹ͵ȗ ǦͲǤͲ͹ͳ ǦͲǤͳ͸ͳȗ ͲǤͲ͸͸ ǦͲǤͲ͵ͷ ͲǤͲͷͷ ǦͲǤͳͲͺȗ ͲǤͲͻͷ ǦͲǤͲͲͲ ͲǤͲͲ͵ ͲǤʹͷ͹ȗ ͲǤͺͲͺȗ ͲǤͻ͹Ͷȗ ͳǤͲͲ trueprof ǦͲǤͳͺ͸ȗǦͲǤʹͷͷȗ ǦͲǤͳ͸ͻȗ ǦͲǤͲͲ͵ ǦͲǤͳ͸Ͷȗ ǦͲǤ͹ͺͻȗ ͲǤͲͻ͹ ǦͲǤͺͺͷȗ ǦͲǤͲͲͷ ǦͲǤͲͲͷ ǦͲǤͳͶ͸ȗ ǦͲǤͳͻͺȗ ǦͲǤͳͶͶȗ ǦͲǤͳ͵͸ȗ ROA ǦͲǤͲ͹͹ ͲǤͲͲͳ ǦͲǤͲ͸ʹ ͲǤͲͶͻ ǦͲǤͲͶͷ ͲǤͲʹͷ ͲǤͳ͵ʹȗ ǦͲǤͲͺ͸ ͲǤͲͲͳ ͲǤͲͲʹ ǦͲǤʹ͸ͻȗ ǦͲǤͶ͹͸ȗ ǦͲǤʹͻͲȗ ǦͲǤ͵Ͳ͸ȗ SAROA ͲǤͲͲ͹ ͲǤͲʹͷ ǦͲǤͲͳͶ ͲǤͳͷ͹ȗ ǦͲǤͲ͹ʹ ǦͲǤͳͲͲȗ ͲǤͳ͵ͷȗ ǦͲǤͳͺͷȗ ͲǤͲͲͷ ͲǤͲͲͷ ǦͲǤͶͳʹȗ ǦͲǤͺʹ͵ȗ ǦͲǤ͸ͷͶȗ ǦͲǤ͸ͷ͵ȗ ROE ͲǤͲͲͳ ͲǤͲͳ͵ ͲǤͲʹ͸ ͲǤͲͲͲ ͲǤͲʹͳ ͲǤͲͲ͵ ͲǤͲ͹Ͷ ǦͲǤͲ͵ͳ ǦͲǤͲͲͳ ǦͲǤͲͲͳ ͲǤͲͷͷ ͲǤͳ͸͸ȗ ͲǤͳͳͷȗ ͲǤͳͲͺȗ SAROE ͲǤͲͳͶ ͲǤͲʹͻ ͲǤͲʹͳ ͲǤͲͶͲ ǦͲǤͲͲͷ ǦͲǤͲͲͲ ͲǤͲ͹͸ ǦͲǤͲ͵͹ ͲǤͲͲʹ ͲǤͲͲʹ ͲǤͲʹʹ ͲǤͳͲ͹ȗ ͲǤͲ͸ͳ ͲǤͲͷ͸ Sourceǣ—–Š‘”Ʋ•‘™…ƒŽ…—Žƒ–‹‘„ƒ•‡†‘–Š‡—†‹–‡’‘”–•‘ˆ •ƒ†‹…”‘ˆ‹ƒ…‡ ˆ‘”ƒ–‹‘‡ƒ‰‡ …Ǥ 

Asset Equity Debt

ȗ‡ˆ‡”•–‘•‹‰‹ˆ‹…ƒ–ƒ–ͷΨŽ‡˜‡Ž‘ˆ…‘ˆ‹†‡…‡Ǥ

  

True Profit               ͳǤͲͲ ͲǤͳͳͲȗ ͲǤʹͶͺȗ ͲǤͲͷͳ ͲǤͲ͸ͷ

ROA SAROA ROE SAROE                                                             ͳǤͲͲ    ͲǤ͸ͻͶȗ ͳǤͲͲ   ǦͲǤʹͳ͹ȗ ǦͲǤʹ͵ʹȗ ͳǤͲͲ  ǦͲǤͳͻ͹ȗ ǦͲǤͳ͵͸ȗ ͲǤͺͻʹȗ ͳǤͲͲ

1.3.2CompositionofSDI ‹‰—”‡ ͳ.2 †‡’‹…–• –Š‡   …‘’‘•‹–‹‘ —•‹‰ –Š‡ Ž‡†‹‰ ”ƒ–‡ ƒ• ƒ ’”‘š› ˆ‘” ƒ”‡– ‹–‡”‡•–”ƒ–‡Ǥ •Ž‘…ƒ–‡†‹ˆ”‹…ƒƒ†‘—–Š•‹ƒƒ”‡‘”‡•—„•‹†›†‡’‡†‡–‘ƒ˜‡”ƒ‰‡ –Šƒ –Š‡ ”‡•– ‘ˆ –Š‡ ”‡‰‹‘•Ǥ ƒ–‹ ‡”‹…ƒ ȋȌ  • ™Š‹…Š …‘•–‹–—–‡ ‘‡Ǧ–Š‹”† ‘ˆ –Š‡ •ƒ’Ž‡ ƒ”‡ ˆƒ” Ž‡•• •—„•‹†‹œ‡†Ǥ  • ™‹–Š •–ƒ–—• ‘ˆ ƒ• ƒ†  • ƒ”‡ ‘”‡ •—„•‹†› †‡’‡†‡– ‘ ƒ˜‡”ƒ‰‡ –Šƒ –Š‡ ‘–Š‡”•Ǥ —”ƒŽ ƒ• ʹʹƒ”‡ ‡š…‡’–‹‘ ƒ• –Š‡› ƒ”‡ ‘ ƒ˜‡”ƒ‰‡ 2

•—„•‹†›ˆ”‡‡Ǥ‘–™‹–Š•–ƒ†‹‰–Š‡Ž‡†‹‰‡–Š‘†‘Ž‘‰›ǡ •™‹–Š•‘Ž‹†ƒ”‹–›ȋ‰”‘—’ȌŽ‡†‹‰ ‡–Š‘†‘Ž‘‰›ƒ”‡‘”‡•—„•‹†›†‡’‡†‡–ǤŠ‹Ž‡ǡ •™Š‹…ŠŽ‡†–‘‹†‹˜‹†—ƒŽ•ƒ”‡‘ 



Fig.1.2 CompositionsofSubsidyDependenceIndex(SDI) Sourceǣƒ•‡†‘ƒ—–Š‘”•‘™…ƒŽ…—Žƒ–‹‘ˆ”‘–Š‡†ƒ–ƒ–ƒ‡ˆ”‘ƒ—†‹–”‡’‘”–•‘ˆʹͲͶ •

 ƒ˜‡”ƒ‰‡ ”‡Žƒ–‹˜‡Ž› Ž‡•• •—„•‹†› †‡’‡†‡–Ǥ Š‹• ‹• „‡…ƒ—•‡ Ž‡†‹‰ –‘ ”‡Žƒ–‹˜‡Ž› ’‘‘” …Ž‹‡–• ™‹–Š ‰”‘—’ Ž‡†‹‰ ˆ‡ƒ–—”‡• ”‡“—‹”‡• Š‹‰Š‡” –”ƒ•ƒ…–‹‘ …‘•–• ™Š‹…Š †‡ƒ†• ‘”‡ •—„•‹†‹œ‡† …”‡†‹–Ǥ Š‡”‡ƒ• Ž‡†‹‰ –‘ ”‡Žƒ–‹˜‡Ž› ™‡ŽŽ ‘ˆˆ ‹†‹˜‹†—ƒŽ …Ž‹‡–• ”‡“—‹”‡ Ž‡•• •—„•‹†‹•‡† …”‡†‹–Ǥ ‘”‡‘˜‡”ǡ  • ’”‘˜‹†‹‰ ‘–Š‡” •‡”˜‹…‡• ‹Ǥ‡ ‡†—…ƒ–‹‘ ƒ† Š‡ƒŽ–Š ‡–…Ǥ ‹ ƒ††‹–‹‘ –‘ ˆ‹ƒ…‹ƒŽ •‡”‹˜‹…‡• ƒ”‡ ‘ ƒ˜‡”ƒ‰‡ ‘”‡ •—„•‹†› †‡’‡†‡–Ǥ Ž•‘ ‡˜‹†‡– ‹• –Šƒ– ‡‰—Žƒ–‡† •ƒ”‡‘”‡•—„•‹†›†‡’‡†‡–‘ƒ˜‡”ƒ‰‡–Šƒ—”‡‰—Žƒ–‡†‘‡•ǤŠ‹Ž‡–Š‘•‡  •™‹–Š•ƒ˜‹‰ˆ‡ƒ–—”‡ƒ”‡‘ƒ˜‡”ƒ‰‡•Ž‹‰Š–Ž›‘”‡•—„•‹†›†‡’‡†‡–Ǥ  22

AlltheruralbanksexistinPhilippinesandcomprisedofonly4%ofthewholesample.

 



1.4 Withandwithoutsubsidycomparisons Š‡ ˆ‹ƒ…‹ƒŽ ’‡”ˆ‘”ƒ…‡ ‘ˆ ƒ   ƒ• †‡’‹…–‡† „› ‹–• ‹ˆŽƒ–‡† ˆ‹ƒ…‹ƒŽ ”ƒ–‹‘• Ž‘‘• ˜‡”›”‘•›‹–Š‡’”‡•‡…‡‘ˆ•—„•‹†‹‡•ǤŠ‡”‡ˆ‘”‡ǡƒ…‘—–‡”ˆƒ…–—ƒŽ“—‡•–‹‘DzŠƒ–™‘—Ž†Šƒ˜‡ „‡‡  • ’‡”ˆ‘”ƒ…‡ Šƒ† –Š‡”‡ „‡‡ ‘ •—„•‹†‹‡•ǫdz ‹• ™‘”–Š› –‘ ‹˜‡•–‹‰ƒ–‡Ǥ Š‹• ‡••ƒ› ƒ––‡’–• –‘ ƒ•™‡” –Šƒ– “—‡•–‹‘ ‘–™‹–Š•–ƒ†‹‰ ƒ …‘’ƒ”‹•‘ „‡–™‡‡ –Š‡ –”ƒ†‹–‹‘ƒŽ „‡…Šƒ” ‡ƒ•—”‡• ‘ˆ ˆ‹ƒ…‹ƒŽ ’‡”ˆ‘”ƒ…‡ ‘ˆ ‘‹ƒŽ ˜ƒŽ—‡• ‘ˆ –Š‡ ‡–—” ‘ “—‹–› ȋȌƒ†••‡–•ȋȌ™‹–Š–Š‡‹”•—„•‹†›Ǧƒ†Œ—•–‡†˜ƒŽ—‡•Ǥ

1.4.1ReturnonEquity 23(ROE)VsSubsidyadjustedReturnonEquity (SAROE) 2

‹•–Š‡•‹‰Ž‡‘•–Ǧ…‘‘ƒ……‘—–‹‰‡ƒ•—”‡‘ˆ–Š‡ˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡‘ˆƒ ’”‹˜ƒ–‡ ˆ‹” ˆ”‘ –Š‡ ’‘‹– ‘ˆ ˜‹‡™ ‘ˆ ‹˜‡•–‘”•Ǥ – •‹‰ƒŽ• –Š‡ ”ƒ–‡ ‘ˆ ”‡–—” ‡ƒ”‡† ‘ –Š‡ ‹˜‡•–‡† ‡“—‹–› ƒ† ƒŽŽ‘™• ‹˜‡•–‘”• ƒ† †‘‘”• –‘ †‡–‡”‹‡ Š‘™ –Š‡‹” ‹˜‡•–‡– ‹ ƒ ’ƒ”–‹…—Žƒ”   …‘’ƒ”‡• ƒ‰ƒ‹•– ƒŽ–‡”ƒ–‹˜‡ ‹˜‡•–‡–Ǥ Š‡ ”ƒ–‹‘ ƒ••—‡• ‹’‘”–ƒ…‡ ƒ• ‹…”‡ƒ•‹‰—„‡”•‘ˆ ••‡‡’”‹˜ƒ–‡ˆ—†•Ǥ•—„•‹†›ƒ†Œ—•–‡†™‘—Ž†…‘’ƒ”‡‘– ƒ……‘—–‹‰’”‘ˆ‹–„—–”ƒ–Š‡”–”—‡’”‘ˆ‹–™‹–Šƒ˜‡”ƒ‰‡“—‹–›Ǥ‡…‡ƒ‡‰ƒ–‹˜‡ ‹’Ž‹‡•ƒ Š‹‰Š‡”–Šƒ–Š‡•‘…‹ƒŽ‘’’‘”–—‹–›…‘•–mƒ†˜‹…‡˜‡”•ƒǤ 

‹‰Ǥ ͳ.3 †‡’‹…–• ƒ …‘’ƒ”‹•‘ „‡–™‡‡ –Š‡ ƒ˜‡”ƒ‰‡ ‡–—” ‘ “—‹–› ȋȌ ˆ‹‰—”‡•

ƒ†ƒˆ–‡”ƒ†Œ—•–‹‰ˆ‘”–Š‡•—„•‹†›ȋȌǤŠ‡ƒ˜‡”ƒ‰‡˜ƒŽ—‡•‘ˆ—„•‹†›ƒ†Œ—•–‡†ƒ”‡ ™‡ŽŽ„‡Ž‘™–Š‡‹”‘‹ƒŽ˜ƒŽ—‡•ˆ‘”ƒŽŽ–Š‡…ƒ–‡‰‘”‹‡•Ǥˆ”‹…ƒ •Šƒ˜‡‡‰ƒ–‹˜‡˜ƒŽ—‡ ‘ ƒ˜‡”ƒ‰‡ǡ ™Š‹…Š „‡…‘‡• ™‘”•‡ ™Š‡ ƒ†Œ—•–‡† ˆ‘” •—„•‹†›Ǥ ‘—–Š •‹ƒ  • •—ˆˆ‡” –Š‡ ‘•– ƒ• –Š‡ †‹ˆˆ‡”‡…‡ „‡–™‡‡ –Š‡ ‘‹ƒŽ ƒ† •—„•‹†› ƒ†Œ—•–‡†  ‹• Š‹‰Š‡•– ˆ‘” –Š‡ǡ ™Š‹Ž‡–Š‡†‡…”‡ƒ•‡‹–Š‡’‡”ˆ‘”ƒ…‡‘ˆƒ–‹‡”‹…ƒ ••‡‡•Ž‡••”‡Žƒ–‹˜‡–‘–Š‡ • ‹ ‘–Š‡” ”‡‰‹‘Ǥ ‘–™‹–Š•–ƒ†‹‰ –Š‡ •–ƒ–—• ‘ˆ  •ǡ ‘‘’‡”ƒ–‹˜‡• ƒ”‡ –Š‡ ™‘”•– ’‡”ˆ‘”‡”• Šƒ˜‹‰ „‘–Š ‡‰ƒ–‹˜‡ ‘‹ƒŽ ƒ† •—„•‹†› ƒ†Œ—•–‡† ˜ƒŽ—‡•Ǥ ‘™‡˜‡”ǡ  • •‡‡ –‘ •—ˆˆ‡” ‘•–”‡Žƒ–‹˜‡Ž›–‘–Š‡‘–Š‡”•‘ƒ˜‡”ƒ‰‡ǡƒ•–Š‡‹”’‡”ˆ‘”ƒ…‡†‡…Ž‹‡•Šƒ”’Ž›‘…‡ƒ……‘—–‡† ˆ‘” •—„•‹†‹‡•Ǥ  • –‘‘ Šƒ˜‡ ‡‰ƒ–‹˜‡  ‘…‡ ƒ†Œ—•–‡† ˆ‘” –Š‡ •—„•‹†‹‡•Ǥ —”–Š‡” –Š‡ †‡…”‡ƒ•‡‹ˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡‹•’ƒ”–‹…—Žƒ”Ž›”‡•‘—†‹‰ˆ‘” •™Š‹…Šƒ”‡•‘Ž‹†ƒ”‹–›ƒ† ˜‹ŽŽƒ‰‡ Ž‡†‹‰ ‡–Š‘†‘Ž‘‰‹‡•ǡ ‘–Š‡” •‡”˜‹…‡ ’”‘˜‹†‡”•ǡ ‘– ”‡‰—Žƒ–‡† ƒ† ˆ‘” –Š‘•‡ ™‹–Š ‘ •ƒ˜‹‰ˆ‡ƒ–—”‡•Ǥ    23

AlbeititisnotagoodmeasureofthefinancialperformanceofsubsidizedMFIssinceitdependsontheformaccountantsanddonorsgiveto subsidizedfunds(SchreinerandYaron,1999).

 



Fig.1.3 ReturnonEquity(ROE)&SubsidyAdjustedReturnonEquity(SAROE) Sourceǣƒ•‡†‘ƒ—–Š‘”•‘™…ƒŽ…—Žƒ–‹‘ˆ”‘–Š‡†ƒ–ƒ–ƒ‡ˆ”‘ƒ—†‹–”‡’‘”–•‘ˆʹͲͶ •

 1.4.2ReturnonAsset(ROA)VsSubsidyadjustedReturnonAsset(SAROA) 

Š‡ ”‡–—” ‘ ƒ••‡–• ȋȌ †‡’‹…–• Š‘™ ™‡ŽŽ ƒ   Šƒ• —•‡† ‹–• ƒ••‡– „ƒ•‡ –‘

‰‡‡”ƒ–‡‹…‘‡Ǥ –‡ƒ•—”‡•–Š‡”‡–—”‘ˆ—†•ȋ–‘–ƒŽƒ••‡–•ǡ™Š‹…Š‹…Ž—†‡•„‘–ŠŽ‹ƒ„‹Ž‹–‹‡• ƒ†‡“—‹–›Ȍ–Šƒ–ƒ”‡‘™‡†„›–Š‡ ǤŠ‹Ž‡–ƒ‡•‹–‘ƒ……‘—–‘Ž›–”—‡’”‘ˆ‹–•Ž‹‡ Ǥ ‹‰Ǥ1.4•Š‘™•–Šƒ–™Š‡ƒ˜‡”ƒ‰‡‘‹ƒŽ˜ƒŽ—‡‘ˆ‹•ƒ†Œ—•–‡†ˆ‘”•—„•‹†‹‡•ǡ–Š‡ •—„•‹†›ƒ†Œ—•–‡†˜ƒŽ—‡†‡…”‡ƒ•‡••—„•–ƒ–‹ƒŽŽ›ˆ‘”ƒŽŽ–Š‡…ƒ–‡‰‘”‹‡•Ǥ •‹‰Š–•‘‡’‘‹–• ƒ”‡ ‘–‡ ™‘”–Š›Ǥ ‘” ˆ”‹…ƒ ƒ† ‘—–Š •‹ƒ  • ‘ ƒ˜‡”ƒ‰‡ǡ –Š‡ ”‡–—”• –—” ’‘•‹–‹˜‡ –‘ ‡‰ƒ–‹˜‡‘…‡•—„•‹†‹‡•ƒ”‡ƒ†Œ—•–‡†ˆ‘”Ǥ ˆƒ…––Š‡•‡ƒ”‡–Š‡–™‘‘•–‹’‘˜‡”‹•Š‡†”‡‰‹‘• ‹Šƒ„‹–‹‰–Š‡Š‹‰Š‡•–—„‡”‘ˆ’‘˜‡”–›•–”‹…‡’‡‘’Ž‡ǤŠ‡”‡ˆ‘”‡–Š‡›‰‡–‘”‡•—„•‹†‹œ‡† ˆ—†•–Šƒƒ›‘–Š‡””‡‰‹‘™Š‹…Šƒ”‡ƒ‹Ž›†‹”‡…–‡†–‘™ƒ”†•–Š‡•‘…‹ƒŽ—’Ž‹ˆ–‘ˆ–Š‡’‘‘”Ǥ Š‡”‡ˆ‘”‡ǡ–Š‡‹”ˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡†‡…Ž‹‡••—„•–ƒ–‹ƒŽŽ›™‹–Š‘—–•—„•‹†‹‡•Ǥ–Š‡‘–Š‡” Šƒ†ǡ –Š‡ †‡…Ž‹‡ ‹ –Š‡ ’‡”ˆ‘”ƒ…‡ ˆ‘”  • ‹ ƒ–‹ ‡”‹…ƒ ”‡‰‹‘ ‹• Ž‡•• •‹‰‹ˆ‹…ƒ– ”‡Žƒ–‹˜‡ –‘ –Š‡ ‘–Š‡”• †—‡ –‘ –Š‡ ˆƒ…– –Šƒ– ‘•– ‘ˆ –Š‡ ƒ”‡ †‡’‘•‹–Ǧ–ƒ‹‰ …‘‡”…‹ƒŽŽ› ‘”‹‡–‡† ‹•–‹–—–‹‘•Ǥ  • Šƒ˜‹‰  • •–ƒ–—• Šƒ˜‡ –Š‡ Žƒ”‰‡•– †”‘’ ‹ –Š‡ ’‡”ˆ‘”ƒ…‡ ˆ‘ŽŽ‘™‡†„› •™‹–Š ƒ†„ƒ•–ƒ–—•Ǥ •ƒ”‡‘Ǧ’”‘ˆ‹–‹•–‹–—–‹‘•Š‡ƒ˜‹Ž›”‡Ž›‘ •—„•‹†‹œ‡† ˆ—†• –‘ …ƒ””› ‘ –Š‡‹” •‘…‹ƒŽ ‹••‹‘Ǥ ˜‹†‡–Ž› –Š‡‹” ˆ‹ƒ…‹ƒŽ ’‡”ˆ‘”ƒ…‡ †‡…Ž‹‡‘…‡•—„•‹†‹‡•ƒ”‡„‡‹‰•–”‹’’‡†‘ˆˆǤ‘–™‹–Š•–ƒ†‹‰–Š‡Ž‡†‹‰‡–Š‘†‘Ž‘‰›ǡ •   



Fig.1.4 ReturnonAsset(ROA)&SubsidyAdjustedReturnonAsset(SAROA) Sourceǣƒ•‡†‘ƒ—–Š‘”•‘™…ƒŽ…—Žƒ–‹‘ˆ”‘–Š‡†ƒ–ƒ–ƒ‡ˆ”‘ƒ—†‹–”‡’‘”–•‘ˆʹͲͶ •



™‹–Š ‘Ž‹†ƒ”‹–› ƒ† ‹ŽŽƒ‰‡ „ƒ‹‰ ‡–Š‘†‘Ž‘‰› Šƒ˜‡ –Š‡ Š‹‰Š‡•– †”‘’ ‹ ’‡”ˆ‘”ƒ…‡ ƒ† –Š‡‹” ƒ˜‡”ƒ‰‡ ”‡–—”• –—” ’‘•‹–‹˜‡ –‘ ‡‰ƒ–‹˜‡Ǥ Š‡”‡ƒ•ǡ  • ™Š‹…Š Ž‡† –‘ –Š‡ ‹†‹˜‹†—ƒŽ „‘””‘™‡”•ǡ•‡‡”‡Žƒ–‹˜‡Ž›Ž‡••ƒˆˆ‡…–‡†„‡…ƒ—•‡–Š‡‹”„‘””‘™‡”•…‘•‹•–•‘ˆƒ‹Ž›Ž‡••’‘‘” …Ž‹‡–•Ǥ  ‘”‡‘˜‡”  • ’”‘˜‹†‹‰ ‘–Š‡” •‡”˜‹…‡•ǡ –Š‘•‡ ™Š‹…Š ƒ”‡ ‘– ”‡‰—Žƒ–‡† ƒ† –Š‘•‡ ™‹–Š‘—– •ƒ˜‹‰ ˆ‡ƒ–—”‡• ƒŽ•‘ Šƒ˜‡ Žƒ”‰‡ •—„•–ƒ–‹ƒŽ †”‘’ ‹ –Š‡‹” ’‡”ˆ‘”ƒ…‡ …‘’ƒ”‡† –‘ –Š‡‹””‡•’‡…–‹˜‡…‘—–‡”’ƒ”–•Ǥ

 1.4.3Actualyield(AY)VsSubsidyFreeYield(SFY)  ‹‰Ǥ 1.5 •Š‘™• –Š‡ †‹ˆˆ‡”‡…‡ „‡–™‡‡ –Š‡ ƒ˜‡”ƒ‰‡ …–—ƒŽ ‹‡Ž† (AY) ƒ† –Š‡ ƒ˜‡”ƒ‰‡ ‘‹ƒŽ—„•‹†›Ǧˆ”‡‡‹‡Ž†(NSFY)Ǥ…–—ƒŽ‹‡Ž†‹•™Šƒ––Š‡‘‹ƒŽ›‹‡Ž†‘”–Š‡‹–‡”‡•–”ƒ–‡ ‘ Ž‡†‹‰ ‹•ǡ ™Š‹Ž‡ —„•‹†› ˆ”‡‡ ›‹‡Ž† ‹• ™Šƒ– ›‹‡Ž† ‘” ‹–‡”‡•– ”ƒ–‡ ‘—‰Š– –‘ „‡ ‹ˆ ƒŽŽ –Š‡ •—„•‹†‹‡• ƒ”‡ •–”‹’’‡† ƒ™ƒ›Ǥ  Ž‹‡ ™‹–Š –Š‡ ’”‡˜‹‘—• ƒƒŽ›•‹• ‘ˆ ”‡–—”•ǡ ˆ‘” ƒŽŽ –Š‡ …ƒ–‡‰‘”‹‡•ǡ –Š‡ ƒ˜‡”ƒ‰‡ ˜ƒŽ—‡ ‘ˆ –Š‡ •—„•‹†›Ǧˆ”‡‡ ›‹‡Ž† ‹• ‘”‡ –Šƒ –Š‡ ƒ…–—ƒŽ ›‹‡Ž† –Š—• •Š‘™‹‰‘˜‡”ƒŽŽ•—„•‹†›†‡’‡†‡…‡‘ˆ •Ǥ‘–™‹–Š•–ƒ†‹‰–Š‡”‡‰‹‘•ǡ •Ž‘…ƒ–‡†‹ ƒ†ˆ”‹…ƒŠƒ˜‡–‘‹…”‡ƒ•‡–Š‡‹–‡”‡•–”ƒ–‡•‘Ž‡†‹‰‘”‡–Šƒ •‹‘–Š‡””‡‰‹‘•–‘ ƒ……‘—–ˆ‘”•—„•‹†‹‡•Ǥ —”–Š‡”ǡ •™Š‹…Šƒ”‡ •ƒ†–Š‘•‡™‹–Š˜‹ŽŽƒ‰‡„ƒ‹‰   

 

 Fig.1.5ActualYield(AY)VsNominalSubsidyfreeYield(NSFY) Sourceǣƒ•‡†‘ƒ—–Š‘”•‘™…ƒŽ…—Žƒ–‹‘ˆ”‘–Š‡†ƒ–ƒ–ƒ‡ˆ”‘ƒ—†‹–”‡’‘”–•‘ˆʹͲͶ •

 ‡–Š‘†‘Ž‘‰›Šƒ˜‡–‘”ƒ‹•‡‹–‡”‡•–”ƒ–‡•‘ƒ˜‡”ƒ‰‡‘”‡–Šƒ–Š‡‘–Š‡”•‹–Š‡ƒ„•‡…‡‘ˆ •—„•‹†‹‡•Ǥ ‘”‡‘˜‡”ǡ  • ’”‘˜‹†‹‰ ‘–Š‡” •‡”˜‹…‡• Šƒ˜‡ –‘ ”ƒ‹•‡ ‹–‡”‡•– ”ƒ–‡• ‘”‡ –Šƒ –Š‘•‡  • ™Š‹…Š ’”‘˜‹†‡ ‘ ‘–Š‡” •‡”˜‹…‡• ‹ –Š‡ ƒ„•‡…‡ ‘ˆ •—„•‹†‹‡•Ǥ –‡”‡•–‹‰Ž›ǡ  • ™Š‹…Š…‘ŽŽ‡…–†‡’‘•‹–•ƒ†•ƒ˜‹‰‡‡†‘––‘‹…”‡ƒ•‡‹–‡”‡•–”ƒ–‡•ƒ•—…Šƒ•–Š‘•‡ • ™‹–Š ‘ •ƒ˜‹‰ ˆ‡ƒ–—”‡ ‘…‡ •—„•‹†‹‡• ƒ”‡ •–”‹’’‡† ‘ˆˆ „‡…ƒ—•‡ ‘ˆ –Š‡ ‡š–”ƒ ‹…‘‡ –Š‡› ‰‡‡”ƒ–‡„›–ƒ‹‰†‡’‘•‹–•Ǥ

 1.5 CONCLUSION Š‡ ƒ‹ ‘ˆ –Š‹• ‡••ƒ› ‹• –‘ —†‡”•–ƒ† –Š‡ ”‘Ž‡ ‘ˆ •—„•‹†‹‡• ‹ –Š‡ •—•–ƒ‹ƒ„‹Ž‹–› ‘ˆ ‹…”‘ˆ‹ƒ…‡ ‡…–‘”Ǥ ‘™ƒ”†• –Š‹• ƒ‹ǡ ƒ”‘ǯ• —„•‹†› ‡’‡†‡…‡ †‡š ȋ Ȍ Šƒ• „‡‡ …ƒŽ…—Žƒ–‡† ™Š‹…Š ‡ƒ•—”‡• –Š‡ •‘…‹ƒŽ …‘•– ‘ˆ –Š‡ •—„•‹†‹œƒ–‹‘ ‘ˆ ‹…”‘ˆ‹ƒ…‡ •‡…–‘” –‘ –Š‡ •‘…‹‡–›ǤŠ‹•“—ƒŽ‹–›ˆ‹ƒ…‹ƒŽ‹ˆ‘”ƒ–‹‘Šƒ•„‡‡‘„–ƒ‹‡††‹”‡…–Ž›ˆ”‘–Š‡ƒ—†‹–”‡’‘”–•‘ˆ –Š‡ ʹͲͶ  • ™‹–Š ʹ͵ ‹ŽŽ‹‘ „‘””‘™‡”• ‹ ͷͶ ‘—–”‹‡• ™‘”Ž†™‹†‡ ˆ‘” –Š‡ ›‡ƒ”• ʹͲͲͷ ƒ† ʹͲͲ͸Ǥ Š‹• …‘•–‹–—–‡• ƒ •‹‰‹ˆ‹…ƒ– ’ƒ”– ‘ˆ –Š‡ ‹…”‘ˆ‹ƒ…‡ ‘—–”‡ƒ…Š ™‘”Ž†™‹†‡Ǥ ‡˜‡”–Š‡Ž‡••ǡ–Š‡•–—†›Šƒ•‹–•Ž‹‹–ƒ–‹‘•ǤŠ‡†‡„ƒ–‡‘˜‡”–Š‡–”—‡•‘…‹ƒŽ†‹•…‘—–”ƒ–‡‹•ˆƒ” ˆ”‘ „‡‹‰ •‡––Ž‡† ƒ† ”‡•–• ‘”‡ ‘ –Š‡ ”‡•‡ƒ”…Š‡”ǯ• †‹•…”‡–‹‘Ǥ • •Š‘™ ‹ –Š‹• ’ƒ’‡”ǡ  

—•‹‰ ƒ‘–Š‡” †‹•…‘—– ”ƒ–‡ …ƒ •‹‰‹ˆ‹…ƒ–Ž› …Šƒ‰‡ –Š‡ ”‡•—Ž–• ‘ˆ –Š‡ •—„•‹†› †‡’‡†‡…‡ ‹†‡šǤ ‘”‡‘˜‡”ǡ Œ—†‰‹‰  • ’‡”ˆ‘”ƒ…‡ ‘Ž› ˆ”‘ ˆ‹ƒ…‹ƒŽ ƒ•’‡…– ™‘—Ž† ‘– †‘ Œ—•–‹…‡ ƒ† •Š‘—Ž† ‹…Ž—†‡ –Š‡ •‘…‹ƒŽ ‹’ƒ…– ƒƒŽ›•‹• ‹ –Š‡ ‘˜‡”ƒŽŽ ’‡”ˆ‘”ƒ…‡Ǥ  ‘™‡˜‡”ǡ ‹ –Š‡ …‘–‡š–‘ˆ’”‡•‡–‹‰ƒ„”‘ƒ†‡”’‹…–—”‡‘ˆ–Š‡ˆ‹ƒ…‹ƒŽ•—•–ƒ‹ƒ„‹Ž‹–›‘ˆ‹…”‘ˆ‹ƒ…‡‡…–‘”ǡ –Š‹•…”‘••Ǧ…‘—–”›•–—†›‹•”‡˜‡ƒŽ‹‰‹ƒ›ƒ•’‡…–•Ǥ –Š‡™Š‘Ž‡ǡ–Š‡ƒƒŽ›•‹••—‰‰‡•–•–Šƒ–‹…”‘ˆ‹ƒ…‡•‡…–‘”‹•Š‹‰ŠŽ›•—„•‹†‹œ‡†Ǥ•‹‰ ƒ”‡–Ž‡†‹‰”ƒ–‡ƒ•ƒ†‹•…‘—–”ƒ–‡‹ …ƒŽ…—Žƒ–‹‘•ǡ‘—–‘ˆ–Š‡ʹͲͶ •‹›‡ƒ”ʹͲͲͷǡ ͳͷ͵  • ƒ”‡ •—„•‹†› †‡’‡†‡– ™Š‹Ž‡ ˆ‘” ›‡ƒ” ʹͲͲ͸ǡ ‹– ‹• ͳʹʹ ‘—– ‘ˆ –‘–ƒŽ ͳ͹ͻ  •Ǥ Š‹• •–—†›ƒŽ•‘•Š‘™•–Š‡ Ʋ••‡•‹–‹˜‹–›–‘–Š‡…Šƒ‰‡•‹–Š‡†‹•…‘—–”ƒ–‡ǤŠ‡”‡–Š‡‘˜‡”ƒŽŽ •—„•‹†‹œƒ–‹‘ ‹…”‡ƒ•‡• ˆ—”–Š‡” ‘…‡ ƒ ”‹• ’”‡‹— Šƒ• „‡‡ ƒ††‡† –‘ –Š‡ ƒ”‡– Ž‡†‹‰ ”ƒ–‡ ‹   …ƒŽ…—Žƒ–‹‘•Ǥ ƒ•‡† ‘ –Š‡ •—„•‹†› …ƒŽ…—Žƒ–‹‘•ǡ –Š‹• ‡••ƒ› ƒŽ•‘ Š‹‰ŠŽ‹‰Š–• –Š‡ ˆƒ…–‘”• ™Š‹…Š ƒ”‡ ‹•–”—‡–ƒŽ ‹ …ƒ—•‹‰ •—„•–ƒ–‹ƒŽ …Šƒ‰‡ ȋ’‘•‹–‹˜‡ ƒ† ‡‰ƒ–‹˜‡Ȍ ‹ –Š‡ •—„•‹†›†‡’‡†‡…‡‹†‡šǤ‡•—Ž–•†‡’‹…––Šƒ– •Ž‘…ƒ–‡†‹ˆ”‹…ƒƒ†‘—–Š•‹ƒƒ”‡‘”‡ •—„•‹†›†‡’‡†‡–‘ƒ˜‡”ƒ‰‡–Šƒ–Š‡”‡•–‘ˆ–Š‡”‡‰‹‘•™Š‹Ž‡ƒ–‹‡”‹…ƒȋȌ •ƒ”‡ Ž‡•• •—„•‹†‹œ‡†Ǥ  • ™‹–Š •–ƒ–—• ‘ˆ Dzƒ•dz ƒ† Dz •dz ƒ”‡ ‘”‡ •—„•‹†› †‡’‡†‡– ‘ ƒ˜‡”ƒ‰‡–Šƒ–Š‡‘–Š‡”•ǤŠ‡ƒƒŽ›•‹•ˆ—”–Š‡””‡˜‡ƒŽ•–Šƒ– •™‹–Š•‘Ž‹†ƒ”‹–›ȋ‰”‘—’ȌŽ‡†‹‰ ‡–Š‘†‘Ž‘‰› ƒ”‡ ‘”‡ •—„•‹†› †‡’‡†‡– ™Š‹Ž‡  • ™Š‹…Š Ž‡† –‘ ‹†‹˜‹†—ƒŽ• ƒ”‡ ‘ ƒ˜‡”ƒ‰‡ ”‡Žƒ–‹˜‡Ž› Ž‡•• •—„•‹†› †‡’‡†‡–Ǥ ‘”‡‘˜‡”  • ’”‘˜‹†‹‰ ‘–Š‡” •‡”˜‹…‡• ‹Ǥ‡ ‡†—…ƒ–‹‘ ƒ† Š‡ƒŽ–Š ‡–…Ǥ ‹ ƒ††‹–‹‘ –‘ ˆ‹ƒ…‹ƒŽ •‡”˜‹…‡• ƒ”‡ ‘ ƒ˜‡”ƒ‰‡ ‘”‡ •—„•‹†› †‡’‡†‡–Ǥ—””‡•—Ž–•ƒ”‡‹Ž‹‡™‹–Š–Š‡‰”‘—†”‡ƒŽ‹–›ǤƒŒ‘”‹–›‘ˆ •‹‘—–Š•‹ƒƒ† ˆ”‹…ƒ ˆ‘ŽŽ‘™ ‰”‘—’ Ž‡†‹‰ ‡–Š‘†‘Ž‘‰› ƒ† Ž‡† –‘ –Š‡ ’‘‘” ‹ ‰‡‡”ƒŽ ƒ† –‘ ™‘‡ ‹ ’ƒ”–‹…—Žƒ”Ǥ‘•‡“—‡–Ž›–Š‡›”‡“—‹”‡‘”‡•—„•‹†‹œ‡†ˆ—†•–Šƒ–Š‡‹”…‘—–‡”’ƒ”–•‹ƒ–‹ ‡”‹…ƒǡ™Š‘’”‡†‘‹ƒ–Ž›Ž‡†–‘Ž‡••’‘‘”‹†‹˜‹†—ƒŽ•Ǥ›……‘’ƒ”‹‰–Š‡ƒ˜‡”ƒ‰‡•‘ˆ–Š‡ ‘‹ƒŽ ˆ‹ƒ…‹ƒŽ ”ƒ–‹‘• ‘ˆ ”‡–—” ‘ ƒ••‡–• ȋȌ ƒ† ”‡–—” ‘ ‡“—‹–› ȋȌ ™‹–Š –Š‡‹” •—„•‹†›Ǧƒ†Œ—•–‡† ”ƒ–‹‘•ǡ –Š‹• ’ƒ’‡” ƒŽ•‘ Š‹‰ŠŽ‹‰Š–• –Š‡ ‹ƒ†‡“—ƒ…› ‘ˆ –Š‡ …‘˜‡–‹‘ƒŽ ˆ‹ƒ…‹ƒŽ ”ƒ–‹‘• ‹ ‡ƒ•—”‹‰ –Š‡ ˆ‹ƒ…‹ƒŽ ’‡”ˆ‘”ƒ…‡ ‘ˆ ‹…”‘ˆ‹ƒ…‡ ‹•–‹–—–‹‘• „› ‘– –ƒ‹‰‹–‘ƒ……‘—––Š‡•—„•‹†‹‡•Ǥ†–Š‡”‡•—Ž–••Š‘™–Šƒ–™Š‡ƒ†Œ—•–‡†ˆ‘”•—„•‹†‹‡•ǡ–Š‡ ˆ‹ƒ…‹ƒŽ’‡”ˆ‘”ƒ…‡‘ˆ •†‡…Ž‹‡•—„•–ƒ–‹ƒŽŽ›Ǥ Šƒ–ƒ”‡–Š‡’‘Ž‹…›‹’Ž‹…ƒ–‹‘•‘ˆ–Š‡•‡ˆ‹†‹‰•ƒ†ƒ”‡–Š‡”‡ƒ›™‹†‡”Ž‡••‘•–‘„‡ Ž‡ƒ”‡† ˆ‘” –Š‡ •–ƒ‡Š‘Ž†‡”• ‹ ‹…”‘ˆ‹ƒ…‡ǫ ‡ •—‰‰‡•– ˆ‘—”Ǥ ‹”•–ǡ ˆ‘” ‰‘˜‡”‡–• ƒ† †‘‘”•ǡ ‡ƒ•—”‡‡– ‘ˆ •‘…‹ƒŽ …‘•– ‘ˆ •—„•‹†‹œƒ–‹‘ Š‡Ž’• –Š‡ –ƒ‹‰ ‹ˆ‘”‡† ’‘Ž‹…› †‡…‹•‹‘• ‹ ƒ‹‰ –Š‡ „‡•– —•‡ ‘ˆ ’—„Ž‹… ˆ—†• ‡ƒ”ƒ”‡† ˆ‘” –Š‡ ’‘‘”Ǥ ‡…‘†ǡ ˆ‘” –Š‡ ‹…”‘ˆ‹ƒ…‡ ’”ƒ…–‹–‹‘‡”• ‹ ‰‡‡”ƒŽ ƒ† –Š‡ ’”ƒ…–‹–‹‘‡”• ˆ‘” •ƒ’Ž‡  • ‹ –Š‹• •–—†› ‹ ’ƒ”–‹…—Žƒ”ǡ –Š‡ ‡••ƒ› ‘– ‘Ž› ’—–• ƒ ’”‹…‡ –ƒ‰ ‘ –Š‡‹” ‹•–‹–—–‹‘ ‹ –‡”• ‘ˆ …‘•–• –‘ –Š‡  

•‘…‹‡–› „—– ƒŽ•‘ ’‹• †‘™ –Š‡ ‹’‘”–ƒ– ˆƒ…–‘”• ™Š‹…Š …‘–”‹„—–‡ –‘™ƒ”†• ˆ‹ƒ…‹ƒŽ •—•–ƒ‹ƒ„‹Ž‹–›„›”‡†—…‹‰•—„•‹†›†‡’‡†‡…‡ǤŠ‹”†ǡˆ‘”•‘…‹ƒŽ‹˜‡•–‘”•ǡ‹–•‡”˜‡•ƒ•ƒ‰—‹†‡ –‘ –Š‡ ‹ ‡˜ƒŽ—ƒ–‹‰ –Š‡‹” ‹˜‡•–‡– ‹ ’”‘Œ‡…–• ™Š‹…Š ‹…”‡ƒ•‡ –Š‡ ’—„Ž‹… ™‡ƒŽ–Š ‘ˆ –Š‡ •‘…‹‡–›ƒ–Žƒ”‰‡Ǥ†ˆ‹ƒŽŽ›ˆ‘”‹…”‘ˆ‹ƒ…‡…Ž‹‡–•ǡ‹–‹•ƒ™ƒ”‡‡••–‘™ƒ”†•–Š‡‹’‘”–ƒ…‡‘ˆ –”ƒ•’ƒ”‡– ’”‹…‡• ‹ ‹…”‘ˆ‹ƒ…‡ ’ƒ”–‹…—Žƒ”Ž› ˆ‘” –Š‘•‡ …Ž‹‡–• –‘ ™Š‘  • …Šƒ”‰‡ ‡š‘”„‹–ƒ–‹–‡”‡•–”ƒ–‡•Ǥ     

              

Bibliography ”‡†ž”‹œ†‡‰Š‹‘ǡƒ† ‘ƒ–Šƒ‘”†—…ŠȋʹͲͲͶȌ‹…”‘ˆ‹ƒ…‡ǣŠ‡”‡†‘™‡–ƒ†ǫ‹ Šƒ”Ž‡• ‘‘†Šƒ”– †‹–‹‘Ǥ Financial Development and Economic Growth: Explaining the links ȋ‘†‘ǣƒŽ‰”ƒ˜‡Ȍ  ”‡†ƒ”‹œǡ Ǥ ƒ† Ǥ ‘”†—…Š ȋʹͲͲͷȌ The Economics of Microfinance. ƒ„”‹†‰‡ǡ ǣ   ”‡••Ǥ  ‡ŽŽ‹ǡ Ǥ ȋͳͻͻ͸Ȍ Handbook on Economic Analysis of Investment Operationsǡ ’‡”ƒ–‹‘• ‘Ž‹…› ‡’ƒ”–‡–Ǥƒ•Š‹‰–‘ǡǤǤǡ‘”Ž†ƒǤ  ‡Œƒ‹ǡ Ǥ Ǥ ”Ǥ ȋͳͻͻͶȌ ”‡†‹– …Š‡‡• ‘” ‹…”‘‡–‡”’”‹•‡•ǣ ‘–‹˜ƒ–‹‘ǡ ‡•‹‰ǡ ƒ† ‹ƒ„‹Ž‹–›Ǥ’—„Ž‹•Š‡†PhDdissertationǡ ‡‘”‰‡–‘™‹˜‡”•‹–› ƒ’‹‘ǡǤƒ†Š‹–‡ǡǤȋͳͻͻͻȌ •–‹–—–‹‘ƒŽ‡–ƒ‘”’Š‘•‹•ǣ–”ƒ•ˆ‘”ƒ–‹‘‘ˆ ‹…”‘ˆ‹ƒ…‡ •‹”‡‰—Žƒ–‡†ˆ‹ƒ…‹ƒŽ‹•–‹–—–‹‘•ǡOccasionalPaperNo.3ǡ‹…”‘ ‹ƒ…‡ ‡–™‘”ǡƒ•Š‹‰–‘ǡǤ  Š”‹•–‡ǡ ‘„‡”– ‡…Ǣ Š›‡ǡ Ž‹•ƒ„‡–ŠǢ ‘‰‡Žǡ ‘„‡”– ǤǢ ƒ† ”‡••‹†ƒ …‡ƒǤ ȋͳͻͻͷȌ ƒš‹‹œ‹‰–Š‡—–”‡ƒ…Š‘ˆ‹…”‘‡–‡”’”‹•‡ ‹ƒ…‡ǣƒŽ›•‹•‘ˆ—……‡••ˆ—Ž    ȋʹͲͲ͵Ȍ ‹…”‘ˆ‹ƒ…‡ ‘•‡•—• —‹†‡Ž‹‡•Ǥ ‡ˆ‹‹–‹‘• ‘ˆ ‡Ž‡…–‡† ‹ƒ…‹ƒŽ ‡”•Ǥ ƒ–‹‘•ƒ††Œ—•–‡–•ˆ‘”‹…”‘ˆ‹ƒ…‡Ǥ͵”†‡†Ǥ‘•—Ž–ƒ–‹˜‡ ”‘—’–‘••‹•––Š‡‘‘”‡•–ǣ ƒ•Š‹‰–‘ǤǤǤ  ‘‰‘ǤǤȋʹͲͲʹȌ‡”ˆ‘”ƒ…‡‘ˆ‹…”‘ˆ‹ƒ…‡ •–‹–—–‹‘•‹—”‹ƒ ƒ•‘ǤDiscussionPaper No.2002/01. Ǥ‹–‡†ƒ–‹‘•‹˜‡”•‹–›ǡ‡Ž•‹‹ǡ ‹Žƒ†Ǥ  —ŽŽǤ Ǥǡ •Ž‹ ‡‹”‰—­Ǧ—– Ƭ ‘”†—…ŠǤ Ǥ ȋ ʹͲͲ͹Ȍ ‹ƒ…‹ƒŽ ’‡”ˆ‘”ƒ…‡ ƒ† ‘—–”‡ƒ…Šǣ ƒ ‰Ž‘„ƒŽƒƒŽ›•‹•‘ˆŽ‡ƒ†‹‰‹…”‘„ƒ•ǤTheEconomicJournal,‘ŽǤͳͳ͹ǡ’’Ǥ ͳͲ͹Ǧ ͳ͵͵ 

‹––‹‰‡”Ǥ Ǥ”‹…‡ȋͳͻͺʹȌEconomicAnalysisofAgriculturalProjectsǤ‡…‘††‹–‹‘Ǥ…‘‘‹… ‡˜‡Ž‘’‡– •–‹–—–‡‘ˆ–Š‡‘”Ž†ƒǤƒŽ–‹‘”‡ǡ ‘Š•‘’‹•‹˜‡”•‹–›”‡••Ǥ ͲǦ ͺͲͳͺǦʹͻͳʹǦ͹Ǥ 

‘‘†ƒǤ Ǥ ȋʹͲͲͷȌ Microfinance Investment FundsǤ ‡› ‡ƒ–—”‡•Ǥ  —„Ž‹…ƒ–‹‘•Ǥ —š‡„—”‰Ǥ  Hartarska, V. and D. Nadolnyak (2007) Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence. Applied Economics, Vol. 39, pp. 1207-1222.  ƒ•Š‡‹ǡ›‡†Ǥƒ†‹†‡›ǡ—–Šǡ…Š—Ž‡”ȋͳͻͻ͹Ȍ—•–ƒ‹ƒ„Ž‡„ƒ‹‰™‹–Š–Š‡’‘‘”ǣƒ…ƒ•‡ •–—†› ‘ˆ ”ƒ‡‡ ƒǤ  JSI Working Paper No. 10ǡ ”Ž‹‰–‘ǡ ‹”‰‹‹ƒǡ   ‡•‡ƒ”…Š ƒ† ”ƒ‹‹‰ •–‹–—–‡Ǥ  ‘Ž–ƒǡƒ”–‹Ǣƒ†‘…Š—•‘ƒ”–œǤȋͳͻͻ͸ȌTechnicalGuideforAnalyzingtheEfficiency of CreditGranting NonGovernment Organizations (NGOs)ǡ ƒƒ”„”ò…‡ ƒ† ‘”– ƒ—†‡”†ƒŽ‡ǣ ”‡‹–‡„ƒ…Š‡”Žƒ‰Ǥ   

—Ž‡ǡ ƒ˜‹† ƒ† ƒ—Žǡ ‘•Ž‡› ȋͳͻͻ͸Ȍ Finance Against PovertyǤ ‘Ž—‡  ƒ† Ǥ ‘†‘ǣ ‘—–Ž‡†‰‡ǡ ͲǦͶͳͷǦͲͻͷͶͶǦͳƒ†ͲǦͶͳͷǦͳʹͶ͵ͲǦͳǤ  –‡”ƒ–‹‘ƒŽ‘‡–ƒ”› —†ǤInternationalFinancialStatisticsǡʹͲͲͷƬʹͲͲ͸ǡƒ•Š‹‰–‘ǡǤǤ  –‡”Ǧ‡”‹…ƒ‡˜‡Ž‘’‡–ƒȋͳͻͻͶȌTechnicalGuidefortheAnalysisofMicroenterprise FinanceInstitutionsǤ‹…”‘‡–‡”’”‹•‡‹˜‹•‹‘Ǥƒ•Š‹‰–‘ǤǤǤ  ƒ–œǡ ƒ˜‹† Ǥǡ ƒ† Ǥ ‹Ž„‡”– ‡Ž…Š ȋͳͻͻ͵Ȍ ‹•…‘—–‹‰ ‹ ‘•–Ǧˆˆ‡…–‹˜‡‡•• ƒŽ›•‹• ‘ˆ ‡ƒŽ–Š…ƒ”‡”‘‰”ƒ‡•ǤPharmacoEconomicsǡ‘ŽǤ͵ǡ‘ǤͶǡ’’Ǥʹ͹͸ǦʹͺͷǤ Šƒ†‡”ǤǡŠƒŽ‹Ž›Ǥǡƒ†ǤǡŠƒȋͳͻͻͷȌ ”ƒ‡‡ƒǣ‡”ˆ‘”ƒ…‡ƒ†—•–ƒ‹ƒ„‹Ž‹–›Ǥ DiscussionPaperNo.306ǡƒ•Š‹‰–‘ǤǤǡ‘”Ž†ƒǤ  ‹š ƒ”‡– ȋʹͲͲ͹Ȍ Š‡ ‹…”‘Ƥƒ…‡ ˆ‘”ƒ–‹‘ ‡…Šƒ‰‡ ȋ ȌǤ ˜ƒ‹Žƒ„Ž‡ ƒ– Š––’ǣȀȀ™™™Ǥ‹šƒ”‡–Ǥ‘”‰Ȁ‡Ȁ™Šƒ–Ǥ‹•Ǥ‹šǤƒ•’Ǥ ‡Š”ƒǡ ƒŒ‹•ŠǢ ƒ† †™ƒ”† Ǥ ”‡•…‘––Ǥ ȋͳͻͺͷȌ Š‡ “—‹–› ”‡‹—ǣ  —œœŽ‡Ǥ Journal of MonetaryEconomicsǡ‘ŽǤͳͷǡ‘Ǥʹǡ’’ǤͳͶͷǦͳ͸ͳǤ  ‘†‹‰Ž‹ƒ‹ǡ ǤǢƒ†Ǥ‹ŽŽ‡”ǤȋͳͻͷͺȌŠ‡‘•–‘ˆƒ’‹–ƒŽǡ‘”’‘”ƒ–‹‘ ‹ƒ…‡ǡƒ†–Š‡ Š‡‘”› ‘ˆ ˜‡•–‡–ǤAmericanEconomicReviewǡ‘ŽǤͶͻǡ‘Ǥʹǡ’’Ǥʹ͸ͳǦʹͻ͹Ǥ

 ‘”†—…Šǡ Ǥ ȋͳͻͻͻƒȌ Š‡ ‹…”‘Ƥƒ…‡ ”‘‹•‡Ǥ Journal of Economic Literature, ‘ŽǤ ͵͹ǡ ’’Ǥ ͳͷ͸ͻǦͳ͸ͳͶǤ  ‘”†—…ŠǤ Ǥȋͳͻͻͻ„ȌŠ‡”‘Ž‡‘ˆ•—„•‹†‹‡•‹‹…”‘ˆ‹ƒ…‡ǣ‡˜‹†‡…‡ˆ”‘–Š‡ ”ƒ‡‡ƒǤ JournalofDevelopmentEconomicsǡ‘ŽǤ͸Ͳǡ’’ǤʹʹǦʹͶͺǤ  ‘”†—…Šǡ ǤȋʹͲͲͲȌŠ‡‹…”‘ˆ‹ƒ…‡…Š‹•ǤWorldDevelopment,‘ŽǤʹͺǡ‘ǤͶǡ’’͸ͳ͹Ǧ͸ʹͻ  ‘•‡„‡”‰ǡ Ǥǡ Š”‹•–‡ǡ Ǥ Ǥ ƒ† ”‹‰‹– Ǥ ȋͳͻͻ͹Ȍ Format for Appraisal of MicroFinance InstitutionsǤƒ•Š‹‰–‘ǡǤǤǣ‘•—Ž–ƒ–‹˜‡ ”‘—’–‘••‹•––Š‡‘‘”‡•–Ǥ  Š›‡ǡ Ž‹•ƒ„‡–Š ȋͳͻͻͶȌ  ‡™ ‹‡™ ‘ˆ ‹ƒ…‡ ”‘‰”ƒ ˜ƒŽ—ƒ–‹‘Ǥ  –‡”‘ǡ ƒ”‹ƒ ƒ† Š›‡ǡŽ‹•ƒ„‡–Šȋ†ǤȌTheNewWorldofMicroenterpriseFinanceǤ …Š”‡‹‡”ǡǤȋͳͻͻ͹Ȍ ”ƒ‡™‘” ‘”–Š‡ƒŽ›•‹•‘ˆ–Š‡‡”ˆ‘”ƒ…‡ƒ†—•–ƒ‹ƒ„‹Ž‹–›‘ˆ —„•‹†‹œ‡† ‹…”‘ˆ‹ƒ…‡ ”‰ƒ‹œƒ–‹‘• ‹–Š ’’Ž‹…ƒ–‹‘ –‘ ƒ…‘‘Ž ‘ˆ ‘Ž‹˜‹ƒ ƒ† –‘ –Š‡

”ƒ‡‡ƒ‘ˆƒ‰Žƒ†‡•ŠǤPhDdissertationǤŠ‡Š‹‘–ƒ–‡‹˜‡”•‹–›  …Š”‡‹‡”ǡ Ǥǡ ƒ† ƒ”‘ǡ Ǥ ȋͳͻͻͻȌ Š‡ •—„•‹†› ‡’‡†‡…‡ †‡š ƒ† ”‡…‡– ƒ––‡’–• –‘ ƒ†Œ—•–‹–ǤSavingsandDevelopment,‘ŽǤʹ͵ǡ‘ǤͶǡ’’Ǥ͵͹ͷǦͶͲͷǤ  …Š”‡‹‡”ǡ Ǥǡ ƒ† ƒ”‘ǡ Ǥ ȋʹͲͲͳȌǤ ‡˜‡Ž‘’‡– ‹ƒ…‡ •–‹–—–‹‘•ǣ ‡ƒ•—”‹‰ Š‡‹” —„•‹†›Ǥƒ•Š‹‰–‘ǤǤǤǣ‘”Ž†ƒǤ  …Š”‡‹‡”ǡ Ǥ ȋʹͲͲ͵Ȍ  ‘•–Ǧˆˆ‡…–‹˜‡‡•• ƒŽ›•‹• ‘ˆ –Š‡ ”ƒ‡‡ ƒ ‘ˆ ƒ‰Žƒ†‡•ŠǤ DevelopmentPolicyReview,‘ŽǤʹͳǡ‘Ǥ͵ǡ’’Ǥ͵ͷ͹Ǧ͵ͺʹǤ  Ǥ ȋͳͻͻͷȌ Financial Ratio Analysis of Microfinance Institutionsdzǡ ‡™ ‘”ǣ ƒ…– —„Ž‹…ƒ–‹‘•ǡ„‘‘•̷’ƒ…–’—„Ǥ‘”‰   

Šƒ”ƒǡǤȋʹͲͲͶȌ—„•‹†›‡’‡†‡…‡ƒ† ‹ƒ…‹ƒŽ•—•–ƒ‹ƒ„‹Ž‹–›‹†‡˜‡Ž‘’‡–„ƒ•Ǧ …ƒ•‡•–—†›‘ˆƒŽŽƒ…‹ˆ‹… •Žƒ†‘—–”›ǤŠ‡‹˜‡”•‹–›‘ˆ‘—–Šƒ…‹ˆ‹…ǡ ‹Œ‹ •Žƒ†•Ǥ  ‘ ‹•…Š‡ǡ ǤǤ ȋͳͻͻͺȌǡ ‡ƒ•—”‹‰ –Š‡ ”ƒ†‡Ǧˆˆ „‡–™‡‡ —–”‡ƒ…Š ƒ† —•–ƒ‹ƒ„‹Ž‹–› ‘ˆ ‹…”‘‡–‡”’”‹•‡‡†‡”•ǡJournalofInternationalDevelopmentǡͺȋʹȌǡʹʹͷǦʹ͵ͻ  ƒ”‘ǡ ǤȋͳͻͻʹƒȌ—……‡••ˆ—Ž—”ƒŽ ‹ƒ…‡ •–‹–—–‹‘•ǤDiscussionPaperNo.150,ƒ•Š‹‰–‘Ǥ ǤǤǣ‘”Ž†ƒǡ ͲǦͺʹͳ͵ǦʹͲͳͺǦͳǤ  ƒ”‘ǡ Ǥ ȋͳͻͻʹ„Ȍ ••‡••‹‰ ‡˜‡Ž‘’‡– ‹ƒ…‡ •–‹–—–‹‘•ǣ  —„Ž‹… –‡”‡•– ƒŽ›•‹•Ǥ DiscussionPaperNo.174Ǥƒ•Š‹‰–‘ǤǤǤǣ‘”Ž†ƒǡ ͲǦͺʹͳ͵ǦʹʹͲ͵Ǧ͸Ǥ  ƒ”‘ǡ Ǥ ȋͳͻͻͶȌ Šƒ– ƒ‡• —”ƒŽ ‹ƒ…‡ •–‹–—–‹‘• —……‡••ˆ—ŽǫǤ World Bank Research ObserverǤ‘ŽǤͻǡ‘Ǥͻǡ’’ǤͶͻǦ͹Ͳ  ƒ”‘ǡ ǤǡǤ‡Œƒ‹Ǥƒ† Ǥ‹’”‡Ǥȋͳͻͻ͹Ȍ—”ƒŽ ‹ƒ…‡ǣ ••—‡•ǡ‡•‹‰ƒ†‡•–”ƒ…–‹…‡•Ǥ ƒ•Š‹‰–‘ǤǤǤǣ‘”Ž†ƒ  ƒ”‘ǡ Ǥ ȋʹͲͲͶȌ –ƒ–‡Ǧ™‡† ‡˜‡Ž‘’‡– ‹ƒ…‡ •–‹–—–‹‘•ǣ ƒ…‰”‘—†ǡ ‘Ž‹–‹…ƒŽ …‘‘› ƒ† ‡”ˆ‘”ƒ…‡ ••‡••‡–Ǥ ˜ƒ‹Žƒ„Ž‡ ƒ– ™™Ǥ‹ƒ†„Ǥ‘”‰Ȁ”‡•Ȁ’—„Ž‹…ƒ–‹‘•Ȁ’—„ˆ‹Ž‡•Ȁ’—„ǦͶͻʹǤ’†ˆ  ‡ŽŽ‡”ǡǤƒ†‡›‡”ǤǤǤȋʹͲͲʹȌȋ‡†•ȌŠ‡”‹ƒ‰Ž‡‘ˆ‹…”‘ˆ‹ƒ…‡ǣ ‹ƒ…‹ƒŽ—•–ƒ‹ƒ„‹Ž‹–›ǡ —–”‡ƒ…Šƒ† ’ƒ…–ǤŠ‡ ‘Š‘’‹•‹˜‡”•‹–›”‡••ǡƒŽ–‹‘”‡ǡǡǡ ǣͲǦͺͲͳͺǦ ͹ʹʹ͸Ǧ          

     

APPENDIXA



MICROFINANCEINSTITUTIONS

PAKISTAN KASHFǦKashfFoundation FMFBǦFirstMicrofinanceBankLtd.Pakistan ASASAHǦAsasah NEPAL NSSCǦNeighbourhoodSocietyServiceCentre VYCCUǦVYCCUSaving&CreditCooperativeSocietyLtd. NIRDHANNirdhanUtthanBankLtd. PGBBǦWesternRegionGrameenBikasBank CBBǦChhimekBikasBankLtd. INDIA BANDHANǦBandhan(SocietyandNBFC) BASIXǦBhartiyaSamruddhiFinanceLimited SHARESHAREMicrofinLtd. MAHASEMANMahasemamSMILE CASHPORCashporMicrocredit IASCIndianAssociationforSavingsandCredit KBSLABKrishnaBhimaSamruddhiLocalAreaBank Limited ESAFEvangelicalSocialActionForum SNFSarvodayaNanoFinanceLimited GKGrameenKoota BANGLADESH BUROǦBUROBangladesh DESHA–DESHA ASAASA BRACBangladeshRuralAdvancementCommittee RDRSRDRSBangladesh ShaktiShaktiFoundationforDisadvantagedWomen TMSSThengamaraMohilaSabujSangha IDFIntegratedDevelopmentFoundation AFGHANISTAN FMFBTheFirstMicroFinanceBank–Afghanistan BRACBRACAfghanistan ARMPAfghanistanRuralMicrocreditProgramme AFRICA KENYA KREPǦRepBank EBSEquityBank KADETKenyaAgencytoDevelopmentofEnterpriseand Technology KWFTKenyaWomenFinanceTrust MDSLMicroenterpriseDevelopmentServicesLtd SMEPSmallandMicroEnterpriseProject BURKINAFASO RCPBRéseaudescaissespopulairesduBurkinƒ SENEGAL PAMECASProgrammed'AppuiauxMutuellesd'Épargne etdeCréditauSénégal ACEPAlliancedeCreditetd'EpargnepourlaProduction CMS MALI SOROYSoroYiriwaso KANDOJAGIMKondoJigima CAMEROON ACEPAgencedeCréditpourl'EntreprisePrivéeCameroun CDS”±†‹–†—ƒŠ‡Ž GHANA FONCRESOLfoncresol

PROCREDIT ǦProCreditSLCGhana FundaciónCAMPOFundaciónCAMPO AMCdeR.L.SociedadCooperativadeAhorroyCréditoR.L. KSFǦKrabanSupportFoundation OISLǦOpportunityInternationalSavingsandLoansLimited SATǦSinapiAbaTrust BENIN ALIDEAssociationdeLuttepourlapromotiondesInitiatives deDéveloppement VFǦVitalFinance PADMEǦAssociationpourlaPromotionetl'Appuiau DéveloppementdeMicroEntreprises FACECAMǦFédérationdescaissesd'épargneetdecrédit agricolemutuel ANGOLA NovoBancoNovoBancoAngola ETHIOPIA DECSIDedebitCreditandSavingsInstitution ADCSIAddisCredit&SavingsInstitution ACSIAmharaCreditandSavingsInstitution WISDOMWisdom OMOOmoMicrofinanceInstitution BGBuusaaGonofaa TANZANIA PRIDEPRIDETanzania FINCAFINCATanzania UGANDA CMLCommercialMicrofinanceLimited FAULAFauluUganda MEDNetMicroEnterpriseDevelopmentNetwork FINCAFincaUganda UMLUgandaMicrofinanceLimited CENTENARYCentenaryRuralDevelopmentBankLtd. MALAWI FINCAǦFINCAMalawi MOZAMBIQUE SOCREMOBancodeMicrofinançasdeMoçambique FCCFundodeCreditoComunitario TchumaTchumaCooperativadeCréditoePoupança NovoBancoNovoBancoMozambique NIGERIA LAPOLiftAbovePovertyOrganisation SEAPSelfRelianceEconomicAdvancementProgramme SOUTHAFRICA SEFZAFSmallEnterpriseFoundationSouthAfrica ZAMBIA CETZAMCETZAMOpportunity FINCAFINCAZambia LATINAMERICA BOLIVIA ProMujerProMujerinBolivia CRECERCréditoconEducaciónRural PRODEMFondoFinancieroPrivadoPRODEM FIEFinancieroPrivadoparalFomentoaIniciativas Economicas ProCreditBancoLosAndesProCredit FADESFundaciónparaAlternativasdeDesarrollo AgroCapitalFundaciónAgroCapital Colombia–Bogotá

 

FUNBODEMFundaciónBolivianaparaelDesarrollode laMujer BancoSolBancoSol EcoFuturoEcoFuturoFondoFinancieroPrivado HONDOROUS HdHOPDFFundaciónMicrofinancieraHermandadde HondurasOPDF WorldReliefWorldReliefHonduras FINCAFINCAHonduras TIRINIDAD&TOBBAGO MCHLMicrofinCaribbeanHoldingsLimited VENEZEULA BANGENTEBancoDeLaGenteEmprendedora PERU CMACTacnaCajaMunicipaldeAhorroyCréditode Tacna MIBANCOMiBanco BANTRABancodelTrabajo CMACMaynasCajaMunicipaldeAhorroyCréditode Maynas EDPYMEConfianzaEDPYMEConfianza IDESILaLibertadInstitutodeDesarrollodelSector InformalparaLaLibertad FONDESURCOFondodeDesarrolloRegional EDPYMEEDYFICAREDPYMEEdyficarS.A. CaritasCaritasdelPerú CMACCuscoCajaMunicipaldeAhorroCréditodeCusco ProMujerProMujerinPeru CMACArequipaCajaMunicipaldeAhorroyCréditode Arequipa FINCAFINCAPeru CMACTrujilloCajaMunicipaldeAhorroyCréditode Trujillo CRACCajaNorCajaNorPerú CMACTacnaCajaMunicipaldeAhorroyCréditode Tacna MovimientoMRMovimientoManuelaRamos ECUADOR BANCOSOL COACSacAietCooperativadeAhorroyCréditoSacAiet DmiroDmiro FODEMIFondodeDesarrolloMicroempresarial ProCreditBancoProCreditEcuador ECLOFEcumenicalChurchLoanFund–Ecuador COACSanJoséCooperativadeAhorroyCréditoSan José FundaciónEspoirFundaciónEspoir FINCA–FINCAECU COACJardínAzuayoCooperativadeAhorroyCrédito JardínAzuayo COSTARICA CREDIMUJER–CREDIMUJER FUNDECOCAFundaciónUniónyDesarrollode ComunidadesCampesinas COLOMBIA FMMPopayánFundaciónMundoMujerPopayán FinamericaFinancieraAmérica WWB–MedellínWomen'sWorldBanking–Medellín WWBCALI CMMBogotáCorporaciónMundialdelaMujer CREDITMONGOLCreditMongol

ELSALVADOR saeca FIELCOFinancieraElComercio HAITI ACMEAssociationPourlaCooperationaveclaMicro Enterprise DOMINICANREPUBLIC BancoADEMIBancoADEMI NICRAGUA FUNDENUSEFundaciónparaelDesarrollodeNuevaSegovia PRODESAFundacionParaLaPromocionyelDesarrollo FAMAFinancieraFAMA ACODEPAsociacióndeConsultoresparaelDesarrollodela Pequeña.MedianayMicroempresa FJNFundaciónJoséNieborowski FDLFondodeDesarrolloLocal ProCreditBancoProCreditNicaragua BANEX(ExFINDESA)BancodelÉxito.exFINDESA PARAGUAY Interfisagrupointernacionaldefinanzasinterfisafinanciera IMONLLCMicrolendingorganization“IMONNTERNATIONAL” GAUTEMALA FAFIDESSFundacióndeAsesoríaFinancieraaInstitucionesde DesarrolloyServicioSocial FUNDEAFundaciónparaelDesarrolloEmpresarialyAgrícola GénesisEmpresarialFundaciónGénesisEmpresarial FundaciónMICROSFundaciónparaelDesarrollodela Microempresa EASTASIA&PACIFIC COMBODIA PRASACPRASACMFILtd. AMRETAMRETCo.,Ltd. SATHAPANASATHAPANALIMITED HKLHatthaKaksekarLtd. ACLEDAACLEDABankPlc. SAMAO SPBDSouthPacificBusinessDevelopment PHILIPINES GREENRuralGreenBankofCaraga,Inc. BCBBukidnonCooperativeBank ASHIAhonSaHirap,Inc. TSPITSPIDevelopmentCorporation NWFTNegrosWomenforTomorrowFoundation,Inc. IstVALLEY1stValleyBank CBMOCooperativeBankofMisamisOriental,Inc. DIGOSRuralBankofDigos,Inc. SOLANORuralBankofSolano,Inc. BANKKABangkoKabayan(IbaanRuralBank,Inc.) VIETNAM TYMTYMFUND CEPCapitalAidFundforEmploymentofthePoor INDONESIA MBKVENTUPTMitraBisnisKeluargaVentura CENTRALASIA&EASTERNEUROPE ALBANIA BESABESAFund PROCREDITProCreditBankAlbania PHSMOpportunityAlbania(formerlyPSHM) MONGOLIA KHANBANKKhanBank(AgriculturalBankofMongoliaLLP) 

 

TAJIKSTAN FMFBTheFirstMicroFinanceBankTajikistan BANKESHKTABankEskhata FMMBucaramangaFundaciónMundialdelaMujer Bucaramanga MICROINVESTMicroloanFundMicroInvest AGROINVESTOJSCAgroinvestbank RUSSIA FORUSFORUSBank KYRGYSTAN AIYLBANKAiylBank FMCCFINCAMicroCreditCompany BTFFBaiTushum ARMENIA INECOINECOBank ACBAACBACREDITAGRICOLEBANKCJSC HORIZON'NorHorizon'UCOLLC AZERBAIJAN CREDAGROCredAgroNonBankingCreditInstitution ACCESSAccessbank NORMICONorwegianMicrocreditLLC VIATORViatorMicrocreditAzerbaijanLLC BOSNIA&HEZGOVENIA MIKROFINMIKROFINBanjaLuka PARTNERPartner SUNRISEMicrocreditOrganizationSunrise EKIEKI KAZAKHSTAN KMFǦ"KazMicroFinance"LLC(formerlyKLF) GEORGIA CREDOVFCredoFoundation LAZKACapitalformerlySBDF CRYSTALFUNDJSCMFOCrystalformerlyCrystalFund CONSTANTAConstantaBank MIDDLEEAST&EASTAFRICA EGYPT DBACDDakahlyaBusinessmen'sAssociationfor CommunityDevelopment LEADLeadFoundation ALTADAMUNAlTadamun JORDAN TAMWEELCOMformerlyJMCC MFWMicrofundforWomen MORROCO ALAMANAAssociationAlAmanaforthePromotionof MicroEnterprisesMorocco FONDEPFONDEPMicroCrédit ZAKOURAFondationZakoura INMMAInstitutionMarocained'AppuialaMicro entreprise ALKARAMAAssociationAlKaramadeMicroCredit TUNISIA ENDAendainterarabe



    

APPENDIXB ASIA MFI KASHF FMBL ASASAH NSSC VYCCU NIRDHAN PGBB CBB BANDHAN BASIX SHAREMF Mahaseman Cashpoor IASC KBSLAB ESAF SNFL GK BTANGAIL DESHA ASA BRAC RDRS SHAKTI TMSS IDF FMFB BRAC ARMP



SDI 2005 2006 ͲǤͳͺͶ ͲǤͳͳͶ ʹǤͻͺͷ ͲǤͺͶͶ ͲǤʹʹ͸ ͳǤͲ͵͹ ͲǤʹͷͶ Ǧ ǦͲǤͳͲͶ Ǧ ͲǤ͵͵ͻ ͲǤ͵ͳ͵ ͲǤ͹͹ͷ Ǧ ͲǤͶͶ͵ ͲǤͲͺ͸ ͲǤͳͺ͵ ǦͲǤͳͶ͸ ͲǤʹͻͺ ͲǤʹʹͳ ǦͲǤͲ͵͹ ͲǤ͵ͻʹ ǦͲǤͲͲ͵ Ǧ ͳǤͲͶͷ ͲǤ͵ͻ͸ ͲǤ͵͵ͺ Ǧ ͲǤ͸ͺ͵ ͲǤ͹ͲͶ ͲǤ͵Ͳ͸ ǦͲǤͲͳ͵ ͳǤͲ͵͹ ͲǤͻ͵Ͳ ͲǤʹͲͲ ǦͲǤͲͲ͹ ǦͲǤͲͶͶ ͲǤͲ͹ʹ ͲǤͳʹͳ Ǧ ǦͲǤͳͻͲ ͲǤͷ͵ͺ ͳǤʹʹͷ ͲǤͻͻͻ ͳǤͷͺͲ ͳǤ͸ʹ͵ ͲǤ͵͹ʹ ͲǤͲͻʹ ͲǤͻͲͲ ͲǤ͸ͺͳ ͲǤͲͳͻ ͲǤͲ͵ͺ ͳǤ͵͵ͷ ͲǤͳͺͻ ͳǤʹ͹Ͷ ͲǤͺͲͶ ͲǤͺ͹͵ ͲǤʹͷͲ

SDICalculations(BenjaminFormula)  MFI DECSI ADCSI ACSI WISDOM OMO BG PRIDE FINCA CML FAULU MEDNET FINCA UML Centenary FINCA SOCREMO FCC TCHUMA NBANCO LAPO SEAP SEFZAF CETZAM FINCA

SDI 2005 2006 ǦͲǤͳͲͳ ͲǤͲͲ͵ ͲǤͷͻ͸ ͳǤʹ͸͹ ǦͲʹ͵ͺ ǦͲǤ͵ʹͻ ͲǤ͹͹͵ ͲǤͲͻ͹ ͲǤͷ͸ͷ ͲǤͳͳͻ ͳǤͲ͹ʹ ͲǤͳͻͶ ͲǤͲ͹ͺ ͲǤͳͷͶ ͲǤͳʹʹ Ǧ ͲǤͳʹͳ ͲǤ͵͹Ͳ ͲǤ͵ʹʹ ͲǤ͸ʹʹ ͲǤ͵ͳ͹ ʹǤͻͺͺ ͲǤͳͳͳ ͲǤͳͻͲ ͳǤͲ͵ͻ Ǧ ͲǤʹͳͳ ͲǤͳͳʹ ͲǤ͵ͺͺ Ǧ ͲǤ͵ʹ͵ ͲǤ͵ͲͲ ͳǤͷͷͷ ͲǤʹͻ͸ ͲǤʹ͹ͷ ͲǤ͵͵Ͷ ͲǤͶʹͺ ǦͲǤͲ͵͵ ͲǤͲ͸ͺ ͲǤͲͳ͹ ǦͲǤͳʹͶ ǦͲǤʹͳͷ ͲǤ͵͸ͺ ͲǤʹͳͶ ʹǤͷʹ͸ ͳǤͲ͸Ͷ ͲǤͷ͸ͺ ͲǤͳͶͺ

 MFI Caritas CMACCus CMACTac CajaNor FINCA Movim.MR Promujer CMACArq CMACTru Interfisa FIELCO FUNDENUSE Prodesa FAMA ACODEP FJN FINDESA FDL ProCredit Fafidess Fundea GenesisEm FundacionM BancoSol COACSAC PROcredit CoacSJose FundacionE DMiro COACJardin FODEMI Finca Fundecoca CrediMujer FMMPop Finamerica CMMBog FMMBuca WWBCa WMMMed ADEMI

LATINAMERICA

SDI 2005 2006 ͳǤͲͷͶ ͲǤͷͲͷ ͲǤͳͳʹ Ǧ ͲǤ͵ͳʹ ͲǤʹͻ͵ ͲǤʹ͵͸ ͲǤʹʹͺ ͲǤ͵ͻͻ ͲǤͶͻͲ ͲǤͳͻʹ ͲǤʹͻͺ ͲǤͶͻͺ ͲǤʹ͹͵ ͲǤͲͶ͹ ͲǤͲͶ͵ ͲǤʹ͹ͺ ͲǤͳͷͲ ͲǤʹͻͷ ͲǤͳʹͺ ͲǤͳͲ͸ ͲǤͳͷʹ ǦͲǤͶͲ͹ Ǧ ǦͲǤͳͶͺ ǦͲǤʹͳʹ ͲǤͲͺͺ Ǧ ǦͲǤͲ͹Ͷ ǦͲǤͳͳͳ ͲǤͲʹͺ Ǧ ͲǤͲ͸ͺ ͲǤͲͲͻ ͲǤͲͳʹ ͲǤͲͷͻ ͲǤͳͳʹ ͲǤʹͶ͸ ǦͲǤͲͲͺ Ǧ ͲǤ͵ͺͶ Ǧ ͲǤʹ͸͹ ͲǤʹͻͶ ͳǤͳ͹͸ Ǧ ͲǤͳ͸͹ ͲǤͶͲ͸ ͲǤʹ͹͵ ͲǤʹͺͻ ͲǤʹͷͳ ͲǤͲͺ͵ ͲǤͳͺͻ ͲǤ͵ʹͳ ǦͲǤʹͲͷ ǦͲǤ͵ͳ͸ ͲǤͳͳ͹ ǦͲǤͲ͸͵ ͲǤʹ͸Ͷ ͲǤʹ͹Ͷ ͲǤͳͳ͸ ͲǤͲ͹ͷ ǦͲǤͷͶͶ ǦͲǤͲͺͳ ͳǤͳ͵͹ Ǧ ͲǤͺͳ͵ ͲǤͶͲͺ ǦͲǤͲͳ͵ ͲǤͳ͹͵ ͲǤʹͷͶ ͲǤ͵ͳʹ ͲǤʹͷʹ ͲǤʹʹͻ ǦͲǤͳͶͻ ǦͲǤͳ͸Ͳ ͲǤͳͶͶ ͲǤʹͲ͵ ͲǤ͵ͺͷ ͲǤͳͷͲ ͲǤʹ͹͵ Ǧ

ProMujar ͲǤͷ͸Ͷ ͲǤ͵ͺʹ CRECER ͲǤͳͳͶ ͲǤͲͷͷ PRODEM ͲǤʹͺͶ ͲǤͳͳͷ FIE ͲǤ͵ͷͺ ͲǤʹͳ͹ AFRICA KREP ͲǤ͵͹ʹ ͲǤͳͻ͵ BnacoLA ͲǤͷͲͳ ͲǤʹͳͲ EBS ǦͲǤͲͳͷ ǦͲǤͳͷ͵ FADES ͲǤ͹ͷͶ ͲǤ͵ʹͶ Kadet ͲǤ͸ͷ͵ ͲǤͻͳͷ Agrocapital ͲǤͺͶͳ ͲǤͶ͸ͳ KWFT ͲǤʹͶͳ ͲǤʹͷͲ Foncresol ͲǤͷͻ͸ Ǧ MDSL ͲǤͳͷͲ ǦͳǤͺͷ͹ FunBodem ͲǤ͸ͳ͵ ͲǤʹͺͺ SMEP ͲǤͶͳʹ ͲǤͶ͸͹ BANCOSOL ͲǤʹ͸Ͳ ͲǤͳͳͺ RCPB ͲǤͳͲͲ ͲǤͲ͵ͺ EcoFuturo ͲǤʹͷͲ ͲǤͳͲ͵ Pamecas ͲǤͳͻͶ ͲǤͲ͵ͺ FundacionC ͲǤͶ͸͹ ͲǤ͹ʹͷ ACEP ͲǤͷͻͶ Ǧ AMCdeRL ͲǤʹͺͲ ͲǤʹʹͳ CMS ͲǤͷ͸Ͳ ͲǤͷʹͲ ACME ͲǤ͵Ͳʹ ͲǤ͵ͺ͸ SoroY ͳǤͳ͹͸ ʹǤͲʹͻ HDH ͲǤͶͳ͵ ͳǤͳͷͳ K.Jagima ǦͲǤͶͲ͵ ͲǤͳ͹ͻ WorldRel ͲǤʹͶ͵ ͲǤʹͳͷ E.ASIA&PACIFIC ACEP ͳǤ͸ͷͺ Ǧ Finca ͲǤʹͺͶ ͲǤʹͳ͸ PRASAC ʹǤ͸͵͸ ͳǤͺ͹ͻ CDS ͲǤͶͶͳ ͲǤͶ͵Ͳ MCHL ͲǤ͹ʹͲ Ǧ AMRET ͳǤͲ͸͸ ͲǤ͹ͺͻ ProCredit ǦͲǤͲʹͶ ͲǤͲͳ͹ BanGente ͲǤͻ͸ͷ ͲǤͷͻͳ SATHA ͲǤͻͷͶ ͳǤͳͻͶ KSF ͲǤ͵Ͷ͹ Ǧ Edpy.CTac ͲǤ͸ͶͶ ͲǤͷ͵ʹ HKL ͳǤͶ͹ͻ ͲǤͺ͸Ͳ Opportunity ͲǤ͵ͳͺ ǦͲǤͲͳͻ MiBanco ͲǤͲͻʹ ͲǤͳͶ͵ ACLEDA ͳǤͳ͸ͷ ͳǤͳͳ͵ Sat ͲǤͲͷͳ ͲǤͳ͵Ͷ Bantra ͲǤʹͳͻ ͲǤʹ͸ͻ SPBD Ǧ͵Ǥʹͷͷ ǦʹǤ͹ͺͷ Alide ͳǤʹͶ ͲǤ͸͸͸ CMACMay ͲǤ͵Ͳ͵ ͲǤͳͺͳ GREEN ͲǤ͸ͳͳ Ǧ VF ͲǤͶͲͷ ͲǤͶʹ͹ Edpy.Cofian ͲǤ͹͸͹ ͲǤͺͶͺ BCB ͲǤ͵ͷͻ ͲǤ͵Ͷ͵ PADME ͲǤͶͺͳ ͷǤͺ͵Ͷ IDESILL ͲǤʹ͹ͳ Ǧ ASHI ʹǤͷ͸ͷ ͳǤͻ͹ͳ FECECAM ͲǤͳͺͷ ͳǤͶͶ͵ Fondesurco ͲǤ͸͹͵ ͲǤ͸ͻͺ TSPI ͲǤ͹ͺͶ ͲǤ͸͸Ͷ NovoBanco ͵Ǥ͵ͶͶ ͳǤ͵ͺ͹ EDPY.Edyf ͲǤ͸͸͹ ͲǤͷͷͻ NWFT ͲǤ͹Ͳ͸ ͲǤͷ͸ʹ Sourceǣ—–Š‘”‘™…ƒŽ…—Žƒ–‹‘•„ƒ•‡†‘–Š‡ƒŽƒ…‡•Š‡‡–•‘ˆʹͲͶ •ˆ‘”›‡ƒ”ʹͲͲͷƬʹͲͲ͸

 

    

 MFI IstValley CBMO DIGOS SOLANO BangkoKa TYM CEP MBKVentu

SDI 2005 ͳǤͻ͵͹ ͳǤʹͺͲ ͲǤͺͶͶ ͳǤͶ͹Ͷ ͳǤͷʹ͵ ʹǤ͸͹ͳ ʹǤʹͶ͹ ͲǤ͸ͶͶ

2006 ͲǤͶͶ͹ ͳǤʹͺͺ ͲǤ͸ͺͳ ͳǤͻʹ͸ ͳǤʹͷͶ ʹǤͻʹ͹ ʹǤͳͺͲ ͲǤ͵͹͵

C.ASIA&E.EUROPE BESA ProCredit PSHM KhanBank CredMongol FMFB BankEskhata MicroInvest Agroinvest IMON FORUS AIYLBank FMCC BTFF INECO ACBA HORIZON CAGRO ACCESS NORMICR Viator MIKROFIN PARTNER SUNRISE EKI KMF CREDO LAZIKA CFUND Constanta

ͲǤ͵͸͵ ͲǤʹͶͷ ͲǤͷͲͶ ͲǤʹͲʹ ͲǤ͸͵ͻ ʹǤͳʹͻ ͲǤʹͶ͹ ͲǤ͵ͺ͵ ͲǤͶ͹Ͳ ͳǤ͵Ͳͺ ͲǤʹ͵͹ ͳǤʹ͹Ͳ ͲǤʹͷ͸ ͳǤͷͻͳ ͲǤͳ͹ͷ ͲǤͷͶͺ ͲǤͳͺͻ ͲǤͻͳ͸ ͲǤ͸ͺ͵ ͲǤ͵Ͳʹ ǦͲǤͲʹͺ ͲǤͳͲͷ ͲǤʹʹ͸ ͲǤͳͳ͹ ͲǤʹʹͳ ǦͲǤͲͷͶ ͲǤͺͺͳ ͳǤͲ͵ͺ ͲǤ͵ͳʹ ͲǤ͸ͺͷ

ͲǤͳͲͺ ͲǤʹͳͷ ͲǤͳͶͶ ͲǤͲ͵ͺ ͲǤͷ͸ͻ ͳǤͳͺ͸ ͲǤͷͷͷ ͲǤͶʹͲ ͲǤ͵͵͹ ͲǤ͵͹ͺ ͲǤͷͳͻ ͳǤʹͳͲ ͲǤͲͶͶ ͲǤ͹͹ͺ ͲǤʹ͹ͳ ͲǤͷͲͶ ͲǤͳͶ͸ ͲǤͲͲͲ ͲǤ͸ʹͳ ͲǤͶ͵Ͷ ͲǤͳ͹ʹ ǦͲǤʹͺͶ ǦͲǤͲ͹ͳ ǦͲǤͳ͵͹ ǦͲǤͳʹͶ ǦͲǤͲͶ͸ ͲǤͷͻ͹ ͲǤͷͲ͵ ͲǤͶͶ͹ ͲǤͷͺͳ

M.EAST&N.AFRICA DBACD LEAD AlTadamun Tamwelcom MFW ALAMANA Fondep Zakoura Inmaa AlKarama Enda  

ͲǤͶͻʹ ͳǤͶͻ͹ ʹǤͲͶͶ ͲǤͲ͵͵ ǦͲǤͲͻ͵ ͲǤͲͻͳ ͲǤͲ͹ͺ ͲǤͲͶ͸ ͲǤͲʹͻ ǦͲǤͲͶ͵ ͲǤͲͻ͸  

ͲǤͳ͹ͷ ǦͲǤ͵Ͷͳ ͲǤͶͳͳ ͲǤͲͷʹ ͲǤͲͺʹ ͲǤͲͻ͹ ǦͲǤʹͻͷ ͲǤͳ͹ͳ ǦͲǤͲͷ͸ ͲǤͲͺ͹ ǦͲǤʹ͵Ͷ  

APPENDIXC





SubsidyDependenceIndexCalculations PAKISTAN

KASHF Avg.Assets,2005 ͳ͹͸Ͳͺ͹Ͷͻ Avg.Assets,2006 ʹ͸ͻͳʹͷͷ͸ Ave.Equity(E),2005 ͻͷ͹͸ʹͻͳ Ave.Equity(E),2006 ͳʹͻͻ͸͸͹͸ Opp.Costofsociety(m),2005 ͲǤͳͳ Opp.Costofsociety(m),2006 ͲǤͳͳ SubsidyonEquity.E*m,2005 ͳͲͷ͵͵ͻʹ SubsidyonEquity.E*m,2006 ͳͶʹͻ͸͵Ͷ Ave.Publicdebt(A),2005 ͹͵Ͷ͹ͷ͵Ͳ Ave.Publicdebt(A),2006 ͳʹͻʹ͵ͷͷͲ Exp.Int.Publicdebt.A*c,2005 ʹ͹ͷͶͷͷ Exp.Int.Publicdebt.A*c,2006 ͷͺ͸ͻ͸ͻ Ratepaidpublicdebt(c),2005 ͲǤͲ͵͹ Ratepaidpublicdebt(c),2006 ͲǤͲͶͷ Disc.Publicdebt.A*(mc),2005 ͷ͵ʹ͹͹͵ Disc.Publicdebt.A*(mc),2006 ͺ͵Ͷ͸ʹͳ Rev.Grants(RG),2005 ͵ͳͷͻ͵ͳ Rev.Grants(RG),2006 ͳͶ͸Ͳͳ͹ͳ K(RG+DX),2005 ͵ͳͷͻ͵ͳ K(RG+DX),2006 ͳͶ͸Ͳͳ͹ͳ AccountingProfit(P),2005 ͳ͹ͻ͵͸ͳͷ AccountingProfit(P),2006 ͵Ͷͺ͸͵͹͹ Taxes,2005 Ͳ Taxes,2006 Ͳ Acc.profitlessTaxes(AP),2005 ͳ͹ͻ͵͸ͳͷ Acc.profitlessTaxes(AP),2006 ͵Ͷͺ͸͵͹͹ Subsidy.S{E*m+A(mc)+KAP}05 ͳͲͺͶͺͳ Subsidy.S{E*m+A(mc)+KAP}06 ʹ͵ͺͲͶͻ Ave.Loanport(net)LP,2005 ͳͲ͵ͺʹͶ͹Ͷ Ave.Loanport(net)LP,2006 ͳͺ͸ͻ͸ͷͶͷ Rev.Fromlending(LP*i),2005 ʹͻͻͲͳ͵͸ Rev.Fromlending(LP*i),2006 ͷʹ͵͵Ͷͷ͹ Yieldonlending(i),2005 ͲǤʹͺͺ Yieldonlending(i),2006 ͲǤʹͺͲ SDI(S/LP*i),2005 ͲǤͲ͵͸ SDI(S/LP*i),2006 ͲǤͲͶͷ ChangeinYield,2005 ͲǤͲͳͲ ChangeinYield,2006 ͲǤͲͳ͵ NominalSubsidyfreeyield,2005 ͲǤʹͻͺ NominalSubsidyfreeyield,2006 ͲǤʹͻ͵ Inflation,2005 ͲǤͲͻͳ Inflation,2006 ͲǤͲ͹ͻ RealSubsidyfreeyield,2005 ͲǤͳͻͳ RealSubsidyfreeyield,2006 ͲǤͳͻͺ TrueProfit,2005 ͻͶͶͻͳͳ TrueProfit,2006 ͳͳͻͳͷͺͷ ReturnonAssets(ROA),2005 ͲǤͳͲʹ ReturnonAssets(ROA),2006 ͲǤͳ͵Ͳ SubsidyadjustedROA,2005 ͲǤͲͷͶ SubsidyadjustedROA,2006 ͲǤͲͶͶ ReturnonEquity(ROE),2005 ͲǤͳͺ͹ ReturnonEquity(ROE),2006 ͲǤʹ͸ͺ SubsidyadjustedROE,2005 ͲǤͲͻͻ SubsidyadjustedROE,2006 ͲǤͲͻʹ

MFIs



FMBL ʹʹʹͳͲʹͲ͹ ʹͷͻͻͺͺͷͲ ͳͳ͸ͷͺ͹Ͳ͹ ͳͳ͸ͻͷͺͻͳ ͲǤͳͳ ͲǤͳͳ ͳʹͺʹͶͷͺ ͳʹͺ͸ͷͶͺ ͺͲ͵ͷͺ͵ ͺͲ͵ͷͺ͵ ͺͻͺʹ ͷͺͳͺ͸ ͲǤͲͳͳ ͲǤͲ͹ʹ ͹ͻͶͳʹ ͵ͲʹͲͺ ʹͶʹʹ͸ͷ ͶͶͶ͵͹ ʹͶʹʹ͸ͷ ͶͶͶ͵͹ ͵͵ʹʹ͵ Ͷͻ͵͸ͷͺ ʹͳͳ͵Ͳ ͳ͹͵͸ͷ͸ ͳʹͲͻ͵ ͵ʹͲͲͲʹ ͳͷͻʹͲͶͳ ͳͲͶͳͳͻͳ Ͷ͹ͷͲ͹Ͳ͵ ͺͻͲ͸Ͷͷ͹ ͹ͶͻͲ͹ͳ ʹͲʹ͵͸͸͸ ͲǤͳͷͺ ͲǤʹʹ͹ ʹǤͳʹͷ ͲǤͷͳͷ ͲǤ͵͵ͷ ͲǤͳͳ͹ ͲǤͶͻ͵ ͲǤ͵ͶͶ ͲǤͲͻͳ ͲǤͲ͹ͻ ͲǤ͵͸ͻ ͲǤʹͶͷ Ǧ͵ͲͻͷͺͶ ʹͶͷ͵ͷ͹ ͲǤͲͲͳ ͲǤͲͳʹ ǦͲǤͲͳͶ ͲǤͲͲͻ ͲǤͲͲͳ ͲǤͲʹ͹ ǦͲǤͲʹ͹ ͲǤͲʹͳ

ASASAH ͹ͷͺ͵͸ͳ ʹ͵ͶͻͲͺ͵ ǦͳͲͲͲ͸ͷ Ǧͳͻ͸Ͷʹͺ ͲǤͳͳ ͲǤͳͳ ǦͳͳͲͲ͹ Ǧʹͳ͸Ͳ͹ ͹ͻͷ͵Ͳͻ ʹ͵͸Ͳ͹͹͵ ͳʹͺͺͺͲ ʹͲͲͻͶͶ ͲǤͳ͸ʹ ͲǤͲͺͷ ǦͶͳ͵ͻ͸ ͷͺ͹Ͷͳ ʹʹʹͷ͹ ʹͳ͵ʹʹʹ ʹʹʹͷ͹ ʹͳ͵ʹʹʹ Ǧ͹͹ͷͷͳ ǦͳͷͶͲͶͳ ͳͳͷͲ ʹ͵͹ͳ Ǧ͹ͺ͹Ͳʹ Ǧͳͷ͸Ͷͳ͵ Ͷͺͷͷ͸ ͶͲ͸͹͸ͺ ͶͳͻͳͶͲ ͳʹͻͺͲͶͺ ʹ͵ͲͲͷͺ ͶͲͲͶͳͷ ͲǤͷͶͻ ͲǤ͵Ͳͺ ͲǤʹͳͳ ͳǤͲͳ͸ ͲǤͳͳ͸ ͲǤ͵ͳ͵ ͲǤ͸͸ͷ ͲǤ͸ʹʹ ͲǤͲͻͳ ͲǤͲ͹ͻ ͲǤͷʹ͸ ͲǤͷͲ͵ Ǧͷͻͷ͸͵ ǦͶʹͺ͵͹ͷ ǦͲǤͳͲͶ ǦͲǤͲ͸͹ ǦͲǤͲ͹ͻ ǦͲǤͳͺʹ ͲǤ͹ͺ͹ ͲǤ͹ͻ͸ ͲǤͷͻͷ ʹǤͳͺͳ

NEPAL NSSC ʹʹͺͻͻͻ͸ ʹ͹ͺͻ͹ͻͺ ͳͲʹ͹͵ͳ ͻͶ͸͹ͺ ͲǤͲͺͳʹͷ ͲǤͲͺ ͺ͵Ͷ͹ ͹ͷ͹Ͷ ͳͺ͹͸ͺ͵͵ Ǧ ͳͲͲ͹ͷͲ Ͳ ͲǤͲͷͶ Ǧ ͷͳ͹Ͷʹ Ǧ Ͳ Ͳ Ͳ Ͳ Ͷ͵ͻͺͷ Ͳ Ͳ Ͳ Ͷ͵ͻͺͷ Ͳ ͳ͸ͳͲͶ Ǧ ͹͵Ͷͷͻ͸ Ǧ ͳͷʹͷͳ͸ Ͳ ͲǤʹͲͺ Ǧ ͲǤͳͲ͸ Ǧ ͲǤͲʹʹ Ǧ ͲǤʹ͵Ͳ Ǧ ͲǤͲ͸ͺ ͲǤͲ͹͸ ͲǤͳͷͳ Ǧ Ǧ͹͹ͷͺ Ǧ ͲǤͲͳͻ ͲǤͲͲͲ ǦͲǤͲͲ͵ Ǧ ͲǤͶʹͺ ͲǤͲͲͲ ǦͲǤͲ͹͸ Ǧ



MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005

SHARE M`man C`poor

NIRDHAN ͹ͺ͸Ͳʹ͸ͷ ͳͲͲͻͳͺʹͻ Ͷ͹Ͳ͸ͳͳ ͷͻ͹͹͹ͻ ͲǤͲͺͳʹͷ ͲǤͲͺ ͵ͺʹ͵͹ Ͷ͹ͺʹʹ ͷͳͻͺͳͶ͸ ͸ͷ͸ͷͶͳͳ ʹʹͷͻͺͷ ʹͷ͸ͺʹʹ ͲǤͲͶ͵ ͲǤͲ͵ͻ ͳͻ͸͵͸Ͷ ʹ͸ͺͶͳͳ ͳͷͳͺ͵Ͷ ͳͲ͹ͻͲ͹ ͳͷͳͺ͵Ͷ ͳͲ͹ͻͲ͹ ͳͻͲ͸ͷͺ ͳͷʹͷͺͲ ʹ͹ʹͷʹ ͵ͻͷͶ͸ ͳ͸͵ͶͲ͸ ͳͳ͵Ͳ͵Ͷ ʹʹ͵Ͳ͵Ͳ ͵ͳͳͳͲ͹ Ͷͷͻͳͻ͵ͻ ͸͵͸Ͳ͵ͻͲ ͺͻͲͳͺͷ ͳͳ͸ͻ͸͸͵ ͲǤͳͻͶ ͲǤͳͺͶ ͲǤʹͷͳ ͲǤʹ͸͸ ͲǤͲͶͻ ͲǤͲͶͻ ͲǤʹͶʹ ͲǤʹ͵͵ ͲǤͲ͸ͺ ͲǤͲ͹͸ ͲǤͳ͸͵ ͲǤͳͶ͸ ǦͳͺͶ͹ͻ͵ Ǧʹ͸͵ʹͺͷ ͲǤͲʹͳ ͲǤͲͳͳ ǦͲǤͲʹͶ ǦͲǤͲʹ͸ ͲǤ͵Ͷ͹ ͲǤͳͺͻ ǦͲǤ͵ͻ͵ ǦͲǤͶͶͲ

INDIA PGBB ͻ͵͹͵ͺ͵Ͷ ͻʹͳͷͶͶͻ ͻͷ͸͸͵͹ ͻʹͺ͵ͻ͸ ͲǤͲͺͳʹͷ ͲǤͲͺ ͹͹͹ʹ͹ ͹Ͷʹ͹ʹ ͸ͻ͸ͻͺͳ͸ Ǧ ͳ͸͹ͲͶ͹ Ǧ ͲǤͲʹͶ Ǧ ͵ͻͻʹͷͲ Ǧ Ͳ Ͳ Ǧ Ǧ ͳʹͺʹͷʹ Ǧ ͵ͻͺʹʹ Ǧ ͺͺͶ͵Ͳ Ǧ ͵ͺͺͷͶ͹ Ǧ Ͷ͸ͺʹ͸͵ʹ Ǧ ͹ʹͺͷ͹ͻ Ǧ ͲǤͳͷ͸ Ǧ ͲǤͷ͵͵ Ǧ ͲǤͲͺ͵ Ǧ ͲǤʹ͵ͻ Ǧ ͲǤͲ͸ͺ ͲǤͲ͹͸ ͲǤͳͷͻ Ǧ Ǧ͵ͳͲͺʹͲ Ǧ ͲǤͲͲͻ Ǧ ǦͲǤͲ͵͵ Ǧ ͲǤͲͻʹ Ǧ ǦͲǤ͵ʹͷ Ǧ

INDIA IASC KBSLAB ESAF

͹ͳͷͺͳͻ͸͹ ͵ͺͲͻ͵Ͷͻ ͳͳͶͲͲͷͻͳ Ͷ͹Ͳͳʹ͵͵ ͻͻͻͲͷͻͶͺ Ǧ ͳͺͺͶ͸ͻͻͳ Ǧ ͸ͺͳͳ͵ͲͶ ʹͺͲͺ͹͹ ʹͶʹ͸ͷ͸ ʹ͵͵ͻͷʹ ͹ͻͳͶͷʹ͹ Ǧ Ǧͷͻ͵ͶͶ Ǧ ͲǤͳͲ͹ͷ ͲǤͳͲ͹ͷ ͲǤͳͲ͹ͷ ͲǤͳͲ͹ͷ ͲǤͳͳͳͻ ͲǤͳͳͳͻ ͲǤͳͳͳͻ ͲǤͳͳͳͻ ͹͵ʹʹͳͷ ͵ͲͳͻͶ ʹ͸Ͳͺͷ ʹͷͳͷͲ ͺͺͷ͸͵͸ Ǧ Ǧ͸͸Ͷͳ Ǧ ͵͸Ͷͺ͹ͷͺ͹ ͵ͲͲ͵ͺͻ͸ ͸͵ͷͶ͵ʹͻ ͶͲʹͻͻͶ͸

 

VYCCU ͸͵͵Ͷ͵Ͳ ͺ͹͹ͳͺʹ ͹ͻ͹͹Ͷ ͻ͸ͻͺ͵ ͲǤͲͺͳʹͷ ͲǤͲͺ ͸Ͷͺʹ ͹͹ͷͻ ͵͵ͻͳͻ Ǧ ʹ͵͵ͻ Ǧ ͲǤͲ͸ͻ Ǧ Ͷͳ͹ Ǧ Ͳ Ͳ Ͳ Ͳ ͳͺͻͶͶ Ͳ Ͳ Ǧ ͳͺͻͶͶ Ǧ ǦͳʹͲͶͷ Ǧ Ͷͻ͸ͲͲ͹ Ǧ ͸͸Ͳͷ͵ Ǧ ͲǤͳ͵͵ Ǧ ǦͲǤͳͺʹ Ǧ ǦͲǤͲʹͶ Ǧ ͲǤͳͲͻ Ǧ ͲǤͲ͸ͺ ͲǤͲ͹͸ ͲǤͲ͵ͺ Ǧ ͳͺͷʹ͹ Ǧ ͲǤͲ͵Ͳ ͲǤͲͲͲ ͲǤͲʹͻ Ǧ ͲǤʹ͵͹ ͲǤͲͲͲ ͲǤʹ͵ʹ Ǧ

ͷʹ͸ͳͲ͵Ͳ ͺͺ͸͸ͷͳ͸ ͳʹͶ͵͹ͻͶ ͳ͵Ͳͳͳͺ͹ ͲǤͳͲ͹ͷ ͲǤͳͳͳͻ ͳ͵͵͹Ͳͺ ͳͶͷ͸Ͳ͵ ͳ͸͵ͷͺ͹ͻ

͵ͺͲͳͺͻʹ ͻͷͷ͹͸ͷͲ ʹ͸͸ͳͻ ʹ͵ͺ͸ʹͷ ͲǤͳͲ͹ͷ ͲǤͳͳͳͻ ʹͺ͸ͳ ʹ͸͹Ͳʹ ͵ͳʹͳʹͺͶ

CBB ͵ʹͲ͹Ͳͳ͹ ͶͶͻͶͺ͵ͻ ͳͻͲ͹ͷ͵ ʹͺͺͶ͹ͻ ͲǤͲͺͳʹͷ ͲǤͲͺ ͳͷͶͻͻ ʹ͵Ͳ͹ͺ ʹͶ͹Ͳ͵ͳͶ ͵͵Ͳͻͷͷͺ ͳͲͲͻ͸͹ ͳʹ͸ͷͺͻ ͲǤͲͶͳ ͲǤͲ͵ͺ ͻͻ͹Ͷ͸ ͳ͵ͺͳ͹ͷ Ͳ Ͳ Ͳ Ͳ ͺͲͲʹͷ ʹͶͷͳͺͷ ͵͹Ͳͳͻ ͹ʹ͵͵Ͳ Ͷ͵ͲͲ͹ ͳ͹ʹͺͷ͸ ͹ʹʹ͵ͺ Ǧͳͳ͸Ͳʹ ͳ͵Ͷ͵Ͷʹͳ ʹʹͲʹͺͻͳ ʹͶ͵͵ͺͷ ͵ͺ͹͸ͻͳ ͲǤͳͺͳ ͲǤͳ͹͸ ͲǤʹͻ͹ ǦͲǤͲ͵Ͳ ͲǤͲͷͶ ǦͲǤͲͲͷ ͲǤʹ͵ͷ ͲǤͳ͹ͳ ͲǤͲ͸ͺ ͲǤͲ͹͸ ͲǤͳͷ͸ ͲǤͲͺͺ Ǧͷ͸͹͵ͻ ͵Ͷ͸ͺͳ ͲǤͲͳ͵ ͲǤͲ͵ͺ ǦͲǤͲͳͺ ͲǤͲͲͺ ͲǤʹʹͷ ͲǤͷͻͻ ǦͲǤʹͻ͹ ͲǤͳʹͲ

SNFL

BANDHAN ͷͷͺ͹͸͵͵ ͳͻ͹ͷ͵͹ͷ͸ ʹͺͻʹͲʹ ͳͷͲ͵ͻ͵ͳ ͲǤͳͲ͹ͷ ͲǤͳͳͳͻ ͵ͳͲͺͻ ͳ͸ͺʹͻͲ ͶͲ͹ͺͳʹ͵ ͳͶ͹ͲͺͳͳͶ ͵ͲͳͲ͹͸ ͳ͵ͺ͵ͷͷͻ ͲǤͲ͹Ͷ ͲǤͲͻͶ ͳ͵͹͵ʹ͵ ʹ͸ʹʹ͹ͺ ͹Ͳʹʹͺ ͻͷͶͶͺ ͹Ͳʹʹͺ ͻͷͶͶͺ ͳʹ͸͸Ͷͻ ͳͶʹʹ͵͵ͳ Ͳ Ͳ ͳʹ͸͸Ͷͻ ͳͶʹʹ͵͵ͳ ͳͳͳͻͻͳ Ǧͺͻ͸͵ͳͷ ͷͲͷ͹Ͳͷ͹ ͳͺʹͷͶ͵ͶͲ ͳͳ͹ʹ͹͹͸ Ͷͳ͸Ͳͻ͸Ͷ ͲǤʹ͵ʹ ͲǤʹʹͺ ͲǤͲͻͷ ǦͲǤʹͳͷ ͲǤͲʹʹ ǦͲǤͲͶͻ ͲǤʹͷͶ ͲǤͳ͹ͻ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤʹͲ͵ ͲǤͳͳͶ ǦͺͲͻͲʹ ͳͲ͸Ͷ͸Ͳͷ ͲǤͲʹ͵ ͲǤͲ͹ʹ ǦͲǤͲͳͶ ͲǤͲͷͶ ͲǤͶ͵ͺ ͲǤͻͶ͸ ǦͲǤʹͺͲ ͲǤ͹Ͳͺ

GK

ͺͶͷͲ͸ʹ͵ ͶͶͷ͸ͷͲͻ ͳ͵͵Ͷͻͷͷ͵ ͻͻͳͲͲͷͲ ʹͷͷͷͻ͸͵ ͳͻͷͶʹ͵ ʹͻʹͻ͹Ͳ͵ ͸ͳ͵Ͳʹʹ ͲǤͳͲ͹ͷ ͲǤͳͲ͹ͷ ͲǤͳͳͳͻ ͲǤͳͳͳͻ ʹ͹Ͷ͹͸͸ ʹͳͲͲͺ ͵ʹ͹ͺ͵Ͷ ͸ͺͷͻ͹ ͷ͹͹ͺͲͳͳ ͵͸͸ͺͷͶͻ

BASIX ʹͳʹͺ͸ͺͲͲ ͵ͳͻ͹ʹͷͻͺ ͷͷͳͲ͵ʹ͵ ͷͻͶ͵ͷͲͳ ͲǤͳͲ͹ͷ ͲǤͳͳͳͻ ͷͻʹ͵͸Ͳ ͸͸ͷͲ͹ͺ ͳʹ͹ͷͷͶͳͻ ʹͲͻͳͺͳʹ͵ ͳͳͷ͸͹ͳͻ ͳ͹ͺͳͳ͸ͷ ͲǤͲͻͳ ͲǤͲͺͷ ʹͳͶͶͺͻ ͷͷͻͷ͹͵ ͵Ͳ͵ʹ͸ Ͳ ͵Ͳ͵ʹ͸ Ͳ ͸ʹ͸ͺ͵Ͳ ͳͲͺͺͻͺͺ ʹͺͻ͸͹ͺ Ͷͳ͹͸ͺͺ ͵͵͹ͳͷͳ ͸͹ͳ͵Ͳͳ ͷͲͲͲʹͶ ͷͷ͵͵ͷͲ ͳ͹ͺ͵͵ʹͶͺ ʹͷʹͶͷ͵͵ͳ Ͷͳͺʹ͹ͳͻ ͸ʹ͸͵ͶͲͻ ͲǤʹ͵ͷ ͲǤʹͶͺ ͲǤͳʹͲ ͲǤͲͺͺ ͲǤͲʹͺ ͲǤͲʹʹ ͲǤʹ͸͵ ͲǤʹ͹Ͳ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤʹͳͳ ͲǤʹͲͲ ͻʹ͵͵͸ ͳͳͳ͹ʹͺ ͲǤͲͳ͸ ͲǤͲʹͳ ͲǤͲͲͶ ͲǤͲͲ͵ ͲǤͲ͸ͳ ͲǤͳͳ͵ ͲǤͲͳ͹ ͲǤͲͳͻ

BANGLADESH TANGAIL DESHA ͳ͹ͷͳͶ͹ͲͲ ͳͻͺ͵ͺ͸ͻ ʹʹͷͶͶ͹ͷʹ Ǧ ͸ͻͷ͹͵ʹʹ ʹ͹ͷͻͻͶ ͹ͻͺͷ͵ͷͶ Ǧ ͲǤͳͶ ͲǤͳͶ ͲǤͳͷ͵͵ ͲǤͳͷ͵͵ ͻ͹ͶͲʹͷ ͵ͺ͸͵ͻ ͳʹʹͶͳͷͷ Ͳ ͵͵ͻʹʹͲͲ ͳͳͳ͸͵Ͳʹ

Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006



ͷͲʹͻͲͳ͵ͳ Ǧ Ͷ͸ͳ͸Ͳ͸ͷ ͵ʹ͸͸ͺ͵ ͶͷͻʹͲ͸ͺ Ͳ ͲǤͳʹ͹ ͲǤͳͲͻ ͲǤͲͻͳ Ǧ Ǧ͸ͻ͵͸Ͷͻ Ǧ͵͹͸ͷ ͳͲ͵ͷ͵ͻ͹ Ǧ ͳ͵ͷ͸Ͳ ͹ͺͺ͹ͺ Ͳ Ǧ ͳ͵ͷ͸Ͳ ͹ͺͺ͹ͺ Ͳ Ǧ ͵ʹ͵ͳͲͳ͹ ͳ͹ͶͻͲͷ ͵͹ͲͷͲͳ Ǧ ͳ͸Ͷ͹ͳͺͳ Ͳ ͳͶͻͳͳ͹ Ǧ ͳͷͺ͵ͺ͵͸ ͳ͹ͶͻͲͷ ʹʹͳ͵ͺͷ Ǧ Ǧͳͷ͵ͳ͹Ͳͻ Ǧ͸ͻͷͻ͹ ͳ͸ͻͻ͸Ͷͺ Ǧ ͸ͳͳͶͳͺͷͶ ʹ͹ͳʹ͸ͻͲ ͺ͸ͺͺ͵ͷͷͻ Ǧ ͳ͵ʹͲͲͺͲͳ ͸ͻ͵Ͳʹͷ ͳͲ͸ͺͻͻͳͶ Ǧ ͲǤʹͳ͸ ͲǤʹͷͷ ͲǤͳʹ͵ Ǧ ǦͲǤͳͳ͸ ǦͲǤͳͲͲ ͲǤͳͷͻ Ǧ ǦͲǤͲʹͷ ǦͲǤͲʹ͸ ͲǤͲʹͲ Ǧ ͲǤͳͻͳ ͲǤʹ͵Ͳ ͲǤͳͶ͵ Ǧ ͲǤͲͶ͵ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤͲͷͺ ͲǤͳͶʹ ͲǤͳͺͲ ͲǤͲͺͲ Ǧ ʹʹ͸͵ͻʹͶ ͻͻ͹ͻʹ ǦͺͳͶͲͳ͵ Ǧ ͲǤͲʹʹ ͲǤͲͶ͸ ͲǤͲͲʹ Ǧ ͲǤͲ͵ʹ ͲǤͲʹ͸ ǦͲǤͲͲͺ Ǧ ͲǤʹ͵͵ ͲǤ͸ʹ͵ ͲǤͲʹͺ Ǧ ͲǤ͵͵ʹ ͲǤ͵ͷͷ ǦͲǤͳͲ͵ Ǧ

ͳʹͳͲͺʹͷͻ ͹͹ͻͺͻͻ ͳͲ͸Ͳ͸ͳͷ ͲǤͳʹ͵ ͲǤͲͺͺ Ǧͻ͸ͺͲͻ ʹͻͶʹͻͻ ͷ͸͸ͶͻͲ ͹Ͳͷͳ͸ ͷ͸͸ͶͻͲ ͹Ͳͷͳ͸ Ǧ͸Ͷͷʹ͹Ͳ ǦͷͲ͸ͷͷͷ Ͳ Ͳ Ǧ͸Ͷͷʹ͹Ͳ ǦͷͲ͸ͷͷͷ ͳͳͶͳͲ͵͸ ͺ͸Ͷ͹͵Ͳ ͺ͹ͺ͸ͺͳʹ ͳͷͷ͸͸Ͳͺͷ ͳͷʹͻͶͺͳ ʹʹ͵͹͸͵ͺ ͲǤͳ͹Ͷ ͲǤͳͶͶ ͲǤ͹Ͷ͸ ͲǤ͵ͺ͸ ͲǤͳ͵Ͳ ͲǤͲͷ͸ ͲǤ͵ͲͶ ͲǤͳͻͻ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤʹͷͳ ͲǤͳ͵Ͷ ǦͳͳͳͶͻͷͳ Ǧͺ͹ͳ͵͹Ͳ ǦͲǤͲͷ͹ ǦͲǤͲʹ͹ ǦͲǤͲͻͺ ǦͲǤͲͶ͸ ǦʹǤ͸ͷͻ ͺǤͷ͵͸ ǦͶǤͷͻͷ ͳͶǤ͸ͺ͵





MFIs

ASA

BRAC

Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005

ʹͺʹͶʹ͹͸ͺͳ ͵ʹ͸͸ͻ͸Ͷ͹ͷ ͳͶͷ͸ͺͲͺͷʹ ͳͺͲ͵Ͷͺ͵͹͹ ͲǤͳͶ ͲǤͳͷ͵͵ ʹͲ͵ͻͷ͵ͳͻ ʹ͹͸Ͷ͹ͶͲ͸ Ͷͳ͵͸ʹ͸͸ͳ ʹ͵Ͷͳ͸ͺ͸ͷ ʹͻ͹ͶͳͶͻ ͳ͵ͺͶͶͶʹ ͲǤͲ͹ʹ ͲǤͲͷͻ ʹͺͳ͸͸ʹͶ ʹʹͲͷ͵͸͵ Ͳ Ͳ Ͳ Ͳ Ͷͳ͵ͳͳʹͷ͹ Ͷ͹ͷͺͷͷͷͻ Ͳ

Ͷͷͷͷͷ͵Ͳ͹͸ ͷʹͲ͹ͻͶ͹͸ʹ ͳͷͶͺͳͶ͵Ͳ͸ ͳ͹͵͸ʹͷʹ͹ͺ ͲǤͳͶ ͲǤͳͷ͵͵ ʹͳ͸͹ͶͲͲ͵ ʹ͸͸ͳ͸͹ͷͷ ͹ͳʹͻͻͻͷͳ ͺͻͶʹͲͶͻͳ ͸͸͵ͺͳͶ͵ ͹͵ͻʹͺͷͷ ͲǤͲͻ͵ ͲǤͲͺ͵ ͵͵Ͷ͵ͺͷͲ ͸͵ͳͷ͵Ͳ͸ ͸ʹͶͻͻͳ͸ͳ ͹ͻ͹͸͹Ͷͺͺ ͸ʹͶͻͻͳ͸ͳ ͹ͻ͹͸͹Ͷͺͺ ͳ͸͹͵͹͹ͳʹ ͵͸͹ͶͺͷͲ͹ Ͷ͵͹ͻͲͳ

ʹͺͺ͹Ͳ͵͸ ͳͺʹʹ͵ͳ ͵ͲͳͳͶͲ ͲǤͳͳͳ ͲǤͳͲͶ Ǧ͸͵͹Ͷ ʹͳͻͳͻ ʹʹ͹ͺͲͷ ͶͲͺ͵ͻͲ ʹʹ͹ͺͲͷ ͶͲͺ͵ͻͲ ͶͲͶ͹͹ ͸ͻ͵ͺͻ Ͳ Ͳ ͶͲͶ͹͹ ͸ͻ͵ͺͻ ͵ͳͶ͸͸ʹ ͷͲ͸ͷʹ͵ ͵Ͷ͹Ͳʹ͵͹ ͷͶʹͶ͸͹ͻ ͸ͺͲͷ͵ͷ ͳͲͷͺ͵ͷ͸ ͲǤͳͻ͸ ͲǤͳͻͷ ͲǤͶ͸ʹ ͲǤͶ͹ͻ ͲǤͲͻͳ ͲǤͲͻ͵ ͲǤʹͺ͹ ͲǤʹͺͺ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤʹ͵Ͷ ͲǤʹͳͺ ǦͳͺͲͻͷͶ Ǧ͵͸ͲͻʹͲ ͲǤͲͲͺ ͲǤͲͲͺ ǦͲǤͲ͵Ͷ ǦͲǤͲͶͳ ͲǤͲ͵͵ ͲǤͲͷ͵ ǦͲǤͳͶͷ ǦͲǤʹ͹͹

͹ͷͻ͸͵͸Ͷ ʹʹͶ͵ͻͺ ͺ͵ͷͻͷ͸ ͲǤͲ͹ʹ ͲǤͳͳͲ ͳͳͳͳͶͲ ͳͶͲ͹͹ ͳͲͶͲʹ͸ ͹Ͳ͸ʹͶ ͳͲͶͲʹ͸ ͹Ͳ͸ʹͶ ͳͳͳʹ͹ʹ ʹͶʹ͹ͷͻ Ͳ Ͳ ͳͳͳʹ͹ʹ ʹͶʹ͹ͷͻ ͳͲ͸͹ͷͷ Ǧͳ͵ͳ͵ͷ͸ ͳͻ͹͹Ͷͺʹ ͸ͺͻͲ͵ͷͻ Ͷ͵ͺʹ͵ͻ ͳͷ͸͹ͺͺ͸ ͲǤʹʹʹ ͲǤʹʹͺ ͲǤʹͶͶ ǦͲǤͲͺͶ ͲǤͲͷͶ ǦͲǤͲͳͻ ͲǤʹ͹͸ ͲǤʹͲͺ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤʹʹͶ ͲǤͳͶʹ ǦͳͲ͵ͺͻͶ ͳͷͺͲͷͺ ͲǤͲʹͻ ͲǤͲʹͷ ǦͲǤͲʹ͹ ͲǤͲͳ͹ ͶǤͳͺͲ ͳǤͲͳ͹ Ǧ͵ǤͻͲ͵ ͲǤ͸͸ʹ

BANGLADESH RDRS SHAKTI TMSS ͳ͸ͷ͸ͷͳͶ͵ ͳͺͶͺ͹Ͷͻ͸ ͳͲ͹ͶͲʹʹ͸ ͳͲ͵ͳͺͷͶʹ ͲǤͳͶ ͲǤͳͷ͵͵ ͳͷͲ͵͸͵ʹ ͳͷͺͳͺ͵͵ ͳͻͲ͸͹͸ͺ ͵͹ͷͷͲͺͻ ͵͸ʹ͸ͻ ͹ͷʹͶ͹ ͲǤͲͳͻ ͲǤͲʹͲ ʹ͵Ͳ͸͹ͺ ͷͲͲͶͲͺ ͵ͷͶ͵͵͹ ͹ͺͳ͸͸Ͷ ͵ͷͶ͵͵͹ ͹ͺͳ͸͸Ͷ ͵͹ͲͲ͸Ͳ Ͷ͸͵ͷ͸ͺ Ͳ

 

Ǧ ͵ͻͶͲ͵ͷ Ǧ ͲǤͲͻͺ Ǧ ͵ͻͳͺͶ Ǧ ʹʹͶͳ Ͳ ʹʹͶͳ Ǧ ͵Ͳͳ͵ͻ Ǧ ʹ͵͹ͷͻ Ǧ ͸͵ͺͲ Ǧ ͸Ͳͳͻͷ Ǧ ͵͹͸͵ͷ͸Ͷ Ǧ ͸͹͹͹͹ʹ Ͳ ͲǤͳͺͲ Ǧ ͲǤͲͺͻ Ǧ ͲǤͲͳ͸ Ǧ ͲǤͳͻ͸ Ǧ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤͳͶ͹ Ǧ Ǧ͵ͷͲͶͷ Ǧ ͲǤͲͲͳ Ǧ ǦͲǤͲͲ͹ Ǧ ͲǤͲʹ͹ Ǧ ǦͲǤͳͷͲ Ǧ

ͳ͵ʹͶ͹ͻ͵ͳ ͳͷʹͳͻ͵ͻͲ ͷʹͻͶ͹Ͳ͵ ͶͶͲͺʹͺ͵ ͲǤͳͶ ͲǤͳͷ͵͵ ͹Ͷͳʹͷͺ ͸͹ͷ͹ͻͲ ͳʹͺ͸ͳͷͲ ͳͲͻ͹Ͷ͹ͷ ͺͺͷͺ͹ ͻͶͺ͸͸ ͲǤͲ͸ͻ ͲǤͲͺ͸ ͻͳͶ͹Ͷ ͹͵͵͹͸ ͳͶ͵Ͷͺͺ ͳͷͳͻͶ͵ ͳͶ͵Ͷͺͺ ͳͷͳͻͶ͵ ͷ͸ͳ͸ͳͶ ͻʹ͹ͳʹͳ Ͳ

ʹͺͲ͵ͺͲʹ͸ ͵͸ͳͶ͸͸ͺ͹ ͸ͷ͹ͻʹͶʹ ͹ͷͷͺ͹͹ͷ ͲǤͳͶ ͲǤͳͷ͵͵ ͻʹͳͲͻͶ ͳͳͷͺ͹͸Ͳ ͳͳʹͷʹͻͷͻ ͳͷʹͲ͸ʹͺͶ ͵ͻͲͻͺͺ ͷ͵ͷ͵͸ͷ ͲǤͲ͵ͷ ͲǤͲ͵ͷ ͳͳͺͶͶʹ͸ ͳ͹ͻͷ͹ͷͺ ʹ͸ͻͻ͸ͻ͸ ͵ʹͲͷͻͷ͸ ʹ͸ͻͻ͸ͻ͸ ͵ʹͲͷͻͷ͸ ͳ͵ͻͷͺͷͺ ʹ͵ͷ͸ʹ͸ͷ Ͳ

ͳͲ͵͵ͻͶͲͷ ͺͷ͹͸ʹʹͺ Ͷͺͳ͹ͺͻ ͵Ͳͺͷ͸Ͳ ͺͶ͵ʹ͸͹ ͹͹ͷͷ͵ͳ ͲǤͲͺ͵ ͲǤͲͺͶ ͲǤͲͺʹ ͲǤͲͻͲ ͳ͵ͻ͵Ͷ͹ ͺͷͺͲͻ ͵ͳ͵͹ͳ͵ ͳͺͶͳͶͻ ͳͲ͹͵ͳͺ ͵͵ͳ͵Ͷͷ ͳͳͳͲͳʹ ͳʹͳ͹͹ʹ ͳͲ͹͵ͳͺ ͵͵ͳ͵Ͷͷ ͳͳͳͲͳʹ ͳʹͳ͹͹ʹ ͸Ͷͷͷʹ ͵ͶͲ͸ͺͳ ͳ͵͵ͺͺͶ Ͷͺ͸Ͷʹ͸ ͵ͷͷͻ͵ Ͳ Ͷͻͷ͹͸ Ͳ ʹͺͻͷͻ ͵ͶͲ͸ͺͳ ͺͶ͵Ͳͺ Ͷͺ͸Ͷʹ͸ ͶͻʹͶ͹͵ ͻ͹Ͷͺͳ ͸͸ͺʹͷͲ ǦͳͳͳͻͲͺ ͹ͲͲ͸͵ͻ͵ ͵͵ʹͶ͸ͻͻ ͳͳ͸ͷʹͶ͸͹ ͹ͻ͸Ͷͳ͵ͷ ͹͸ͻͺ͵ͳ ͹Ͷͷʹ͸͵ ͳʹͷͺͶ͵ͳ ͳͺͻʹͻʹͺ ͲǤͳͳͲ ͲǤʹʹͶ ͲǤͳͲͺ ͲǤʹ͵ͺ ͲǤ͸ͶͲ ͲǤͳ͵ͳ ͲǤͷ͵ͳ ǦͲǤͲͷͻ ͲǤͲ͹Ͳ ͲǤͲʹͻ ͲǤͲͷ͹ ǦͲǤͲͳͶ ͲǤͳͺͲ ͲǤʹͷ͵ ͲǤͳ͸ͷ ͲǤʹʹͶ ͲǤͲͶ͵ ͲǤͲͶ͵ ͲǤͲͷͺ ͲǤͲͷͺ ͲǤͳ͵ʹ ͲǤʹͲʹ ͲǤͳͲͳ ͲǤͳͷ͹ Ǧʹͳ͹͹Ͳ͹ Ǧ͹͸Ͷ͹͵ Ǧ͵ͶͲͶͳ͸ ͳͺͲͷͲͷ ͲǤͲͲ͵ ͲǤͲ͹͸ ͲǤͲͲ͸ ͲǤͲͶͻ ǦͲǤͲʹ͸ ǦͲǤͲͳ͹ ǦͲǤͲʹ͸ ͲǤͲͳͺ ͲǤͲͳͳ ͳǤ͹Ͷ͵ ͲǤͲʹͻ ͲǤ͹ͻ͵ ǦͲǤͲͺͷ ǦͲǤ͵ͻͳ ǦͲǤͳͳ͸ ͲǤʹͻͶ

IDF

Ͷ͹͸Ͷ͵ͻͺ ͵ͷͺͻͳͳ ͸ͻ͵͸ͷͲ ͲǤͳͲ͸ ͲǤͳͶ͸ ͳͳͷͻͻ͹ ͵͸͹͵͵ ʹ͹ͳͺ Ͳ ʹ͹ͳͺ Ͳ ͳ͸ͺ͵͵͵Ͳ ͳ͵ͻͲͳͳ͹ Ͳ Ͳ ͳ͸ͺ͵͵͵Ͳ ͳ͵ͻͲͳͳ͹ ǦͷͻͲͷͺͻ Ǧͳʹͻʹʹͻ ͳͶͺͶͳ͵Ͷ͹ ͳͻͺͲͺͻͺͶ Ͷ͵ͶʹͶʹͻ ͷͷ͵Ͳ͹ͲͲ ͲǤʹͻ͵ ͲǤʹ͹ͻ ǦͲǤͳ͵͸ ǦͲǤͲʹ͵ ǦͲǤͲͶͲ ǦͲǤͲͲ͹ ͲǤʹͷ͵ ͲǤʹ͹͵ ͲǤͲ͹Ͳ ͲǤͲ͸ͺ ͲǤͳ͹Ͳ ͲǤͳͻʹ ͳͷ͸Ͷ͸ͳͶ ͳ͵ͷ͵͵ͺͶ ͲǤͲͻ͸ ͲǤͲ͸ʹ ͲǤͲͺͻ ͲǤͲ͸Ͳ ͲǤʹͶʹ ͲǤͳ͹Ͷ ͲǤʹʹͷ ͲǤͳ͸ͻ

Ǧ ͷʹͻͶͲ Ͳ ͲǤͲͶ͹ Ǧ ͳͲ͵͵Ͷ͵ Ǧ ͳͷͺͳͺ Ͳ ͳͷͺͳͺ Ͳ ͳ͵ͻͳʹͷ Ǧ Ͳ Ǧ ͳ͵ͻͳʹͷ Ǧ ͳͺ͸͹Ͷ Ǧ ͳͲʹͻ͹͵Ͳ Ǧ ͶͳͲͲͻͳ Ͳ ͲǤ͵ͻͺ Ǧ ͲǤͲͶ͸ Ǧ ͲǤͲͳͺ Ǧ ͲǤͶͳ͸ Ǧ ͲǤͲ͹Ͳ ͲǤͲ͸ͺ ͲǤ͵ʹ͵ Ǧ ͳͻͻ͸ͷ Ǧ ͲǤͲ͹Ͳ Ǧ ͲǤͲͳͲ Ǧ ͲǤͷͲͶ Ǧ ͲǤͲ͹ʹ Ǧ

AGHANISTAN FMFB BRAC ARMP

͵͵ͷͳͷͲͲ ͳ͸ͻͻͻ͵ͳͳ ͳͲͲͲͷ͹Ͷͷ ͶͲͳͳͺ͵ʹ ʹͺͶʹͺͲͻͳ ʹʹͺ͹Ͳ͹ͺͲ ͻͳͳʹͶ͹ ͷ͸Ͷ͵ͺͲͳ ͳͶͺͺ͸ͷͲ ͳͳʹ͵ͺ͵ͳ ͸Ͷ͵ͻ͵ͷͺ ͶͲʹͻͳͳͳ ͲǤͳͶ ͲǤͲͻ ͲǤͲͻ ͲǤͳͷ͵͵ ͲǤͲͻ ͲǤͲͻ ͳʹ͹ͷ͹ͷ ͷͲ͹ͻͶʹ ͳ͵͵ͻ͹ͺ ͳ͹ʹʹͺ͵ ͷ͹ͻͷͶʹ ͵͸ʹ͸ʹͲ ͸ͷͶ͹ͺͻ ʹͲ͵Ͷͷͻ ͸͸͸͵͸͸Ͷ ͸͹Ͷͻͻ͵ ʹ͹ʹͲ͸ͷ͹ ͳͷͺͶͲ͸ͺͲ ͵ͲͲͶͶ ͳʹͷͷ ͵ͳ͹ͷ͹ͺ ͳ͹ͶͶ͸ ͳ͸ͳͷͷͻ ͳͲͶͶ͸Ͳ͵ ͲǤͲͶ͸ ͲǤͲͲ͸ ͲǤͲͶͺ ͲǤͲʹ͸ ͲǤͲͷͻ ͲǤͲ͸͸ ͸ͳ͸ʹ͹ ͳ͹Ͳͷ͹ ʹͺʹͳͷʹ ͺ͸Ͳ͵Ͳ ͺ͵͵ͲͲ ͵ͺͳͲͷͺ ͳͲͷͲ͵ ͻͶͻͻͶͷ ʹͳʹ͸ͳ͸͸ ͳͶͷͷ͵ ͸͹ʹͶ͸ͳ ͵ͲͳͲͻͻ͸ ͳͲͷͲ͵ ͻͶͻͻͶͷ ʹͳʹ͸ͳ͸͸ ͳͶͷͷ͵ ͸͹ʹͶ͸ͳ ͵ͲͳͲͻͻ͸ ʹͷʹͺ͵͵ ͳ͹Ͷ͵ʹ͵ ͵ͳʹʹͺͶ ͵ʹͶʹͷ͸ ͳʹͺͶ͵͹͸ Ͳ Ͳ ͺͷͻʹͷ Ͳ

͸͵͸͸ͻͺ͸ ͳͷ͵ͳͲͺͺͲ ͶͷͻʹͶͶͳ ͹Ͷʹ͹ʹͷ͹ ͲǤͲͻ ͲǤͲͻ Ͷͳ͵͵ʹͲ ͸͸ͺͶͷ͵ ͳ͹ͳͲͲͲͲ ͸ͻ͹ͷͳ͹ͻ ͳͲ͸ͷ͵Ͷ ͵͹͹ͳͷʹ ͲǤͲ͸ʹ ͲǤͲͷͶ Ͷ͹͵͸͸ ʹͷͲ͸ͳͶ ͵͸ͳͳ͵ʹ ͳͺʹ͹ͳͳ͸ ͵͸ͳͳ͵ʹ ͳͺʹ͹ͳͳ͸ ͳͲͶͻͻʹ ʹͳͻ͹͹ͻͺ Ͳ

Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006



ͶͲ͹͸ͺ Ͷͳ͵ͳͳʹͷ͹ Ͷ͹ͷͶͶ͹ͻͳ ǦͳͺͲͻͻ͵ͳͶ Ǧͳ͹͸ͻʹͲʹʹ ʹʹͺʹ͵ͻͺͷ͸ ʹͺͲ͵ʹ͵͹ͲͲ ͸͵ͳͳͳ͸ͳͻ ͹ͺͳ͸ͺͲͻͳ ͲǤʹ͹͹ ͲǤʹ͹ͻ ǦͲǤʹͺ͹ ǦͲǤʹʹ͸ ǦͲǤͲ͹ͻ ǦͲǤͲ͸͵ ͲǤͳͻ͹ ͲǤʹͳ ͲǤͲ͹Ͳ ͲǤͲ͸ͺ ͲǤͳͳͺ ͲǤͳ͵ͻ ͵ͺͶͻͶ͸͵͵ Ͷͷ͵͵ͻͶʹͺ ͲǤͳͶ͸ ͲǤͳͶͷ ͲǤͳ͵͸ ͲǤͳ͵ͻ ͲǤʹͺͶ ͲǤʹ͸͵ ͲǤʹ͸Ͷ ͲǤʹͷͳ

ͻͷ͸͹Ͳʹ ͳ͸ʹͻͻͺͳͳ ͵ͷ͹ͻͳͺͲͷ ͹ͳʹͳ͹ʹͲ͵ ͹͸ͻͲ͹͹Ͷͷ ʹ͵ͷͺͶʹ͹͸Ͳ ʹͺͻͳͲͷͷ͹Ͷ ͸ͺ͹ͷͲ͸ͺ͵ ͺͻͶ͵͹ͺͺͷ ͲǤʹͻʹ ͲǤ͵Ͳͻ ͳǤͲ͵͸ ͲǤͺ͸Ͳ ͲǤ͵Ͳʹ ͲǤʹ͸͸ ͲǤͷͻ͵ ͲǤͷ͹ͷ ͲǤͲ͹Ͳ ͲǤͲ͸ͺ ͲǤͶͺͻ ͲǤͶ͹͸ ǦͶͻͷͶ͵ʹͲͲ ǦͷͲʹͻͲͻͻͲ ͲǤͲ͵͸ ͲǤͲ͸ͻ ǦͲǤͳͲͻ ǦͲǤͲͻ͹ ͲǤͳͲͷ ͲǤʹͲ͸ ǦͲǤ͵ʹͲ ǦͲǤʹͻͲ



MFIs

KREP

EBS

Avg.Assets,2005 Ͷ͵͸ʹͳͻ͹ͺ ͳʹʹͶͶʹͻͷ͵ Avg.Assets,2006 ͸͵ͷ͸͹͹ͺͷ ʹʹʹͺͳͷͻͷʹ Ave.Equity(E),2005 ͳͲͶͳͻͳͺͻ ͳͻʹʹʹͲͳͺ Ave.Equity(E),2006 ͳͳͻͲͷͻͺʹ ʹ͸ͺͲͳͲʹʹ Opp.Costofsociety(m),2005 ͲǤͳʹͻ ͲǤͳʹͻ Opp.Costofsociety(m),2006 ͲǤͳ͵͸ ͲǤͳ͵͸ SubsidyonEquity.E*m,2005 ͳ͵Ͷʹ͵ͲͶ ʹͶ͹͸͵͹͵ SubsidyonEquity.E*m,2006 ͳ͸ʹ͵ͻ͹͸ ͵͸ͷͷ͸ͷͻ Ave.Publicdebt(A),2005 ͸͸ͺ͵Ͷͺ͵ Ͳ Ave.Publicdebt(A),2006 ͳͲͶͷͶͳͻͳ ͵ͶͺͶͻʹͷ Exp.Int.Publicdebt.A*c,2005 ͷͺʹʹ͸Ͷ Ͳ Exp.Int.Publicdebt.A*c,2006 ͳʹͶͲʹͷͺ Ͳ Ratepaidpublicdebt(c),2005 ͲǤͲͺ͹ ͲǤͲͲͲ Ratepaidpublicdebt(c),2006 ͲǤͳͳͻ ͲǤͲͲͲ Disc.Publicdebt.A*(mc),2005 ʹ͹ͺ͹͹Ͳ Ͳ Disc.Publicdebt.A*(mc),2006 ͳͺͷ͸ͻ͵ Ͷ͹ͷ͵ͶͶ Rev.Grants(RG),2005 Ͳ Ͳ Rev.Grants(RG),2006 Ͳ Ͳ K(RG+DX),2005 Ͳ Ͳ K(RG+DX),2006 Ͳ Ͳ AccountingProfit(P),2005 ͸͸Ͷͳͺʹ ͸ͻͲͺ͸ͷͶ AccountingProfit(P),2006 ʹͳͺͳͺͺͳ ͳͷͺ͵ͶͷͲͳ Taxes,2005 ʹͳͶ͸ͷͺ ʹͳͷʹʹͻͺ Taxes,2006 ͹͵͵Ͳ͵͹ ͷͲͳͺͲͶ͹ Acc.profitlessTaxes(AP),2005 ͶͶͻͷʹͶ Ͷ͹ͷ͸͵ͷ͸ Acc.profitlessTaxes(AP),2006 ͳͶͶͺͺͶͶ ͳͲͺͳ͸ͶͷͶ Subsidy.S{E*m+A(mc)+KAP}05 ͳͳ͹ͳͷͷͲ Ǧʹʹ͹ͻͻͺ͵ Subsidy.S{E*m+A(mc)+KAP}06 ͵͸Ͳͺʹͷ Ǧ͸͸ͺͷͶͷͳ Ave.Loanport(net)LP,2005 ͵Ͳͳͷ͵ͻͷ͹ ͷ͸͹Ͳͻͻͳͺ Ave.Loanport(net)LP,2006 Ͷ͵ͺͻ͵ͷ͵Ͷ ͳͳ͸ͷͺ͸Ͳ͸͹ Rev.Fromlending(LP*i),2005 ͸ʹʹ͸͹͹͹ ͻͷͷͻ͸ͻ͸ Rev.Fromlending(LP*i),2006 ͻͶͻͲͲͲ͹ ʹͲͺ͹ͳͲͳʹ Yieldonlending(i),2005 ͲǤʹͲ͸ ͲǤͳ͸ͻ Yieldonlending(i),2006 ͲǤʹͳ͸ ͲǤͳ͹ͻ SDI(S/LP*i),2005 ͲǤͳͺͺ ǦͲǤʹ͵ͺ SDI(S/LP*i),2006 ͲǤͲ͵ͺ ǦͲǤ͵ʹͲ ChangeinYield,2005 ͲǤͲ͵ͻ ͲǤͲͶͲ

Ͳ ͵͹ͲͲ͸Ͳ Ͷ͸͵ͷ͸ͺ ͳ͹ͳͺͷͺ͹ ʹͶͲͲ͵͵͹ ͻ͵ʹͶ͵ʹͳ ͳͲ͵ͺͷ͵ʹͶ ͳͶ͵͹͹ͳͶ ͳͺ͸Ͷ͹͸ʹ ͲǤͳͷͶ ͲǤͳͺͲ ͳǤͳͻͷ ͳǤʹͺ͹ ͲǤͳͺͶ ͲǤʹ͵ͳ ͲǤ͵͵ͻ ͲǤͶͳͳ ͲǤͲ͹Ͳ ͲǤͲ͸ͺ ͲǤʹͷͲ ͲǤ͵ʹͳ ǦʹͳͶͻͷ͸ ǦͺͳͺͷͲͶ ͲǤͲʹʹ ͲǤͲʹͷ ǦͲǤͲͳ͵ ǦͲǤͲͶͶ ͲǤͲ͵Ͷ ͲǤͲͶͷ ǦͲǤͲʹͲ ǦͲǤͲ͹ͻ

KENYA Kadet KWFT ͵͹͹Ͷ͹ͻͺ ͷ͸ʹͳͲ͵ͷ ͳͷʹʹͻͳͺ ʹͷͺ͵ͶͲͷ ͲǤͳʹͻ ͲǤͳ͵͸ ͳͻ͸ͳͻͺ ͵ͷʹ͵͹͸ ͻ͹͵ͲͲͷ ͳͳͷͳͺͷͲ ͳͲͶͺͺͳ ͹͸ͻͷͷ ͲǤͳͲͺ ͲǤͲ͸͹ ʹͲͶ͹ͳ ͺͲͳͷ͹ ͳͲ͹͵ͳͲͺ ͳͶͳͷͳͺͻ ͳͲ͹͵ͳͲͺ ͳͶͳͷͳͺͻ ͹Ͷͷ͸͹ͺ ͺͻͷͷͷͺ ͻͺʹʹͻ ͳͷͺͷ͵͹ ͺͶ͵ͻͲ͹ ͳͲͷͶͲͻͷ ͶͶͷͺ͹Ͳ ͹ͻ͵͸ʹ͹ ͳ͹͸ͺ͵͹ͺ ʹͺͶ͹ͶͷͲ ͹͸͸Ͳͺͳ ͻ͵ͶͳͲ͹ ͲǤͶ͵͵ ͲǤ͵ʹͺ ͲǤͷͺʹ ͲǤͺͷͲ ͲǤʹͷʹ

ʹͻ͸ʹͲͷͺͶ ͶʹͶͷͷ͵͵ͳ ͻͶ͹ͷͷ͵ͺ ͳʹ͵Ͳͻ͵ͺͻ ͲǤͳʹͻ ͲǤͳ͵͸ ͳʹʹͲ͹͵Ͷ ͳ͸͹ͻͲͲͳ ͹͹ʹʹͺͷͺ ͳ͵Ͷ͸ͳ͵͹Ͷ ͵ͺ͵ͷͲ͸ ͷʹͲ͸ͲͲ ͲǤͲͷͲ ͲǤͲ͵ͻ ͸ͳͳͶʹͻ ͳ͵ͳͷͷ͵ͳ ͵ͺ͸ͷͲͶ ͷʹʹ͸Ͳͷ ͵ͺ͸ͷͲͶ ͷʹʹ͸Ͳͷ ͳͷͳͷ͵ͷ͸ ʹͳͲͻͻͻ͸ ͷͺͶͻͻ ͹ͺʹͲ͹ ͳͶͷ͸ͺͷͺ ʹͲ͵ͳ͹ͺͺ ͹͸ͳͺͳͲ ͳͶͺͷ͵Ͷͺ ͳ͸͸ʹͶͺͷ͸ ʹͶͻͲͳ͵͸ͺ ͷ͸Ͷͺʹ͸͸ ͻʹ͵͸ʹͶͺ ͲǤ͵ͶͲ ͲǤ͵͹ͳ ͲǤͳ͵ͷ ͲǤͳ͸ͳ ͲǤͲͶ͸

 

Ͳ ͷ͸ͳ͸ͳͶ ͻʹ͹ͳʹͳ ͶͳͶ͸Ͳ͸ Ǧʹ͸Ͳͳʹ ͳʹͲ͵ͻͶʹͺ ͳͶͳͷͲ͵͹͵ ʹ͵ͲͶͶʹͺ ͵ͳͲͳ͸͵ͷ ͲǤͳͻͳ ͲǤʹͳͻ ͲǤͳͺͲ ǦͲǤͲͲͺ ͲǤͲ͵Ͷ ǦͲǤͲͲʹ ͲǤʹʹ͸ ͲǤʹͳ͹ ͲǤͲ͹Ͳ ͲǤͲ͸ͺ ͲǤͳͶͷ ͲǤͳͶͲ ͵ʹ͸͸ͷ͵ ͹ͲͳͺͲʹ ͲǤͲͶʹ ͲǤͲ͸ͳ ͲǤͲʹͷ ͲǤͲͶ͸ ͲǤͳͲ͸ ͲǤʹͳͲ ͲǤͲ͸ʹ ͲǤͳͷͻ

Ͳ ͳ͵ͻͷͺͷͺ ʹ͵ͷ͸ʹ͸ͷ ͵ͶͲͻ͵ͷͺ ͵ͺͲͶʹͳͲ ͳͻ͸͵ʹͷͻͷ ʹ͹ͷͶ͹ͷͻͲ Ͷͷʹ͸ͳ͸ͻ ͸Ͷ͵͸͹ͳͺ ͲǤʹ͵ͳ ͲǤʹ͵Ͷ ͲǤ͹ͷ͵ ͲǤͷͻͳ ͲǤͳ͹Ͷ ͲǤͳ͵ͺ ͲǤͶͲͶ ͲǤ͵͹ʹ ͲǤͲ͹Ͳ ͲǤͲ͸ͺ ͲǤ͵ͳʹ ͲǤʹͺͷ ǦʹͶͺͺʹ͸Ͷ Ǧʹ͸ͶͷͶͷͲ ͲǤͲͷͲ ͲǤͲ͸ͷ ǦͲǤͲͺͻ ǦͲǤͲ͹͵ ͲǤʹͳʹ ͲǤ͵ͳʹ ǦͲǤ͵͹ͺ ǦͲǤ͵ͷͲ

MDSL SMEP ͳ͵͹ʹͶͺͺ ͳͷͻʹʹͶ͵ Ͷ͹͹ͳͳͲ ͷ͸ͻʹͺ ͲǤͳʹͻ ͲǤͳ͵͸ ͸ͳͶ͸͸ ͹͹͸ͷ ͹͹͵͸ͲͲ ͻʹͶͳ͹͸ ͺͺ͸͸ͺ ͹͵Ͳͷ͹ ͲǤͳͳͷ ͲǤͲ͹ͻ ͳͲͻͻͷ ͷ͵ͲͲͲ ͷʹ͹Ͷͺ ͻ͹ͻ͵ͳ ͷʹ͹Ͷͺ ͻ͹ͻ͵ͳ ǦͷʹͶͶ͵ ͻͻͻͶͶͲ Ͳ ͳͺͶͶͻ ͷʹͶͶ͵ ͻͺͲͻͻʹ ͷͶ͹ͳͻ Ǧͺ͵͹ͺʹͶ ͳͲͷͶͳͲͶ ͳͳͺͶͻ͵ͻ ͵͸Ͳͷ͹͵ Ͷ͵͹ͷͳʹ ͲǤ͵Ͷʹ ͲǤ͵͸ͻ ͲǤͳͷʹ ǦͳǤͻͳͶ ͲǤͲͷʹ

ͺʹͷ͸͵͹͸ ͻͲͲʹͳ͹͹ ʹͷͲͺͷ͹ʹ ʹ͹͵ͶͲͺͺ ͲǤͳʹͻ ͲǤͳ͵͸ ͵ʹ͵ͳ͹ͻ ͵͹ʹͻ͵Ͳ ʹͻ͸ͻʹͶ͵ ʹ͸͹ͳ͵ͺͲ ʹ͹ͷͺʹͺ ʹͷ͹ʹ͵Ͷ ͲǤͲͻ͵ ͲǤͲͻ͸ ͳͲ͸͸ͻͻ ͳͲ͹ͳͶʹ Ͳ Ͳ Ͳ Ͳ ͳͺͶͶ͸ͺ ͸ͳʹͲ͸ ͷ͸ͺͲͶ ʹͻͺͻʹ ͳʹ͹͸͸Ͷ ͵ͳ͵ͳͶ ͵ͲʹʹͳͶ ͶͶͺ͹ͷͺ ͷʹͷͻͲͺ͸ ͸Ͳͷͷͻͳ͸ ͳʹͻͻͶͲ͵ ͳͶͶͺͺ͸͸ ͲǤʹͶ͹ ǤʹͶͲ ͲǤʹ͵͵ ͲǤ͵ͳͲ ͲǤͲͷ͹

Ͳ ʹͷ͸ͺ͹ͷ Ͳ ʹͷʹͺ͵͵ ͺͺ͵ͻͺ ͵ͳʹʹͺͶ ͵ʹͶʹͷ͸ ͳͲʹ͹ͷͲͳ Ͳ Ǧͷ͵ͳʹͺ ͳ͵ͺ͸ͷͶ͸ ʹʹ͵ͲͲͳʹ Ǧͷͳ͵ͺͻ ͵Ͳ͹ͺͲʹ ͵͹ͷͶ͸͹Ͷ ͵Ͳ͹ͳͺͷͻ ͷʹ͹͸͵ͳ͸ ͷʹͻʹͳ͵Ͷ ͵ͷ͵ͻ͹Ͷ͸ ͳʹ͸ͻ͹ͳͻͷ ͳ͵͵ͻͲͺͻͺ ͹ͶͳͳͷͶ ͳ͵ͶͲ͸ͺͲ ͳͺͷ͹͸Ͷͳ ͺ͸͵ͺͳͲ ͶͲͳ͹ͳͻͻ ͷͺͳͳͻ͸ʹ ͲǤʹͶͳ ͲǤʹͷͶ ͲǤ͵ͷͳ ͲǤʹͶͶ ͲǤ͵ͳ͸ ͲǤͶ͵Ͷ ǦͲǤͲ͹ʹ ͳǤͲ͵Ͷ ͳǤʹͲͲ ǦͲǤͲͷͻ ͲǤͲ͹͹ ͲǤ͸Ͷ͸ ǦͲǤͲͳ͹ ͲǤʹ͸͵ ͲǤͶʹͳ ǦͲǤͲͳͷ ͲǤͲʹͶ ͲǤʹͺͲ ͲǤʹʹͶ ͲǤͷͳ͹ ͲǤ͹͹ʹ ͲǤʹ͵Ͳ ͲǤ͵Ͷͳ ͲǤ͹ͳͶ ͲǤͲ͹Ͳ ͲǤͳͳͲ ͲǤͳͳͲ ͲǤͲ͸ͺ ͲǤͳ͸͵ ͲǤͳ͸͵ ͲǤͳͶ͵ ͲǤ͵͸͹ ͲǤͷͻ͹ ͲǤͳͷʹ ͲǤͳͷ͵ ͲǤͶ͹Ͷ ͳͺͲ͹Ͳ͵ Ǧͺ͹ͺ͸ͲͶ ǦʹͲͻ͸Ͳ͵Ͷ ʹʹ͵͸͹͵ ʹ͹ͳ͹͵ͻ Ǧ͵͵ͻʹͲͷͶ ͲǤͲ͹ͷ ͲǤͲͲͷ ͲǤͲ͵ͳ ͲǤͲͺͳ ͲǤͲ͵͸ ͲǤͲͲͲ ͲǤͲͷͶ ǦͲǤͲͷʹ ǦͲǤʹͲͻ ͲǤͲͷ͸ ͲǤͲͳͲ ǦͲǤͳͶͺ ͲǤʹ͹͹ ͲǤͲͳ͸ ͲǤʹͳͲ ͲǤʹͺͻ ͲǤͳ͸Ͳ ͲǤͲͲͲ ͲǤͳͻͺ ǦͲǤͳͷ͸ ǦͳǤͶͲͺ ͲǤͳͻͻ ͲǤͲͶʹ ǦͲǤͺͶʹ

B.FASO SENEGAL RCPB Pamecas ACEP ͺͲͷ͹ͲͶͶ͹ ͵ʹ͹ͺ͵ʹʹͺ ͵Ͷͻͳͻͳͺͺ ͺͺͳ͹ͻͷ͹ͷ Ͷ͵ͺͳʹͷͳ͵ Ǧ ͳͲͲ͹ͳͳ͵ͳ ͺͻͻͶͻ͸ͳ ʹͶͲͶʹͷͻʹ ͳʹͺͺ͹ͳͺͲ ͳͲͶͺͷʹ͵Ͷ Ǧ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͳͲͲ͹ͳͳ͵ ͺͻͻͶͻ͸ ʹͶͲͶʹͷͻ ͳʹͺͺ͹ͳͺ ͳͲͶͺͷʹ͵ Ǧ ͳͷ͵Ͷ͵ͷͻ ͵ͳͳ͹ͳʹ ͵ͳ͵ʹ͸ͳ͵ ͳͷ͵Ͷ͵ͷͻ ͳͳͶͷ͵ͳʹ Ǧ Ͳ ͳ͵͹ʹ ʹͳͶͻͷͻ Ͳ ͳ͸͹Ͷ͵ Ͳ ͲǤͲͲͲ ͲǤͲͲͶ ͲǤͲ͸ͻ ͲǤͲͲͲ ͲǤͲͳͷ Ǧ ͳͷ͵Ͷ͵͸ ʹͻ͹ͻͻ ͻͺ͵Ͳ͵ ͳͷ͵Ͷ͵͸ ͻ͹͹ͺͺ Ǧ ʹͶͻͶ͵ͺ ͵ͳͲͶ ͳʹͺͳ͵ Ͳ ͳͶͷͻͺ Ǧ ʹͶͻͶ͵ͺ ͵ͳͲͶ ͳʹͺͳ͵ Ͳ ͳͶͷͻͺ Ǧ ͳ͹͵͹Ͳͺͺ ͹Ͳʹ͹ͷ͹ Ͳ ʹʹͳͻ͹Ͷͷ ͳ͹ͷͷ͹ͳͳ Ǧ Ͳ Ͳ Ͳ Ͳ Ͳ Ǧ ͳ͹͵͹Ͳͺͺ ͹Ͳʹ͹ͷ͹ Ͳ ʹʹͳͻ͹Ͷͷ ͳ͹ͷͷ͹ͳͳ Ǧ Ǧ͵ʹ͹ͳͲͳ ʹʹͻ͸Ͷ͵ ʹͷͳͷ͵͹ͷ Ǧ͹͹͹ͷͻʹ ǦͷͻͶͺͲͲ Ǧ Ͷͻ͹͸͵ͻʹʹ ʹͷ͵Ͷͷ͸ͻʹ ͵ʹͶ͸ͳ͸ͳ͹ ͷͻ͹ͺ͸ͻͲ͵ ͵ͲͲʹͶ͹ͺͲ Ǧ ͸ʹͻͳͺ͵͸ Ͷ͵͵Ͷ͹͸ͺ ͷͻ͸ͳʹͻͷ ͺʹͲͷ͹Ͳʹ ͷ͹͵͵ͳʹʹ Ǧ ͲǤͳʹ͸ ͲǤͳ͹ͳ ͲǤͳͺͶ ͲǤͳ͵͹ ͲǤͳͻͳ Ǧ ǦͲǤͲͷʹ ͲǤͲͷ͵ ͲǤͶʹʹ ǦͲǤͲͻͷ ǦͲǤͳͲͶ Ǧ ͲǤͲͲ͹ ͲǤͲͲͻ ͲǤͲ͹͹

Ͳ ͳͲͶͻͻʹ ʹͳͻ͹͹ͻͺ ͹ͳ͸ͺʹ͸ ͷͶͺ͵ͺͷ ͷ͸͵͸ͺͳ͵ ͳʹͳͺ͹Ͳͺͺ ͳͲͻ͸Ͳ͸ͷ ͵Ͳͳ͹͹ͳͷ ͲǤͳͻͶ ͲǤʹͶͺ ͲǤ͸ͷͶ ͲǤͳͺʹ ͲǤͳʹ͹ ͲǤͲͶͷ ͲǤ͵ʹʹ ͲǤʹͻ͵ ͲǤͳͳͲ ͲǤͳ͸͵ ͲǤͳͻͳ ͲǤͳͳͳ Ǧ͵Ͳ͵ͷͲ͸ ͳʹͲͲ͸͹ ͲǤͲͳ͸ ͲǤͳͶͶ ǦͲǤͲͶͺ ͲǤͲͲͺ ͲǤͲʹ͵ ͲǤʹͻ͸ ǦͲǤͲ͸͸ ͲǤͲͳ͸

CMS

ͺʹʹͶͶʹͷʹ ͳͲͺͷ͹ͲͲ͸Ͳ ͳͶ͹͵Ͳͷͷ͹ ʹͳͶ͵ͺͶͶʹ ͲǤͳͲͲ ͲǤͳͲͲ ͳͶ͹͵Ͳͷ͸ ʹͳͶ͵ͺͶͶ ͷ͸͵Ͷ͸͵͸ ͳʹ͹ͺͺͷ͵ͻ Ͷͷͳʹ͵Ͳ ͳͷͲͺ͹͵Ͳ ͲǤͲͺͲ ͲǤͳͳͺ ͳͳʹʹ͵͵ ʹʹͻͺ͹͸ ͸ͺͲͶͷͷ ͻʹͳ͵͵ͳ ͸ͺͲͶͷͷ ͻʹͳ͵͵ͳ ͸ͺͲͶͷͷ ͻʹͳ͵͵ͳ Ͳ Ͳ ͸ͺͲͶͷͷ ͻʹͳ͵͵ͳ ʹͻͶ͸ͳͻͻ ͵͹ͷ͸͸͵Ͳ ͶͲ͵Ͷʹͷͺ͹ ͸ͷʹͷͻʹͲͻ ͺͳͷͳͲʹͳ ͳͳͻͺͻ͵͹Ͳ ͲǤʹͲʹ ͲǤͳͺͶ ͲǤ͵͸ͳ ͲǤ͵ͳ͵ ͲǤͲ͹͵

ChangeinYield,2006 ͲǤͲͲͺ ͲǤͲͷ͹ ͲǤʹ͹ͻ NominalSubsidyfreeyield,2005 ͲǤʹͶͷ ͲǤͳʹͺ ͲǤ͸ͺͷ NominalSubsidyfreeyield,2006 ͲǤʹʹͶ ͲǤͳʹʹ ͲǤ͸Ͳ͹ Inflation,2005 ͲǤͳͲ͵ ͲǤͳͲ͵ ͲǤͳͲ͵ Inflation,2006 ͲǤͳͶͷ ͲǤͳͶͷ ͲǤͳͶͷ RealSubsidyfreeyield,2005 ͲǤͳʹͻ ͲǤͲʹ͵ ͲǤͷʹͺ RealSubsidyfreeyield,2006 ͲǤʹʹͶ ͲǤͳʹʹ ͲǤ͸Ͳ͹ TrueProfit,2005 ͳ͹Ͳ͹ͷͶ Ͷ͹ͷ͸͵ͷ͸ ʹͶͻ͸͹ʹ TrueProfit,2006 ͳʹ͸͵ͳͷͳ ͳͲ͵ͶͳͳͳͲ ͶͶͳʹͷͳ ReturnonAssets(ROA),2005 ͲǤͲͳͲ ͲǤͲ͵ͻ ͲǤʹʹͶ ReturnonAssets(ROA),2006 ͲǤͲʹ͵ ͲǤͲͶͻ ͲǤͳͺͺ SubsidyadjustedROA,2005 ͲǤͲͲͶ ͲǤͲ͵ͻ ͲǤͲ͸͸ SubsidyadjustedROA,2006 ͲǤͲʹͲ ͲǤͲͶ͸ ͲǤͲ͹ͺ ReturnonEquity(ROE),2005 ͲǤͲͶ͵ ͲǤʹͶ͹ ͲǤͷͷͶ ReturnonEquity(ROE),2006 ͲǤͳʹʹ ͲǤͶͲͶ ͲǤͶͲͺ SubsidyadjustedROE,2005 ͲǤͲͳ͸ ͲǤʹͶ͹ ǦͲǤͳ͸Ͷ SubsidyadjustedROE,2006 ͲǤͳͲ͸ ͲǤ͵ͺ͸ ǦͲǤͳ͹ͳ





MFIs

ͲǤͲ͸Ͳ ǦͲǤ͹͸͸ ǤͲ͹Ͷ ͲǤͲͳ͵ ǦͲǤͲʹͲ ͲǤ͵ͺ͸ ͲǤ͵ͻͶ ͲǤ͵Ͳͷ ͲǤͳʹͲ ͲǤͳͺͲ ͲǤͶ͵ͳ ǦͲǤ͵ͻ͸ ͲǤ͵ͳ͵ ͲǤͳʹͶ ͲǤͳ͹ͳ ͲǤͳͲ͵ ͲǤͳͲ͵ ͲǤͳͲ͵ ͲǤͲ͸Ͷ ͲǤͲͳ͹ ͲǤͳͶͷ ͲǤͳͶͷ ͲǤͳͶͷ ͲǤͲʹ͵ ͲǤͲʹͳ ͲǤʹͷ͸ ͲǤʹ͸Ͷ ͲǤͳͺ͵ ͲǤͲͷʹ ͲǤͳ͸Ͳ ͲǤͶ͵ͳ ǦͲǤ͵ͻ͸ ͲǤ͵ͳ͵ ͲǤͳʹͶ ͲǤͳ͹ͳ ͶͷͺͻʹͶ Ǧͳͳ͸ͳͺͷ ʹͲͻ͸ͷ ͳ͵͵ͶʹͳͶ ͸͸ͻͺͷ͵ ͳͻ͵͸ͷ͵ ͺͻͻͶʹͶ Ǧ͹ͷͺʹͺ ʹͲ͸͸͵ͳͲ ͳ͸Ͷ͵͵ʹͶ ͲǤͲͶͻ ͲǤͲ͵ͺ ͲǤͲͳͷ ͲǤͲʹʹ ͲǤͲʹͳ ͲǤͲͶͺ ͲǤ͸ͳ͸ ͲǤͲͲ͵ ͲǤͲʹͷ ͲǤͲͶͲ ͲǤͲͳͷ ǦͲǤͲͺͷ ͲǤͲͲ͵ ͲǤͲͳ͹ ͲǤͲʹͲ ͲǤͲͲͷ ͲǤͷ͸ͷ ͲǤͲͲͺ ͲǤͲʹ͵ ͲǤͲ͵ͺ ͲǤͳͷͶ ͲǤͳͳͲ ͲǤͲͷͳ ͲǤͳ͹ʹ ͲǤͲ͹ͺ ͲǤͳ͸ͷ Ǧͳ͹Ǥʹ͵ ͲǤͲͳͳ ͲǤͳ͹ʹ ͲǤͳ͸͹ ͲǤͲͶͺ ͲǤʹͶͶ ͲǤͲͲͺ ͲǤͳ͵ʹ ͲǤͲ͹Ͷ ͲǤͲͳ͸ ǦͳͶǤͷͺ ǦͲǤͲʹͺ ͲǤͳ͸Ͳ ͲǤͳͷ͹

MALI CAMEROON SoroY K.Jagima ACEP CDS

Avg.Assets,2005 ͳ͸ʹ͸͹ͻͶ Avg.Assets,2006 ʹͳͷ͹ͻͺͻ Ave.Equity(E),2005 ͳͳ͹͸͵ͻͷ Ave.Equity(E),2006 ͳͲͻʹͺͺ͵ Opp.Costofsociety(m),2005 ͲǤͳͲͲ Opp.Costofsociety(m),2006 ͲǤͳͲͲ SubsidyonEquity.E*m,2005 ͳͳ͹͸͵ͻ SubsidyonEquity.E*m,2006 ͳͲͻʹͺͺ Ave.Publicdebt(A),2005 ͳͺ͹͹ͷ͸ Ave.Publicdebt(A),2006 ͹ͳ͵͵͵͵ Exp.Int.Publicdebt.A*c,2005 ͳͷͺͻͶ Exp.Int.Publicdebt.A*c,2006 Ͷ͸ͷͺ͵ Ratepaidpublicdebt(c),2005 ͲǤͲͺͷ Ratepaidpublicdebt(c),2006 ͲǤͲ͸ͷ Disc.Publicdebt.A*(mc),2005 ʹͺͺʹ Disc.Publicdebt.A*(mc),2006 ʹͶ͹ͷͳ Rev.Grants(RG),2005 ͳ͸ͳͺͲͶ Rev.Grants(RG),2006 ͳͶͶʹͶ K(RG+DX),2005 ͳ͸ͳͺͲͶ K(RG+DX),2006 ͳͶͶʹͶ AccountingProfit(P),2005 ͷͶʹʹͳ AccountingProfit(P),2006 ͹ͻ͵ͳͲ Taxes,2005 Ͳ Taxes,2006 ͷͳ͸ͳ Acc.profitlessTaxes(AP),2005 ͷͶʹʹͳ Acc.profitlessTaxes(AP),2006 ͺͶͶ͹ͳ Subsidy.S{E*m+A(mc)+KAP}05 ʹʹͺͳͲͶ Subsidy.S{E*m+A(mc)+KAP}06 ʹ͵ʹͻ͵ͷ Ave.Loanport(net)LP,2005 ͳʹͲ͹ͳ͸ͳ Ave.Loanport(net)LP,2006 ͳ͹ͶͷͷͲ͵ Rev.Fromlending(LP*i),2005 ʹ͵ͻͷ͵͵ Rev.Fromlending(LP*i),2006 ͳͷͶ͸͸͵ Yieldonlending(i),2005 ͲǤͳͻͺ Yieldonlending(i),2006 ͲǤͲͺͻ SDI(S/LP*i),2005 ͲǤͻͷʹ SDI(S/LP*i),2006 ͳǤͷͲ͸ ChangeinYield,2005 ͲǤͳͺͻ ChangeinYield,2006 ͲǤͳ͵͵ NominalSubsidyfreeyield,2005 ͲǤ͵ͺ͹ NominalSubsidyfreeyield,2006 ͲǤʹʹʹ Inflation,2005 ͲǤͲ͸Ͷ Inflation,2006 ͲǤͲͳͷ RealSubsidyfreeyield,2005 ͲǤ͵ͲͶ RealSubsidyfreeyield,2006 ͲǤʹʹʹ TrueProfit,2005 ͳͳͲͶ͸ͷ TrueProfit,2006 ͳʹ͵͸Ͷ͸ ReturnonAssets(ROA),2005 ͲǤͲ͵͵ ReturnonAssets(ROA),2006 ͲǤͲ͵ͻ SubsidyadjustedROA,2005 ͲǤͲ͸ͺ SubsidyadjustedROA,2006 ͲǤͲͷ͹ ReturnonEquity(ROE),2005 ͲǤͲͶ͸

͸ͺͻͶͻ͸ͻ ͳͲͻ͵ͶʹͶ͵ ǦͳͶͲͲ͵ͺʹ Ǧͳͳ͸ͻͷ͹ͺ ͲǤͳͲͲ ͲǤͳͲͲ ǦͳͶͲͲ͵ͺ Ǧͳͳ͸ͻͷͺ ͳ͸ͷʹ͵ͶͶ ͵ͳͷͳͳͳ͵ ʹͺ͸͵ͷ ͺͲͲʹ͵ ͲǤͲͳ͹ ͲǤͲʹͷ ͳ͵͸ͷͻͻ ʹ͵ͷͲͺͺ ͳ͸ʹ͵ͺͲ Ǧ ͳ͸ʹ͵ͺͲ Ǧ ͵͵͵ʹͷͲ Ǧ Ͳ Ǧ ͵͵͵ʹͷͲ Ǧ ͳ͹Ͷ͵Ͳͻ Ǧ ͵͵ͻʹͳͳͶ Ǧ ͶͷͺʹʹͶ Ǧ ͲǤͳ͵ͷ Ǧ ͲǤ͵ͺͲ Ǧ ͲǤͲͷͳ Ǧ ͲǤͲͺͶ Ǧ ͲǤͲ͸Ͷ Ǧ ͲǤͲͳͻ Ǧ ͵Ͷʹ͹ͳ Ǧ ͲǤͲͶͺ Ǧ ͲǤͲͲͷ Ǧ ͲǤʹ͵ͺ

ͶͲ͸͹ͳͶͳ Ǧ ͵ͺͲͶͶ͸͸ Ǧ ͲǤͳ͹͹ ͲǤͳͷ͵ ͸͹ʹͳ͵ͷ Ǧ ͳͶ͵Ͳ Ǧ Ͳ Ǧ ͲǤͲͲͲ Ǧ ʹͷ͵ Ǧ Ͳ Ǧ Ͳ Ǧ ͳ͸͸ͳͶͺ Ǧ Ͳ Ǧ ͳ͸͸ͳͶͺ Ǧ ͷͲ͸ʹͶͲ Ǧ ͵ͺ͸ʹʹ͸Ͷ Ǧ ͶͲ͸ʹʹ͸ Ǧ ͲǤͳͲͷ Ǧ ͳǤʹͶ͸ Ǧ ͲǤͳ͵ͳ Ǧ ͲǤʹ͵͸ Ǧ ͲǤͲʹͲ ͲǤͲͷͳ ͲǤʹͳʹ Ǧ ͳ͸ͷͺͻͷ Ǧ ͲǤͲͶͳ Ǧ ͲǤͲͶͳ Ǧ ͲǤͲͶͶ

ͳͳͲ͹Ͷͳͻʹ ͳ͵ͺʹͳͺͺͻ ͺ͵ʹ͵ͷͺ ͻ͵͸͸ͺͻ ͲǤͳ͹͹ ͲǤͳͷ͵ ͳͶ͹Ͳͷ͵ ͳͶ͵ͷͻͶ ʹʹͷ͸Ͷͳͷ ʹͻͶ͵ʹͶ͵ ͵͵͵ͳͶͲ ͵ͻͳͻͻ͸ ͲǤͳͶͺ ͲǤͳ͵͵ ͸ͷͷͲͳ ͷͻʹͲ͵ ͵ͺʹͻ͹ ͳͶͻͳ͸ ͵ͺʹͻ͹ ͳͶͻͳ͸ ͹ͺͻ͸͹ ͺʹͻ͵Ͷ Ͳ Ͳ ͹ͺͻ͸͹ ͺʹͻ͵Ͷ ͳ͹ͳͺͺͶ ͳ͵Ͷ͹ͺͲ ͷͷͳͶ͹ͺͷ ͹͸͹͹ͺͺͺ ͳͲ͸ͶͲ͹ͺ ͳʹ͵ͲͶͳ͵ ͲǤͳͻ͵ ͲǤͳ͸Ͳ ͲǤͳ͸ʹ ͲǤͳͳͲ ͲǤͲ͵ͳ ͲǤͲͳͺ ͲǤʹʹͶ ͲǤͳ͹ͺ ͲǤͲʹͲ ͲǤͲͷͳ ͲǤʹͲͲ ͲǤͳ͹ͺ ʹͶͺ͵ͳ ͺͺͳͷ ͲǤͲͲ͹ ͲǤͲͲ͸ ͲǤͲͲʹ ͲǤͲͲͳ ͲǤͲͻͷ

 

P.Cred. ͺ͸ͷͶ͸Ͷ͸ ͳͶ͹ͲͺͲ͸Ͷ ʹͷ͹͵ʹͻͲ ͵ʹ͹͸ͳ͸͹ ͲǤͳͲͲ ͲǤͳͲͲ ʹͷ͹͵ʹͻ ͵ʹ͹͸ͳ͹ ͳ͵ͷ͵ʹ͸ʹ ͳ͸͵ʹͺʹͷ ʹͶͲͶ͵͵ ͳͺ͹ͷͷʹ ͲǤͳ͹ͺ ͲǤͳͳͷ ͳͲͷͳͲ͹ ʹͶʹ͹Ͳ Ͳ Ͳ Ͳ Ͳ ͸͵ʹ͹ͷ͸ ͸ͻ͹ͻͺ͸ ʹʹ͹ͺͶ͸ ʹ͵͹Ͳͷ͹ ͶͲͶͻͳͲ Ͷ͸Ͳͻʹͻ Ǧʹͷʹ͸ͺͺ Ǧͳͷ͹ͷͺʹ ͷ͹͵͵ʹͷ͵ ͳͲͳͲ͵ͻͻͲ ͵͸͸ͻʹͶ͹ ͷͷ͸ͻͺͻ͸ ͲǤ͸ͶͲ ͲǤͷͷͳ ǦͲǤͲ͸ͻ ǦͲǤͲʹͺ ͲǤͲͶͶ ͲǤͲͳ͸ ͲǤͷͻ͸ ͲǤͷ͵͸ ͲǤͳͷͳ ͲǤͳͲͻ ͲǤ͵ͺ͸ ͲǤͷ͵͸ ͷͳͲͲͳ͹ Ͷͺͷͳͻͺ ͲǤͲͶ͹ ͲǤͲ͵ͳ ͲǤͲͷͻ ͲǤͲ͵͵ ͲǤͳͷ͹

GHANA KSF Opp. Ͷ͵Ͳͷ͵ͷ Ǧ ͵ͷͳͺ͵͹ Ǧ ͲǤͳͲͲ ͲǤͳͲͲ ͵ͷͳͺͶ Ǧ ͸Ͳ͵Ͷ͸ Ǧ ͷͻͺͺ Ͳ ͲǤͲͻͻ Ǧ Ͷ͸ Ǧ Ͳ Ͳ Ͳ Ͳ ͳ͸ʹͲͷ Ͳ Ͳ Ͳ ͳ͸ʹͲͷ Ͳ ͳͻͲʹͷ Ǧ ͵͸ʹ͵͹ͷ Ǧ ͻ͸ͷͻͻ Ǧ ͲǤʹ͸͹ Ǧ ͲǤͳͻ͹ Ǧ ͲǤͲͷ͵ Ǧ ͲǤ͵ͳͻ Ǧ ͲǤͳͷͳ ͲǤͳͲͻ ͲǤͳͶ͸ Ǧ ͳ͸ͳͷͺ Ǧ ͲǤͲ͵ͺ Ǧ ͲǤͲ͵ͺ Ǧ ͲǤͲͶ͸

Ǧ ͲǤʹ͸ͳ Ǧ ͲǤͲͳ͹ ͲǤͲʹͳ ͲǤʹͶͲ Ǧ ͳͳͳͳͳ͸ Ǧ ͲǤͲͲͲ Ǧ ͲǤͲͲ͵ Ǧ ͲǤͲͲͲ Ǧ ͲǤͲͲͷ Ǧ

ͲǤͲͷͺ ͲǤʹ͹ͷ ͲǤʹͶͳ ͲǤͲͳ͹ ͲǤͲʹͳ ͲǤʹͷͶ ͲǤʹͶͳ ͳͶ͹͵ͳͶͶ ͳ͸ͳʹ͹ͺ͸ ͲǤͲͲͺ ͲǤͲͲͺ ͲǤͲͳͺ ͲǤͲͳͷ ͲǤͲͶ͸ ͲǤͲͶ͵ ͲǤͳͲͲ ͲǤͲ͹ͷ

BENIN SAT ALIDE VF

ͷͶͻͷͺͻ͹ ͷ͵ͷͻͺͷͳ ͵ʹ͵ͳͻͺ ͳ͵͹͹ʹ͵ͺͶ ͹͸ͷʹͺͺ͸ ͷ͵ͺͳͲͲ ʹͺͺ͸Ͳ͹͹ ͵͸͵ʹʹͶ͹ ͳͷͻͶͲͷ Ͷ͹ʹͷ͹ͲͲ Ͷ͸ͺ͹ͻͺͺ ʹͺ͹ͷʹ͵ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ʹͺͺ͸Ͳͺ ͵͸͵ʹʹͷ ͳͷͻͶͲ Ͷ͹ʹͷ͹Ͳ Ͷ͸ͺ͹ͻͻ ʹͺ͹ͷʹ ͳͷʹ͹͸Ͳʹ ͺͳʹͶͳͻ Ͳ Ͷͳ͵͸͹ͻͷ ͳʹͲͳʹ͸͸ ʹʹͻͺͻ ͳͷͲͻʹ͹ ͸ͲͶͻͻ Ͳ ͹͵ʹͻͶͻ ʹͶͺͶ͹Ͳ ͷͻ͹ ͲǤͲͻͻ ͲǤͲ͹Ͷ Ǧ ͲǤͳ͹͹ ͲǤʹͲ͹ ͲǤͲʹ͸ ͳͺ͵͵ ʹͲ͹Ͷ͵ Ͳ ͵ͳͻʹ͹Ͳ Ǧͳʹͺ͵ͶͶ ͳ͹Ͳʹ Ͷͷͻ͵ͻ ʹͳͲͷ͵Ͳ ͺͺͳͷ͹ Ͳ ͳͳͲͻʹ͸ ͻͶ͸ͳ͵ Ͷͷͻ͵ͻ ʹͳͲͷ͵Ͳ ͺͺͳͷ͹ Ͳ ͳͳͲͻʹ͸ ͻͶ͸ͳ͵ ͶͷͲͻͳ ͹ͲͶͻͺͶ ʹͺ͵͸Ͷ ͺ͵ʹ͸͵͵ ͶͲͻͻͻ͸ ͷͲͷͶ͸ ʹͶͲʹͷ ͺͺ͸ͳ͹ Ͳ ʹͳͲ͸ͲͲ ͺͷͷͷ͹ ͵͸Ͷ ʹͳͲ͸͸ ͸ͳ͸͵͸͹ ʹͺ͵͸Ͷ ͸ʹʹͲ͵͵ ͵ʹͶͶ͵ͻ ͷͲͳͺʹ ͵ͳͷ͵ͳͶ Ǧʹͳͺ͸ͻ ͹ͷ͹͵͵ ǦͶ͸ͺ͹͵͵ ͳʹ͸ͻͶʹ ͹Ͷͺͺͷ ʹͺ͹͹͸͹ͺ ͵Ͳ͸͵ʹͲͶ ʹ͵ͳͷ͹Ͷ ͻͳʹͲͳ͵Ͷ ͷͲ͸Ͳ͹ͻ͸ Ͷͳͻͳ͸Ͷ ͳ͸͸ʹͳ͵͵ ͳ͸͵͵ͷ͵Ͳ ͸Ͷ͹͸ͳ ͷͲͺͳʹͻ͸ ʹ͵ͷͻͳ͹ͷ ͳʹ͹ͳ͹͸ ͲǤͷ͹ͺ ͲǤͷ͵͵ ͲǤʹͺͲ ͲǤͷͷ͹ ͲǤͶ͸͸ ͲǤ͵Ͳ͵ ͲǤͳͻͲ ǦͲǤͲͳ͵ ͳǤͳ͸ͻ ǦͲǤͲͻʹ ͲǤͲͷͶ ͲǤͷͺͻ ͲǤͳͳͲ ǦͲǤͲͲ͹ ͲǤ͵ʹ͹ ͲǤͲͷͳ ͲǤͲʹͷ ͲǤͳ͹ͻ ͲǤ͸ͺ͹ ͲǤͷʹ͸ ͲǤ͸Ͳ͹ ͲǤͷͲ͸ ͲǤͶͻͳ ͲǤͶͺʹ ͲǤͳͷͳ ͲǤͳͷͳ ͲǤͲͷͶ ͲǤͳͲͻ ͲǤͳͲͻ ͲǤͲ͵ͺ ͲǤͶ͸͸ ͲǤ͵ʹ͸ ͲǤͷʹͷ ͲǤͷͲ͸ ͲǤͶͻͳ ͲǤͶͺʹ ʹ͸͹Ͳ͸ ͵ͺͷͲͻͶ ͷͻ͹ͻ͵ ͻͶͳ͵Ͳ͵ ͵Ͷͳͺͷ͸ Ͷ͸ͳ͵͵ ͲǤͲͲͶ ͲǤͳͳͷ ͲǤͲͺͺ ͲǤͲͶͷ ͲǤͲͶʹ ͲǤͲͻ͵ ͲǤͲͲͷ ͲǤͲ͹ʹ ͲǤͳͺͷ ͲǤͲ͸ͺ ͲǤͲͶͷ ͲǤͲͺ͸ ͲǤͲͲ͹ ͲǤͳ͹Ͳ ͲǤͳ͹ͺ

ͻͺͷͶͲ͵Ͷ ͻ͸͸ͺͺʹ͵ ͵ͺͻͲ͵͸ͷ ͶͲ͹Ͷ͵ͷͷ ͲǤͳͲͲ ͲǤͳͲͲ ͵ͺͻͲ͵͹ ͶͲ͹Ͷ͵ͷ Ͷ͵ʹͲ͸͸͸ ͵ͺͷͳ͵͸ʹ ͵Ͳ͹͸ͻʹ ͵ͷͶ͵͹Ͷ ͲǤͲ͹ͳ ͲǤͲͻʹ ͳʹͶ͵͹ͷ ͵Ͳ͹͸ʹ Ͳ Ͳ Ͳ Ͳ ͳͺͺͺͶ͵ ʹ͹Ͷͻͷ Ͳ Ͳ ͳͺͺͺͶ͵ ʹ͹Ͷͻͷ ͵ʹͶͷ͸ͺ ͶͳͲ͹Ͳʹ ͹ͻ͸ͶͶͲ͸ ͹ͳ͵͸ͳͷͳ ͳͷ͹͸ͳͷͶ ͳ͸ͳͳͳͻʹ ͲǤͳͻͺ ͲǤʹʹ͸ ͲǤʹͲ͸ ͲǤʹͷͷ ͲǤͲͶͳ ͲǤͲͷͺ ͲǤʹ͵ͻ ͲǤʹͺ͵ ͲǤͲͷͶ ͲǤͲ͵ͺ ͲǤͳ͹͸ ͲǤʹͺ͵ ͸ͶͶ͸ͻ ͵ʹ͸͹ ͲǤͲͳͻ ͲǤͲͲ͵ ͲǤͲͲ͹ ͲǤͲͲͲ ͲǤͲͶͻ

ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

  MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

  MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006

ͲǤͲ͹͹ ͲǤͲͻͶ ͲǤͳͳ͵

Ǧ ͲǤͲʹͶ Ǧ

Ǧ ͲǤͲͶͶ Ǧ

ͲǤͲͺͻ ͲǤͲ͵Ͳ ͲǤͲͲͻ

BENIN ANGOLA PADME FECAM NBANCO DECSI ͷͲͲ͸ͷ͵͸ͷ ͸ͷͻͷͶͷͺͲ ͷͲʹͷ͵ͻ͹ͳ ͸ͲͲʹͻͶͳͻ ͳͺ͸ͶͲͶͶͷ ʹʹͷͶ͵Ͷͻ ͳ͹͹Ͳ͵͹Ͳʹ ͵͹Ͳͷͺʹ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ ͳͺ͸ͶͲͶͷ ʹʹͷͶ͵ͷ ͳ͹͹Ͳ͵͹Ͳ ͵͹Ͳͷͺ ʹ͵ͷʹͻʹͺͳ ͺ͸ͷ͵ʹʹͷ ʹͶͶͻʹͻ͸ͻ ͺ͵ʹ͸Ͳͺ͹ ͻͺ͵͵ʹͺ ͵Ͷͺ͸ͷ͹ ͳͶͲ͸ͺ͹ʹ ͵ͺͳʹͳ͸ ͲǤͲͶʹ ͲǤͲͶͲ ͲǤͲͷ͹ ͲǤͲͶ͸ ͳ͵͸ͻ͸ͲͲ ͷͳ͸͸͸͸ ͳͲͶʹͶʹͷ Ͷͷͳ͵ͻ͵ ͳͳͶͻ͵ʹ ͳͻͻͳʹͺ ͳͶ͵Ͷ͸͸ ͳͺͷͻͶʹ ͳͳͶͻ͵ʹ ͳͻͻͳʹͺ ͳͶ͵Ͷ͸͸ ͳͺͷͻͶʹ ͳͲͻʹ͹͵ͷ ͺͺͺʹʹ͹ ͵ʹͶͺͳͶ͸ ͷ͸Ͷ͵͸͵Ͳ Ͳ ʹ͵ͳͳͳ͸ ʹʹʹ͵ͲͶ ʹͷ͸Ͳ͵ͻ ͳͲͻʹ͹͵ͷ ͸ͷ͹ͳͳͲ ͵Ͷ͹ͲͶͷͲ ͷͺͻͻ͸͸ͻ ʹʹͷͷͺͶʹ ʹͺͶͳͳͻ ͸Ͷʹ͸͹ͳͳ ͸ͷ͹ͶͲ͸͵ ͵ͻͶͺͺͻ͸ͳ ͵Ͷ͸ͺʹͲͳͲ ͵ʹͻͻ͵ͲͶͳ ʹ͹ͺ͹͵ͺ͹ͳ ͹ͺͷ͵͸͵ͷ ͷʹ͵ͶͶͻͲ ͳͶͲ͸ͺ͹ʹ Ͷ͹͵Ͷͳ͸͸ ͲǤͳͻͻ ͲǤͳͷͳ ͲǤͲͶ͵ ͲǤͳ͹Ͳ ͲǤʹͺ͹ ͲǤͲͷͶ ͶǤͷ͸ͺ ͳǤ͵ͺͻ ͲǤͲͷ͹ ͲǤͲͲͺ ͲǤͳͻͷ ͲǤʹ͵͸ ͲǤʹͷ͸ ͲǤͳͷͻ ͲǤʹ͵͹ ͲǤͶͲ͸ ͲǤͲͷͶ ͲǤͲͷͶ ͲǤͲ͵ͺ ͲǤͲ͵ͺ ͲǤͳͻʹ ͲǤͳͲͲ ͲǤʹ͵͹ ͲǤͶͲ͸ ͵ͻͳ͹ͻ͹ ͷͺ͸ͺͶ Ͷ͸ͷ͸͵Ͷͳ ͸ͷ͵͹ͲͲͶ ͲǤͲʹʹ ͲǤͲͳͲ ͲǤͲ͸ͻ ͲǤͲͻͺ ͲǤͲͲͺ ͲǤͲͲͳ ͲǤͲͻ͵ ͲǤͳͲͻ ͲǤͲͷͻ ͲǤʹͻͳ ͲǤͳͻ͸ ͳͷǤͻʹͲ ͲǤͲʹͳ ͲǤͲʹ͸ ͲǤʹ͸͵ ͳ͹Ǥ͸ͶͲ

͸ͻͳͷ͵ͳͳ ͳͲͺ͸ͷͷͲͺ ͷͲͶͲ͵ʹͷ Ͷͻ͵ͶͻͶͷ ͲǤ͸͹͹ ͲǤͳͻͷ ͵Ͷͳ͵ʹͲ͹ ͻ͸ʹͺͶ͹ Ͳ Ͷͻͷͳ͹ʹ Ͳ ͵ͻ͸ͳͶ Ǧ ͲǤͲͺͲ Ͳ ͷ͸ͻͻͺ Ͳ Ͳ Ͳ Ͳ ʹͳͳͶʹͳ Ͷʹ͹ͻʹ Ͷʹͳ͵ʹ Ͳ ʹͷ͵ͷͷ͵ Ͷʹ͹ͻʹ ͵͸͸͸͹͸Ͳ ͻ͹͹ͲͷͶ ʹ͹ͲͶͶʹͺ ͷ͸Ͳ͸Ͷͳ͸ ͳ͵ʹͳͷʹͻ ʹͺͳʹ͹͵Ͷ ͲǤͶͺͻ ͲǤͷͲʹ ʹǤ͹͹ͷ ͲǤ͵Ͷ͹ ͳǤ͵ͷ͸ ͲǤͳ͹Ͷ ͳǤͺͶͶ ͲǤ͸͹͸ ͲǤʹͶͲ ͲǤͳͳ͹ ͳǤʹͻ͵ ͲǤ͸͹͸ ʹͷ͵ͷͷ͵ ͳͶʹͲ͸ ͲǤͲ͵͹ ͲǤͲͲͶ ͲǤͲ͵͹ ͲǤͲͲͳ ͲǤͲͷͲ ͲǤͲͲͻ ͲǤͲͷͲ ͲǤͲͲ͵

TAZANIA PRIDE FINCA ͳʹ͹͹ͺͻ͸ͳ ͳ͸͵ͲͻͲͶͶ ͵ͷͳͶͲ͸Ͳ ͵͸ͷͲͳͶͲ ͲǤͳͷͳ ͲǤͳͷͶ

͸ͶͲ͸͸ͷͺ Ǧ ͳͺͷʹ͸Ͷʹ Ǧ ͲǤͳͷͳ ͲǤͳͷͶ

ͺͲʹ͸͸ͳͳͷ ͳͳͲͺͲͻ͹ʹͻ ʹͳ͹ͲͳͺͶͶ ʹͶͶ͸͵ͳͻͳ ͲǤͲ͹Ͳ ͲǤͲ͹Ͳ ͳͷͳͻͳʹͻ ͳ͹ͳʹͶʹ͵ ͵ʹ͸ʹͳͳͶͷ ͷ͸Ͷ͵͵ͺʹͲ ͳ͵ʹͺͷͳͳ ͳͺͻ͹͵͵ʹ ͲǤͲͶͳ ͲǤͲ͵Ͷ ͳͻ͵͵͸Ͳ͵ ʹͲͷ͵Ͳ͵͸ Ͳ Ͳ Ͳ Ͳ ͶͲͳͶͶͻͺ Ͷ͹ʹ͵ͻʹͶ Ͳ Ͳ ͶͲͳͶͶͻͺ Ͷ͹ʹ͵ͻʹͶ Ǧͷ͸ͳ͹͸ͷ ǦͻͷͺͶ͸ͷ ͷͻͲ͸Ͷͻͷ͸ ͹ͺʹͷʹͶ͹ͷ ͹Ͷͻ͵ͷʹʹ ͺͺʹ͹͸ͶͲ ͲǤͳʹ͹ ͲǤͳͳ͵ ǦͲǤͲ͹ͷ ǦͲǤͳͲͻ ͲǤͲͳͲ ͲǤͲͳʹ ͲǤͳͳ͹ ͲǤͳͲͳ ͲǤͳͳ͸ ͲǤͳ͵͸ ͲǤͲͲͳ ͲǤͳͲͳ ʹͲͺͲͺͻͷ ʹ͸͹Ͳͺͺͺ ͲǤͲͷͲ ͲǤͲͶ͵ ͲǤͲʹ͸ ͲǤͲʹͶ ͲǤͳͺͷ ͲǤͳͻ͵ ͲǤͲͻ͸ ͲǤͳͲͻ

CML ͹ͷʹ͹Ͷ͵ͺ ͳͳ͹ʹ͵ʹͶͷ ͳʹ͸Ͷͷ͸ͳ ͳ͵͵ʹ͹͸ʹ ͲǤͳͻ͸ ͲǤͳͺ͹

 

ͲǤͳͶͳ ͲǤͳͻͺ ͲǤͳͶͺ

Ǧ ͲǤͲͶ͸ Ǧ

ADCSI ͳͳ͸ͷͻʹͷͲ ͳ͹ͻ͸Ͳͻͳ͵ ͺͺ͵͹ͺͲͳ ͳʹͺͳͶͷͶ͵ ͲǤͲ͹Ͳ ͲǤͲ͹Ͳ ͸ͳͺ͸Ͷ͸ ͺͻ͹Ͳͳͺ Ͳ Ͷͻ͹ͻͻ͹ Ͳ ʹͻͺͺͲ Ǧ ͲǤͲ͸Ͳ Ͳ ͶͻͺͲ Ͳ Ͳ Ͳ Ͳ ͶͺͳʹͳͶ ͵ͳͲʹ͹Ͳ Ͳ Ͳ ͶͺͳʹͳͶ ͵ͳͲʹ͹Ͳ ͳ͵͹Ͷ͵ʹ ͷͻͳ͹ʹͺ ͺͺͺͶͲͲͺ ͳ͵ͶʹʹͶͻͲ ͹͸ͷͻ͸ͳ ͺ͵ͻ͵ͷͷ ͲǤͲͺ͸ ͲǤͲ͸͵ ͲǤͳ͹ͻ ͲǤ͹Ͳͷ ͲǤͲͳͷ ͲǤͲͶͶ ͲǤͳͲʹ ͲǤͳͲ͹ ͲǤͳͳ͸ ͲǤͳ͵͸ ͲǤͲͳ͵ ͲǤͳͲ͹ ͶͺͳʹͳͶ ͵ͲͷʹͻͲ ͲǤͲͶͳ ͲǤͲͳ͹ ͲǤͲͶͳ ͲǤͲͳ͹ ͲǤͲͷͶ ͲǤͲʹͶ ͲǤͲͷͶ ͲǤͲʹͶ

ͲǤͳ͵ʹ ͲǤͲͲͻ ͲǤͳͻͻ

͵ͺͶͳͲ͹ʹ ͵ͲͶͳ͹͵ͳ ͺ͵͹ͺʹͻ ͵ͺ͸Ͷͷ͹ ͲǤͳͻ͸ ͲǤͳͺ͹

ͲǤͳ͹ͷ ͲǤ͵͹ͷ ͲǤͳ͸Ͳ

ETHIOPIA ACSI WISDOM OMO ͸Ͳͷ͸͸͵ͻͳ ͺͳͺͺ͸ͻ͸ͳ ͳͻͻͲ͸ͺͶͺ ʹͷ͵ͷͻ͸Ͳͳ ͲǤͲ͹Ͳ ͲǤͲ͹Ͳ ͳ͵ͻ͵Ͷ͹ͻ ͳ͹͹ͷͳ͹ʹ ͳ͵͸ͲͶ͸͹ʹ ͳ͹͵ʹ͸ͺͷ͸ ͹ͳʹͲͳͻ ͺ͹ͷͶͺͻ ͲǤͲͷʹ ͲǤͲͷͳ ͸ͶͺͶͶͺ ͵͵͹͵ͻͳ ͸ͺͶ͹Ͷʹ ͷͶͶʹͲͶ ͸ͺͶ͹Ͷʹ ͷͶͶʹͲͶ Ͷͷͺͻ͹͹͵ ͹ͲʹͶ͸Ͳ͹ Ͳ Ͳ Ͷͷͺͻ͹͹͵ ͹ͲʹͶ͸Ͳ͹ Ǧͳͺ͸͵ͳͲͶ ǦͶ͵͸͹ͺͶͲ Ͷ͵ͳͻ͸͵Ͷͻ ͸͵ͺͺ͸ͺͻ͸ ͹Ͷͷͳ͹ͳʹ ͳͳʹ͵ͳͻͻͻ ͲǤͳ͹͵ ͲǤͳ͹͸ ǦͲǤʹͷͲ ǦͲǤ͵ͺͻ ͲǤͲͶ͵ ͲǤͲ͸ͺ ͲǤͳʹͻ ͲǤͳͲ͹ ͲǤͳͳ͸ ͲǤͳ͵͸ ͲǤͲͳʹ ͲǤͳͲ͹ ͵ʹͷ͸ͷͺ͵ ͸ͳͶ͵Ͳͳʹ ͲǤͲ͹͸ ͲǤͲͺ͸ ͲǤͲͷͶ ͲǤͲ͹ͷ ͲǤʹ͵ͳ ͲǤʹ͹͹ ͲǤͳ͸Ͷ ͲǤʹͶʹ

UGANDA FAULU MEDNET FINCA ͷͳͷ͵͵ͻͲ ͸͵ʹ͵ͺʹͳ ͳʹͳ͵͹ʹͶ ͳͳʹ͸Ͳͷ͸ ͲǤͳͻ͸ ͲǤͳͺ͹

ͲǤͲ͸ͻ ͲǤͳͲ͸ ͲǤͲ͹͵

͵͵ʹͲͳͷ͹ ͻͺͻͺͲͳͺ ʹͳͺ͵ͻͲͺ ʹͶͷͳͺ͵ͺ ͲǤͲ͹Ͳ ͲǤͲ͹Ͳ ͳͷʹͺ͹Ͷ ͳ͹ͳ͸ʹͻ ͵ͳͳͲ͸ͺ ͳͳͶ͵͹͵ͷ ͻʹͻͲ Ͷ͸ͳͺͳ ͲǤͲ͵Ͳ ͲǤͲͶͲ ʹͳͺͳ͸Ͳ ͵͵ͺͺͳ ͵ͻʹͶͻ ͵ͻͲ͸ʹ ͵ͻʹͶͻ ͵ͻͲ͸ʹ ͶͶͻʹ͹ ʹͺͻͻͶͳ Ͳ Ͳ ͶͶͻʹ͹ ʹͺͻͻͶͳ ͳ͸ͻͲͳͳ ǦͶͷ͵͸ͻ ʹͷ͸ͺͶͲͷ ͶͳͲͶͲ͸Ͷ ͵ͶͶͶͳ͸ ͹ͶʹͳͲ͹ ͲǤͳ͵Ͷ ͲǤͳͺͳ ͲǤͶͻͳ ǦͲǤͲ͸ͳ ͲǤͲͷ͹ ǦͲǤͲͳͳ ͲǤͳͻͳ ͲǤͳ͹Ͳ ͲǤͳͳ͸ ͲǤͳ͵͸ ͲǤͲ͸͹ ͲǤͳ͹Ͳ ͷ͸͹ͺ ʹͳ͸ͻͻͺ ͲǤͲͳͶ ͲǤͲʹͻ ͲǤͲͲʹ ͲǤͲʹʹ ͲǤͲʹͳ ͲǤͳͳͺ ͲǤͲͲ͵ ͲǤͲͺͻ

UML

ͳͲ͸ͷ͵ͷͳ͹ ͳͷͲͳ͵Ͷʹͻ ͳ͵ͺ͹ͷͲͻ ͳ͸͹ʹͲ͵͵ ͲǤͲ͹Ͳ ͲǤͲ͹Ͳ ͻ͹ͳʹ͸ ͳͳ͹ͲͶʹ ͵ͻ͵ʹͲ͸ͷ ͸ͺͺͺͷͳ͹ ͸ʹͳ͸ʹ ͳͶͳͳͶͺ ͲǤͲͳ͸ ͲǤͲʹͲ ͵͵ͳͲͶͶ ͵ͶͳͲͶͻ ͵ʹ͹ʹ ͳ͸͵ͳ͹ ͵ʹ͹ʹ ͳ͸͵ͳ͹ ͳͲ͵Ͷ͵͹ Ͷ͹ͺʹͷͺ Ͳ Ͳ ͳͲ͵Ͷ͵͹ Ͷ͹ͺʹͷͺ ͵ʹͺͲͲͷ Ǧ͵ͺͷͲ ͷͺͶʹͶͳͻ ͻͻ͹͵ʹͳ͸ ͸͹͹ͶͲͻ ͳʹʹ͸͹ʹʹ ͲǤͳͳ͸ ͲǤͳʹ͵ ͲǤͶͺͶ ǦͲǤͲͲ͵ ͲǤͲͷ͸ ǦͲǤͲͲͲ ͲǤͳ͹ʹ ͲǤͳʹ͵ ͲǤͳͳ͸ ͲǤͳ͵͸ ͲǤͲͷͲ ͲǤͳʹ͵ Ǧʹ͵Ͳͺ͹ͻ ͳʹͲͺͻ͵ ͲǤͲͳͲ ͲǤͲ͵ʹ ǦͲǤͲʹʹ ͲǤͲͲͺ ͲǤͲ͹ͷ ͲǤʹͺ͸ ǦͲǤͳ͸͸ ͲǤͲ͹ʹ

C`nary

ͲǤͲͲ͹ ͲǤͲͳ͹ ͲǤͲͲͳ

BG ͻͷͶ͸͵ͺ ͳͶͶͻͻ͵͵ ͸͹ͲͲ͹ʹ ͻ͸ͳͳͳͲ ͲǤͲ͹Ͳ ͲǤͲ͹Ͳ Ͷ͸ͻͲͷ ͸͹ʹ͹ͺ ͳͷ͵͹ͷͺ ʹ͹ͳͳͻͻ ͸ʹ͹͸ ͳͶͺͺͷ ͲǤͲͶͳ ͲǤͲͷͷ ͻͲͻͻ ͶͲͻͻ Ͳ Ͳ Ͳ Ͳ ͶͶͶ͸͹ ͸ͶͻͳͶ Ͳ ͳ͸ͺͳ ͶͶͶ͸͹ ͸͵ʹ͵͵ ͳͲͲͶ͹ͳ ͺͳͶͶ ͷ͸͹ʹͲͷ ͳͲʹͳͳͺͶ ͳʹͶͲͷ͵ ͵ͲͻͶ͸ͺ ͲǤʹͳͻ ͲǤ͵Ͳ͵ ͲǤͺͳͲ ͲǤͲʹ͸ ͲǤͳ͹͹ ͲǤͲͲͺ ͲǤ͵ͻ͸ ͲǤ͵ͳͳ ͲǤͳͳ͸ ͲǤͳ͵͸ ͲǤʹͷͳ ͲǤ͵ͳͳ ͷ͵ͷ͸͸ ͷͻͳ͵͵ ͲǤͲͶ͹ ͲǤͲͶͶ ͲǤͲͷ͸ ͲǤͲͶͳ ͲǤͲ͸͸ ͲǤͲ͸͸ ͲǤͲͺͲ ͲǤͲ͸ʹ

MALAWI FINCA

͹ͻ͵ͷ͵ͺͻ ͳ͸ͷͶͷͷͺ͹ ͳͳʹ͵ʹ͹ͺͲ͵ ʹʹͳͳͳ͵ʹ ͳͲͷʹͶ͹Ͳ͹ Ǧ ͳ͵ͺͷͳ͸ͷ͸Ͳ Ǧ ͳ͵ͺ͵ͳͺͶ ͵ͺ͹ͻ͸Ͳ͵ ͳͷͶ͵ʹʹ͹͹ ͳͻͷͲ͸Ͳ ʹͳͳͺͶͻ͸ Ǧ ͳͺͺ͸ͺ͸Ͷͺ Ǧ ͲǤͳͻ͸ ͲǤͳͻ͸ ͲǤͳͻ͸ ͲǤ͵͵ͳ ͲǤͳͺ͹ ͲǤͳͺ͹ ͲǤͳͺ͹ ͲǤ͵ʹ͵

SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

  MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006

ͷ͵ͳͳͷͲ ͷ͸ʹͶͺ͹ ͳͲͺͲͶʹ͵ ͵͹͵ͷͷͳʹ ͳͳ͹ͳͺͲ Ͷ͸ͷͳͳ͵ ͲǤͳͲͺ ͲǤͳʹͷ Ͷ͸ͳʹ͸ ͳͳͲͷ͵Ͳ ͳͳͷ͵ͺ Ͳ ͳͳͷ͵ͺ Ͳ Ͷͻͷͺͳͺ ʹʹͷ͸Ͷ͹ Ͳ Ͳ Ͷͻͷͺͳͺ ʹʹͷ͸Ͷ͹ ͻʹͻͻͷ ͶͶ͹͵͹Ͳ ͳͳ͹͹ͻ͸ͷͷ ͳͶͷͲͻͻ͵ͻ ͷ͵͹͹͵ͷͳ ͸Ͳͳͳʹͻ͸ ͲǤͶͷ͸ ͲǤͶͳͶ ͲǤͲͳ͹ ͲǤͲ͹Ͷ ͲǤͲͲͺ ͲǤͲ͵ͳ ͲǤͶ͸Ͷ ͲǤͶͶͷ ͲǤͲͺ͸ ͲǤͲ͸Ͷ ͲǤ͵Ͷͺ ͲǤͶͶͷ Ͷ͵ͺͳͷͷ ͳͳͷͳͳ͹ ͲǤͲ͵ͻ ͲǤͲͳͶ ͲǤͲ͵Ͷ ͲǤͲͲ͹ ͲǤͳͶͳ ͲǤͲ͸ʹ ͲǤͳʹͷ ͲǤͲ͵ʹ

SOCREMO

ʹͺͲͲʹ͹ Ͳ ʹ͵ͶͲͷʹ͵ Ǧ ʹ͹͹Ͷ͸ͻ Ͳ ͲǤͳͳͻ Ǧ ͹͸͵Ͳͳ Ǧ ͹ͻͻͳͺ Ǧ ͹ͻͻͳͺ Ͳ ͳͻͳͶ͸Ͷ Ǧ Ͳ Ǧ ͳͻͳͶ͸Ͷ Ͳ ʹͶͶ͹ͺͳ Ǧ Ͷͺʹ͸ͻͳͷ Ǧ ͵͹ͶͲ͵ʹͷ Ǧ ͲǤ͹͹ͷ Ǧ ͲǤͲ͸ͷ Ǧ ͲǤͲͷͳ Ǧ ͲǤͺʹ͸ Ǧ ͲǤͲͺ͸ ͲǤͲ͸Ͷ ͲǤ͸ͺͳ Ǧ ͵ͷʹͶ͸ Ǧ ͲǤͲ͵Ͳ Ǧ ͲǤͲͲ͸ Ǧ ͲǤͳͲ͵ Ǧ ͲǤͲͳͻ Ǧ

ʹͶͺͶʹ͵ ʹͶͻʹʹ͹ ͳ͹ͻͻͻ͹ͳ Ͷʹͷͻͺʹͷ ʹ͹ͻͶ͹ͳ ͸ʹ͸ʹ͹͹ ͲǤͳͷͷ ͲǤͳͶ͹ ͹Ͷͳ͵Ͷ ͳ͹Ͳ͵ͳͲ Ͳ Ͳ Ͳ Ͳ ʹ͹Ͳ͹ͳͻ ͻͻͻͶ͸ Ͳ Ͳ ʹ͹Ͳ͹ͳͻ ͻͻͻͶ͸ ͷͳͺ͵͹ ͷͳͻͶͺ͵ ͶͳͲ͸͹ͷͶ ͹͸ͻʹʹͺͺ ʹͲͺͶʹͷͶ ʹ͹Ͷʹʹʹͳ ͲǤͷͲͺ ͲǤ͵ͷ͸ ͲǤͲʹͷ ͲǤͳͺͻ ͲǤͲͳ͵ ͲǤͲ͸ͺ ͲǤͷʹͲ ͲǤͶʹͶ ͲǤͲͺʹ ͲǤͲ͸͸ ͲǤͶͲ͸ ͲǤͶʹͶ ͳͻ͸ͷͺ͸ ʹ͹Ͳʹͷ͸ ͲǤͲ͵͸ ͲǤͲͲͻ ͲǤͲʹ͸ ͲǤͲʹ͵ ͲǤʹͳͶ ͲǤͲ͹ͷ ͲǤͳͷͷ ͲǤʹͲ͵

ͳ͸Ͷͷͻʹ ͹ʹʹ͸͹ ͳʹͺͻ͹ͷͺ ͻͻͲ͸ͷͲ ʹͳ͵͸ʹͻ ʹͶͷ͸ ͲǤͳ͸͸ ͲǤͲͲʹ ͵ͻ͹ͶͶ ͳͺʹ͹ͻͷ ͻʹͳ ͸ʹͷͺʹͳ ͻʹͳ ͸ʹͷͺʹͳ ͳͷͻͲͳ ʹͲ͹ʹͶ͹Ͷ Ͳ ͳͲͻͲ͸ ͳͷͻͲͳ ʹͲͺ͵͵ͺͲ ͳͺͻ͵ͷ͸ ʹͺͳͻ͹ʹͻ ʹͶ͹ͺͳͷͷ ͳ͸ͷ͵͵ͳͷ ͳͲͷ͵͵ͷͲ ͻ͵͹ͶͲͻ ͲǤͶʹͷ ͲǤͷ͸͹ ͲǤͳͺͲ ͵ǤͲͲͺ ͲǤͲ͹͸ ͳǤ͹Ͳ͸ ͲǤͷͲͳ ʹǤʹ͹ʹ ͲǤͲͺʹ ͲǤͲ͸͸ ͲǤ͵ͺͺ ʹǤʹ͹ʹ ʹͶ͹͸Ͷ ʹͺͻͳͻͻ͸ ͲǤͲͲͶ ͲǤ͸ͺͷ ͲǤͲͲ͸ ͲǤͻͷͳ ͲǤͲͳͻ ͷǤ͵ͻͳ ͲǤͲ͵Ͳ ͹ǤͶͺ͵

ʹ͹ͳ͹ʹ͸ ͵ͻ͸ͳͷͻ ͵Ͳ͹ʹͲͳͻ ʹ͹Ͳͷ͵ͳͺ ͷ͸͸ʹ͹͵ ͻͲ͸ͺʹ ͲǤͳͺͶ ͲǤͲ͵Ͷ ͵͹ʹʹͷ Ͷͳͷʹͳʹ ͺʹͺͻͶ ͳ͹ͷͺ͵ͺ ͺʹͺͻͶ ͳ͹ͷͺ͵ͺ ʹͷͶͷͲͻ Ͷʹ͸͹ͷ͵ ͸ʹʹ͵͹ ͳͲʹͲͺ͸ ͳͻʹʹ͹ʹ ͵ʹͶ͸͸͹ ͳͻͻͷ͹Ͷ ͸͸ʹͷͶʹ ͷ͸ͲͶͲͻ͹ ͸ͺʹ͵ͳʹʹ Ͷʹͳ͸ͶͳͲ ͷʹ͸͵ͳ͸Ͷ ͲǤ͹ͷʹ ͲǤ͹͹ͳ ͲǤͲͶ͹ ͲǤͳʹ͸ ͲǤͲ͵͸ ͲǤͲͻ͹ ͲǤ͹ͺͺ ͲǤͺ͸ͺ ͲǤͲͺʹ ͲǤͲ͸͸ ͲǤ͸ͷ͵ ͲǤͺ͸ͺ ͹ʹͳͷ͵ ʹ͸͸͵ͺ͵ ͲǤͲʹͶ ͲǤͲ͵ͳ ͲǤͲͲͻ ͲǤͲʹͷ ͲǤͳ͵ͻ ͲǤͳͷ͵ ͲǤͲͷʹ ͲǤͳʹ͸

͹͸ʹͳͶͺ Ͳ ͹ͳͷͺͻͺͺ Ǧ ͷͳʹͲ͹͹ Ǧ ͲǤͲ͹ʹ Ǧ ͺͻͶ͵Ͳ͹ Ǧ ͳʹͳͷͲ Ǧ ͳʹͳͷͲ Ǧ ͳͶͺͳͲͳ Ǧ ͷͲͺͷ͸ Ǧ ͻ͹ʹͶͶ Ǧ ͳͷ͹ͳ͵͸Ͳ Ǧ ͳͲ͸ͳ͸ͲͶ͸ Ǧ ʹͲ͸ͺͻͺͲ Ͳ ͲǤͳͻͷ Ǧ ͲǤ͹ͷͻ Ǧ ͲǤͳͶͺ Ǧ ͲǤ͵Ͷ͵ Ǧ ͲǤͲͺʹ ͲǤͲ͸͸ ͲǤʹͶʹ Ǧ ͺͲͻʹͳʹ Ǧ ͲǤͲͲ͸ Ǧ ͲǤͲͶͻ Ǧ ͲǤͲʹͷ Ǧ ͲǤʹͲͻ Ǧ

͵Ͳ͵ͳ͸͹ͳ ͸Ͷͷ͵ʹ ͵ͷʹͺͶ͵͹ Ǧ Ͳ ͷͺ͵ʹ͸Ͷ Ͳ Ǧ Ͳ ͵͹͸Ͳʹ Ͳ Ͳ Ǧ ͲǤͲ͸Ͷ Ǧ Ǧ Ͳ ͳͷͷ͵͸Ͳ Ͳ Ǧ Ͳ ͳͶʹͶͶ͸ Ͳ Ǧ Ͳ ͳͶʹͶͶ͸ Ͳ Ͳ Ͷʹʹͺͳ͸ͺ ͺ͹ʹͻͻ ͸Ͳͳ͹͸ͷͷ Ǧ ͳ͵ʹͻ͹ͳͺ Ͳ ͳͲ͹ͻ͸͵ʹ Ǧ ʹͺͻͺͶͷͲ ͺ͹ʹͻͻ Ͷͻ͵ͺͲʹʹ Ǧ ͳ͵͵ʹʹͳ ͶͶͻ͸͵͸ ǦͳͶͲͻͷͺͷ Ǧ Ͷ͹ͺͳʹʹͷͻ ͳͺͳʹͻͲͷ ͸͹͵ʹͳͺͷͲ Ǧ ͳͶͲͳͶʹͲͻ ͳͶ͵͵͹͵͹ ͳͺͻ͹͸͹͵ʹ Ͳ ͲǤʹͻ͵ ͲǤ͹ͻͳ ͲǤʹͺʹ Ǧ ͲǤͲͳͲ ͲǤ͵ͳͶ ǦͲǤͲ͹Ͷ Ǧ ͲǤͲͲ͵ ͲǤʹͶͺ ǦͲǤͲʹͳ Ǧ ͲǤʹͻ͸ ͳǤͲ͵ͻ ͲǤʹ͸ͳ Ǧ ͲǤͲͺʹ ͲǤͳͷͷ ͲǤͲ͸͸ ͲǤͳͶͲ ͲǤͳͻͺ ͲǤ͹͸ͷ ͲǤʹ͸ͳ Ǧ ʹͺͻͺͶͷͲ ͵ͺͷͳͲͷ Ͷͻ͵ͺͲʹʹ Ǧ ͲǤͲʹ͸ ͲǤͲ͵ͻ ͲǤͲ͵͸ Ǧ ͲǤͲʹ͸ ͲǤͳ͹Ͷ ͲǤͲ͵͸ Ǧ ͲǤͳͺͺ ͲǤͶͶͺ ͲǤʹ͸ʹ Ǧ ͲǤͳͺͺ ͳǤͻ͹Ͷ ͲǤʹ͸ʹ Ǧ

MOZAMBIQUE NIGERIA S.AFRICA ZAMBIA FCC TCHUMA NBANCO LAPO SEAP SEFZAF CETZAM FINCA

͸͹͹ͳ͸ͶͶ ͳʹͺ͸ͷͶ͵ ͳͲ͹͸͵Ͳ͹Ͳ ͳʹ͹ͳʹʹʹ ʹͶͳ͹͵ͺͶ ͹ͷ͵͸ͷͳ ͵ʹͷͺͲʹ͸ ͹ͺʹͳͲͶ ͲǤͳͻͷ ͲǤͳͻͷ ͲǤͳͺ͸ ͲǤͳͺ͸ Ͷ͹Ͳ͸͸ͷ ͳͶ͸͹͵͸ ͸ͲͶ͸ͻͲ ͳͶͷͳͷͺ ʹͶʹͺʹͷ͹ ͳͳͶͷʹ Ͷͳ͹Ͷͷͷͺ ͵Ͷͺ͸Ͷ ͳͺʹ͵ͻ͸ ͳͶͶ ͶͶͷͳͷ͹ ͳ͸ ͲǤͲ͹ͷ ͲǤͲͳ͵ ͲǤͳͲ͹ ͲǤͲͲͲ ͸ʹͲͻͶͶ ͵͸ͶͶ ͵ʹͻ͸Ͷͳ ͸Ͷͷͷ Ͳ ͵ͲʹʹͶʹ Ͳ ͷ͸ͶͶͳ Ͳ ͵ͲʹʹͶʹ Ͳ ͷ͸ͶͶͳ

͵ʹͺͲͷ͹͹ ͵͵ͲͶͳ͹͸ ͳͻʹ͸Ͷͺͻ ͳͺͶͲͻͷʹ ͲǤͳͻͷ ͲǤͳͺ͸ ͵͹ͷͲͺ͹ ͵Ͷͳ͸ͺͳ ͹͸Ͷʹ͵Ͷ ͺͻͳͳͷͺ ͳʹͶ͸͵͵ ͳͷͲʹ͵Ͷ ͲǤͳ͸͵ ͲǤͳ͸ͻ ͳʹͺͳͻͺ ͳͷͳ͸ͷ ͵ͷͲ͹͹ ͳͷͶ͹͸ ͵ͷͲ͹͹ ͳͷͶ͹͸

 

ʹ͵ͺͶ͵͸ ʹͳͲͷ͹ʹ ʹͶ͹Ͳͻ͹ʹ ͵ʹͳͺͻͳ͹ ͵ͺͶͺ͹͸ Ͷ͸Ͳ͸ʹͻ ͲǤͳͷ͸ ͲǤͳͶ͵ ͳͲͲͷͶ͹ ͳͶͳ͵Ͳͺ ʹʹͳͳʹ͹ ͷ͹Ͷ͹ ʹʹͳͳʹ͹ ͷ͹Ͷ͹ ʹ͹Ͳʹͳʹ ͵ͷ͵͵͹͸ ͻͶͺʹͻ ͳ͸͵͸Ͳ ͳ͹ͷ͵ͺ͵ ͵͸ͻ͹͵͸ ͵ͺͶ͹ʹ͹ ͹ʹ͹͵͸͵ ͵ʹͳͲʹ͵Ͳ ͵͵Ͷ͵ͲͲ͵ ͳͺͳ͸ͳͳͺ ͳ͸͸͹ͻͲʹ ͲǤͷ͸͸ ͲǤͶͻͻ ͲǤʹͳʹ ͲǤͶ͵͸ ͲǤͳʹͲ ͲǤʹͳͺ ͲǤ͸ͺ͸ ͲǤ͹ͳ͹ ͲǤͲͺʹ ͲǤͲ͸͸ ͲǤͷͷͻ ͲǤ͹ͳ͹ ͳͶ͸ʹͻͳ ͷͳ͸͹ͻͳ ͲǤͲ͵Ͷ ͲǤͲͷͺ ͲǤͲʹͺ ͲǤͲͺʹ ͲǤͳͶͷ ͲǤ͵ʹͺ ͲǤͳʹͳ ͲǤͶͷͻ

ͳͲͻͺ͹͹͸Ͷ ͳ͵͹ͳͷͻ͸͵ ͵͵͵ͻ͵ͻͶ ͵͵ͲͶ͸ʹ͹ ͲǤͳͻͷ ͲǤͳͺ͸ ͸ͷͲͳͺͲ ͸ͳ͵͵͵ͻ ʹͳͶ͸Ͳʹͷ ʹͳ͸ͳͶͺͺ ʹͲͻͷ͸Ͷ ʹͺ͸͵Ͷͺ ͲǤͲͻͺ ͲǤͳ͵ʹ ͷͲͲͶͲ͸ ͳͳͶͺʹͶ Ͳ Ͳ Ͳ Ͳ

ͶͲͷͷͲ͸͸ ͵ͶͳͶͳͳ ͶͷʹͶͶͷͲ ͳ͹Ͳͺͳʹ͵ ͳʹͶ͵͵ͻ͸ ͹ͷͳͷͳ͸ͻ Ͷ͹ͲͻͳͶ ͷ͹ͷͺͶͳ͸ ͳͺ͸Ͳ͵͸ͻ ʹͲͺͷͲͻʹ ͳͺͺͳʹ͸ͻ Ͷͳͳͺͳ ʹͳͳͲʹͲͻ ͳ͵͸͸ͺ͹Ͳ ͸͸͵͹ͶͶ ʹ͹ͳʹ͹ͺͻ ͹͵ͷͻͶ ʹ͵͹͸Ͷʹʹ ͳͷͲͺͲͶͻ ͳͲ͵ͺ͹ʹͺ ͲǤͳ͹ͻ ͲǤͳ͹ͻ ͲǤͳͲ͸ ͲǤʹͺʹ ͲǤʹͺʹ ͲǤͳ͸ͻ ͲǤͳ͸ͻ ͲǤͳͳʹ ͲǤʹ͵ʹ ͲǤʹ͵ʹ ͵͵͹͸ͷͲ ͹͵ͻͳ ʹʹͶʹͳͲ ͵ͺͷͷͻͶ ͳͺ͹ʹͶʹ ͶͷͺͶ͸ͳ ͳʹͶ͵͹ ʹ͸ͷͶͶ͸ ͵Ͷͻͳͳ͵ ʹͶͲͶ͸͸ ͻ͸ͺͶͲͺ ͷͷ͸͸ͷ ʹͳ͹͹ͻͶ͵ Ͳ Ͳ ʹͻ͸ʹ͸ͻ͸ ͷͶͷͶ͵ ͵Ͳ͹͸Ͷͳ͹ Ͳ ͵ͻ͸Ͷͺͻ ͷʹͺ͵ ͳͲ͹ͻͺ ʹ͵Ͳʹͳʹ Ͳ Ͳ ʹͳͷ͸ͻͺ ͻ͵͵Ͳ ʹͶ͵͸Ͳͺ Ͳ ʹͲʹͷ͹ ͲǤͲͲͷ ͲǤͳͻͶ ͲǤͳͲ͸ Ǧ Ǧ ͲǤͲ͹͵ ͲǤͳ͹ͳ ͲǤͲ͹ͻ Ǧ ͲǤͲͷͳ ͳ͸ͺͷʹ͹ ǦͺͲ͹ ͳͳͻͶ Ͳ Ͳ ʹͺͶͻͻͺ Ǧͳͳʹ ͳͲͲͲʹͺ Ͳ ͹ͳͷ͵Ͳ Ͷ͸͹͸͹͹ Ͳ Ͷͷͳͳͻͳ ͸ͺͲͲʹ͵ ͸ͲͻͳͲͶ Ͳ Ͳ ͶͶͶͶͲͳ ͵ͻ͸ͷͳ͸ Ͳ Ͷ͸͹͸͹͹ Ͳ Ͷͷͳͳͻͳ ͸ͺͲͲʹ͵ ͸ͲͻͳͲͶ Ͳ Ͳ ͶͶͶͶͲͳ ͵ͻ͸ͷͳ͸ Ͳ

AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006



ͳͷͳͷʹͲ ͳ͹Ͷͷͻ͸ ͶͺͶͺ͹ ͹ͳͷͲ͹ ͳͲ͵Ͳ͵Ͷ ͳͲ͵ͲͻͲ ͻͺͺͷ͹ͷ ͺ͵ͳʹͶͳ Ͷ͸ͺͶʹͲͷ ͹Ͷ͹ʹ͹ͺ͸ ʹͺʹͲͶ͵Ͷ Ͷʹͻʹ͸͵ʹ ͲǤ͸Ͳʹ ͲǤͷ͹Ͷ ͲǤ͵ͷͳ ͲǤͳͻͶ ͲǤʹͳͳ ͲǤͳͳͳ ͲǤͺͳ͵ ͲǤ͸ͺ͸ ͲǤͲ͹ʹ ͲǤͳ͵ʹ ͲǤ͸ͻʹ ͲǤ͸ͺ͸ ͷͳ͹ͻͳͲ ʹʹ͸ͷͷʹ ͲǤͲͳͷ ͲǤͲͳͲ ͲǤͲ͹͸ ͲǤͲʹͳ ͲǤͲͶ͵ ͲǤͲ͵ʹ ͲǤʹͳͶ ͲǤͲ͹Ͳ

Ͷͳͷʹͺ͹ ͳͳ͵ͷͳͲ Ͳ Ͳ Ͷͳͷʹͺ͹ ͳͳ͵ͷͳͲ ͺ͸͹ͻͲͻ ͻͶͷͶͶ ͷ͹͸Ͳͷͷ ͷͲͷ͹Ͳͷ ͷͻͳ͵͵ͻ ͷʹ͵Ͳͷ͹ ͳǤͲʹ͹ ͳǤͲ͵Ͷ ͳǤͶ͸ͺ ͲǤͳͺͳ ͳǤͷͲ͹ ͲǤͳͺ͹ ʹǤͷ͵͵ ͳǤʹʹͳ ͲǤͲ͹ʹ ͲǤͳ͵ʹ ʹǤʹͻ͹ ͳǤʹʹͳ ͹ʹͳͳ͹͵ ͷͲ͸ͳͶ ͲǤ͵ʹ͵ ͲǤͲͺͻ ͲǤͷ͸ͳ ͲǤͲͶͲ ͲǤͷͷͳ ͲǤͳͶͷ ͲǤͻͷ͹ ͲǤͲ͸ͷ

ʹͳ͸ͷͺ͹ ͳͲͻͶͶͳ ͳͲͳ͹Ͳ ʹͳ͵ͳͶ ʹͲ͸Ͷͳ͹ ͺͺͳʹ͹ ͵͵ͳͻͶ͸ ʹͺͶͳͻͷ ʹͷͷʹʹ͵͹ ʹ͸ͲͲͳͺ͵ ͳ͵Ͳͳ͹ͳʹ ͳ͵Ͳͺͺͺͳ ͲǤͷͳͲ ͲǤͷͲ͵ ͲǤʹͷͷ ͲǤʹͳ͹ ͲǤͳ͵Ͳ ͲǤͳͲͻ ͲǤ͸ͶͲ ͲǤ͸ͳ͵ ͲǤͲ͹ʹ ͲǤͳ͵ʹ ͲǤͷ͵Ͳ ͲǤ͸ͳ͵ Ͷ͵ͳͶʹ ͷ͹Ͷͺ͸ ͲǤͲ͸͵ ͲǤͲʹ͹ ͲǤͲͳ͵ ͲǤͲͳ͹ ͲǤͳͲ͹ ͲǤͲͶͺ ͲǤͲʹʹ ͲǤͲ͵ͳ



MFIs

PMujar CRECER PRODEM

Avg.Assets,2005 ͳͳ͸Ͳ͸͸Ͷ͹ ͳͶͷͷ͵͵ͷʹ ͳʹ͵ͲͳͺͷͶͺ Avg.Assets,2006 ͳͷ͵ͻͺͳ͵Ͷ ʹʹͶʹ͵͹Ͳͻ ͳ͸ͲͲ͵ͷͷͷ͹ Ave.Equity(E),2005 ͹ͷͶͲʹͲͻ ͸ʹͳ͸ͺͳͲ ͳͲ͵͵ͻ͹ͺͻ Ave.Equity(E),2006 ͺͶͺ͹͹ͷ͵ ͹ͻͳͷʹͳʹ ͳ͵ʹͲͳͲ͹͹ Opp.Costofsociety(m),2005 ͲǤͳ͸͸ͳͷ ͲǤͳ͸͸ͳͷ ͲǤͳ͸͸ͳͷ Opp.Costofsociety(m),2006 ͲǤͳͳͺͻ ͲǤͳͳͺͻ ͲǤͳͳͺͻ SubsidyonEquity.E*m,2005 ͳʹͷʹͺͲ͸ ͳͲ͵ʹͻʹ͵ ͳ͹ͳ͹ͻͷ͸ SubsidyonEquity.E*m,2006 ͳͲͲͻͳͻͶ ͻͶͳͳͳͻ ͳͷ͸ͻ͸Ͳͺ Ave.Publicdebt(A),2005 ͵͸͸͹Ͷ͸Ͷ ͸ͻ͹ͺͺʹͺ ͵ͺͲͺͺ͹͹͵ Ave.Publicdebt(A),2006 ͷͺͻͳ͸ͲͲ ͳ͵Ͳʹ͸͹ʹ͵ Ͷ͸͹ͻͳ͵Ͳͻ Exp.Int.Publicdebt.A*c,2005 ͳ͵ͻͻ͸͸ Ͷ͵Ͷ͹ͺͺ ʹͶ͸ͷͳͻͻ Exp.Int.Publicdebt.A*c,2006 ͵Ͷ͸ʹͻͳ ͻʹͻʹ͹ͷ ͵͹ͺ͹ͻ͹ʹ Ratepaidpublicdebt(c),2005 ͲǤͲ͵ͺ ͲǤͲ͸ʹ ͲǤͲ͸ͷ Ratepaidpublicdebt(c),2006 ͲǤͲͷͻ ͲǤͲ͹ͳ ͲǤͲͺͳ Disc.Publicdebt.A*(mc),2005 Ͷ͸ͻ͵ͺ͵ ͹ʹͶ͹ͶͶ ͵ͺ͸͵ʹͷͳ Disc.Publicdebt.A*(mc),2006 ͵ͷͶʹʹͲ ͸ͳͻ͸Ͳʹ ͳ͹͹ͷͷͳͶ Rev.Grants(RG),2005 ͷʹ͵ͲʹͶ ͸͹ͺʹͳ Ͳ Rev.Grants(RG),2006 Ͷ͹Ͷͷͺʹ ͸͵Ͷ͵Ͳ Ͳ K(RG+DX),2005 ͷʹ͵ͲʹͶ ͸͹ͺʹͳ Ͳ K(RG+DX),2006 Ͷ͹Ͷͷͺʹ ͸͵Ͷ͵Ͳ Ͳ AccountingProfit(P),2005 ͳͲͶͺ͹ͺ͹ ͳ͸ͲͷͶ͸͵ ʹͻ͹ͻ͹ͻͻ AccountingProfit(P),2006 ͻʹ͹ͺͷ͸ ͳͺͲ͸Ͷͺʹ ͵ͺ͵͵͹Ͷ͸ Taxes,2005 Ͳ Ͳ ͸͹ͷͲͲͲ Taxes,2006 Ͳ Ͳ ͺʹ͸͸ͷ͵ Acc.profitlessTaxes(AP),2005 ͳͲͶͺ͹ͺ͹ ͳ͸ͲͷͶ͸͵ ʹ͵ͲͶ͹ͻͻ Acc.profitlessTaxes(AP),2006 ͻʹ͹ͺͷ͸ ͳͺͲ͸Ͷͺʹ ͵ͲͲ͹Ͳͻ͵ Subsidy.S{E*m+A(mc)+KAP} ͳͳͻ͸Ͷʹ͸ ʹʹͲͲʹͷ ͵ʹ͹͸ͶͲͺ 05 Subsidy.S{E*m+A(mc)+K ͻͳͲͳͶͲ Ǧͳͺʹ͵͵ͳ ͵͵ͺͲʹͻ AP}06 Ave.Loanport(net)LP,2005 ͺͺͲ͸͵ͻͶ ͳʹͲͳ͹Ͷͺͷ ͻͷͷ͵ͺͳͺͺ Ave.Loanport(net)LP,2006 ͳͳͻͳ͵ͻͷ͸ ͳͻͳ͸͸͹ͶͲ ͳʹͲͶͷͶ͸ͻͺ Rev.Fromlending(LP*i),2005 ʹͻ͵ͻͷͶͷ ͷ͸ͶͲͶ͸͵ ʹͲ͹ͶͳͷͲͳ Rev.Fromlending(LP*i),2006 ͵͹͹ʹͶ͵͹ ͸Ͷͷͷͷͺ͵ ʹ͸͸ͷͲʹͳͷ

FIE ͹͵ͺͲͶͶͲͻ ͳͲͺ͵ʹʹ͵͵͸ ͺ͹ʹͺͷͻͺ ͳͳͺʹʹͺͷ͵ ͲǤͳ͸͸ͳͷ ͲǤͳͳͺͻ ͳͶͷͲʹͷ͸ ͳͶͲͷ͹͵͹ ͵ʹͲ͹ͺͺͲ͸ Ͷ͸ʹͷ͹͹͹ʹ ͳͻͻͻ͹ͻ͹ ͵ͳͶͻͺʹ͹ ͲǤͲ͸ʹ ͲǤͲ͸ͺ ͵͵͵ͲͲͻ͹ ʹ͵ͷͲʹʹʹ Ͳ Ͳ Ͳ Ͳ ʹ͹Ͳ͹ʹ͸ͺ ʹ͸ͻͺͶͲ͵ ͹Ͷʹʹͳ͸ ͸ͻͷͺͷͳ ͳͻ͸ͷͲͷʹ ʹͲͲʹͷͷʹ ʹͺͳͷ͵Ͳʹ ͳ͹ͷ͵ͶͲͺ ͸ͳͶ͵͹͸ͳ͸ ͺͶ͹ͲͲʹͶʹ ͳʹͺ͹ͷ͹ʹͺ ͳ͹͸͵ͺͺͶͳ

 

Ǧʹ͸ͷͲͷͺ ͳ͸ͷͺʹ͸͹ Ͳ ʹ͸͹ʹͻͷ ʹ͸ͷͲͷͺ ͳ͵ͻͲͻ͹ʹ ͳͶͳͷ͸ͶͶ Ǧ͸͸ʹͺͲͻ ͹͸͸ͺͷ͹ͷ ͳͲͷʹ͵ͷ͸ʹ ͵͹Ͷͺ͸Ͳ͵ ͸͵͵ʹ͸͸ʹ ͲǤͶͺͻ ͲǤ͸Ͳʹ ͲǤ͵͹ͺ ǦͲǤͳͲͷ ͲǤͳͺͷ ͲǤͲ͸͵ ͲǤ͸͹͵ ͲǤͷ͵ͻ ͲǤͲ͹ʹ ͲǤͳ͵ʹ ͲǤͷ͸ͳ ͲǤͷ͵ͻ Ǧ͹͸ͷͶ͸Ͷ ͳʹ͹͸ͳͶͺ ǦͲǤͲʹͶ ͲǤͳͲͳ ǦͲǤͲ͹Ͳ ͲǤͲͻ͵ ǦͲǤͲ͹ͻ ͲǤͶʹͳ ǦͲǤʹʹͻ ͲǤ͵ͺ͸

ͻͷͶͻͷͳ ͻͳͷͻʹ͹ Ͳ Ͳ ͻͷͶͻͷͳ ͻͳͷͻʹ͹ ͳͺͻͲ͵ Ǧͳ͹ʹͶ͸ͺ ʹͷͺͲ͵͹͸ ͷͷʹ͵ʹͳͻ ͳͷͲͳʹͶͶ ʹ͵͸ͻͻͶͺ ͲǤͷͺʹ ͲǤͶʹͻ ͲǤͲͳ͵ ǦͲǤͲ͹͵ ͲǤͲͲ͹ ǦͲǤͲ͵ͳ ͲǤͷͺͻ ͲǤ͵ͻͺ ͲǤͳ͵ͷ ͲǤͲͺʹ ͲǤͶͲͲ ͲǤ͵ͻͺ ͵ͳͺ͹Ͷ͹ ͸͵Ͳͻ͵Ͳ ͲǤʹ͵ͷ ͲǤͳʹʹ ͲǤͲ͹ͻ ͲǤͲͺͶ ͲǤͷͲͺ ͲǤ͵͵ͺ ͲǤͳ͸ͻ ͲǤʹ͵͵

BOLIVIA Procredit FADES ͳͷͻ͵Ͷ͸ʹ͵͸ ʹͲͻ͵͵ͺͻ͸ʹ ͳ͸ͷͷͷ͸ͺʹ ʹͲͻͶͲ͹Ͷͻ ͲǤͳ͸͸ͳͷ ͲǤͳͳͺͻ ʹ͹ͷͲ͹ʹ͹ ʹͶͺͻͺͷͷ ͷͶͲʹͲͻ͵ʹ ͸͹͹͵Ͳ͵Ͳʹ ʹ͸͸Ͳ͵ͷͻ ͶͲͻͷͶͶ͸ ͲǤͲͶͻ ͲǤͲ͸Ͳ ͸͵ͳͷʹͳͺ ͵ͻͷ͹͸ͺ͹ Ͳ Ͳ Ͳ Ͳ ͳͺʹͶͻͺͷ ͵͵ͳͷͻ͵Ͷ ͵ͺͶͲ͵͵ ͹͵͸͹ʹ͸ ͳͶͶͲͻͷʹ ʹͷ͹ͻʹͲͺ ͹͸ʹͶͻͻͶ

ͳ͹ͷͶ͵ͺͳͻ ʹͳͺ͸͵ͻ͵Ͳ ͶͺͳͻͲͲ͸ ͷͻͶ͵͸ͷ͹ ͲǤͳ͸͸ͳͷ ͲǤͳͳͺͻ ͺͲͲ͸͹ͺ ͹Ͳ͸͹Ͳͳ ͳͶͶ͵ͺͲͺͻ ͳͶͻ͹ͶͲͻ͹ ͹͹ͻ͵ͻͷ ͻͳͺͲͳ͸ ͲǤͲͷͶ ͲǤͲ͸ͳ ͳ͸ͳͻͶͻ͵ ͺ͸ʹͶͲͷ Ͳ Ͳ Ͳ Ͳ ͵͸͹ͻͻ͸ ͷͷͻͶ͸͵ Ͳ Ͳ ͵͸͹ͻͻ͸ ͷͷͻͶ͸͵ ʹͲͷʹͳ͹ͷ

͵ʹͷͳ͸ ͸ʹͺͲͲ͹ Ͳ Ͳ ͵ʹͷͳ͸ ͸ʹͺͲͳ Ǧʹͷͻ͵ʹ ǦͷͲͶ͹͸ ʹ͸ͳͲ͸͵ ͵ͷ͹͵͸͹ ͳͶ͵Ͷ͵͹ ͳ͸ͷͷ͵͹ ͲǤͷͶͻ ͲǤͶ͸͵ ǦͲǤͳͺͳ ǦͲǤ͵Ͳͷ ǦͲǤͲͻͻ ǦͲǤͳͶͳ ͲǤͶͷͲ ͲǤ͵ʹʹ ͲǤͳ͵ͷ ͲǤͲͺʹ ͲǤʹ͹ͺ ͲǤ͵ʹʹ ͵͵͵ʹ͵ ͸ʹͻͳ͵ ͲǤͲͻͷ ͳǤ͵͵ ͲǤͲͻͺ ͳǤ͵͵ ͲǤ͹ͻͲ ͲǤͺͷ͵ ͲǤͺͲͻ ͲǤͺͷ͵

AgroC

ͳ͹ͳͺͷ͵ͻͷ ͳͺ͹͸Ͷ͵Ͳͻ ͵͹ͷͲͳͷͲ ͶͲͶͺͷͺ͹

F`SOl FBodem BSOL

ͳ͹ͻͺͻͷ͹͵ ͳ͹͹ͲͲ͸͵ ʹͳ͵͸͵ͷͺ͹ ͳͻ͸ͳͳ͹ʹ ͳͲͳͷʹͶͷͷ ͳͶͲʹ͹ͷͺ ͳͲ͸ʹͻͲͲͺ ͳͷ͹ͻͳͲ͹ ͲǤͳ͸͸ͳͷ ͲǤͳ͸͸ͳͷ ͲǤͳͳͺͻ ͲǤͳͳͺͻ ͳ͸ͺ͸ͺ͵Ͳ ʹ͵͵Ͳ͸ͺ ͳʹ͸͵͹ͺͻ ͳͺ͹͹ͷ͸ ͹ͳͶͻʹ͸ͷ ʹʹʹͷ͸͵ ͻͺ͸ͷͷͳͳ Ǧ ͷ͵ͳʹͻͺ ͳ͸Ͳʹͻ ͹͹ͲͺͶ͹ Ͳ ͲǤͲ͹Ͷ ͲǤͲ͹ʹ ͲǤͲ͹ͺ Ǧ ͸ͷ͸ͷͷ͵ ʹͲͻͷͲ ͶͲʹͳ͸ʹ Ǧ Ͳ ͸͸ͷͺͺ Ͳ Ͳ Ͳ ͸͸ͷͺͺ Ͳ Ͳ ͵ʹ͸Ͷ͵͵ ʹͳ͹͸͵Ͷ ͸ͶͶ͹ͺͳ Ͳ Ͳ Ͳ Ͳ Ͳ ͵ʹ͸Ͷ͵͵ ʹͳ͹͸͵Ͷ ͸ͶͶ͹ͺͳ Ͳ ʹͲͳ͸ͻͷͲ ͳͲʹͻ͹ʹ

͵ͺ͸ͺ͵͵Ͷ ͳͲͲͻ͸Ͷ͵ ͳͲʹͳͳ͹Ͳ ͳʹ͸ͺͷʹͷͻ͹ ͳ͸ͷͷͷ͹ʹ͸͹ ʹͶͶͶͳͲͷ͹ ͵ͳͲ͹ͷͶͺ͹

ʹ͸ͷ͵ʹͲ Ͳ ʹͻʹͷͶͷ ͵Ͷͷ͹ʹ͸ Ͳ ʹ͹ͳͻͲͶ Ͳ Ͳ ͳʹͳͲͻ Ͳ Ͳ ͶͲ͵ Ǧ Ͳ ʹͺͲͶ͵͸ ͵Ͷͷ͹ʹ͸ Ͳ ʹ͹ͳͷͲͳ ͸͹͸ͷͻͷ ͳͲ͸ͷ͸ͳ͹ ͷͳͷͻͳͳ Ͷ͸ͶͳͶͻ ͹Ͷͷ͸ʹͻ ͶͲͶͻͷ ͵͸ͳͻͶͲͷ ͸ʹͳʹͺͳ ͹͹Ͷ͸ͷͷ Ͷ͹ʹͺ͹͸ͷ ͳʹͲͳͳͲͺ ͳͲʹͲ͸͵ͻ ʹʹͷͳͺͺ͸ ͶͷͶͻͻ͹ ͻͻʹͳͺͺ ʹͺ͸͹͵ͻͶ ͺͻͺͲͶ͹ ͳͳ͹ͺ͵ͷͶ ͲǤ͸ʹʹ ͲǤ͹͵ʹ ͳǤʹͺͳ ͲǤ͸Ͳ͸ ͲǤ͹Ͷͺ ͳǤͳͷͷ ͲǤ͵ͲͲ ʹǤ͵Ͷʹ ͲǤͷʹͲ ͲǤͳ͸ʹ ͲǤͺ͵Ͳ ͲǤͲ͵Ͷ ͲǤͳͺ͹ ͳǤ͹ͳͷ ͲǤ͸͸͸ ͲǤͲͻͺ ͲǤ͸ʹͳ ͲǤͲͶͲ ͲǤͺͲͻ ʹǤͶͶͺ ͳǤͻͶ͹ ͲǤ͹Ͳͷ ͳǤ͵͸ͺ ͳǤͳͻͶ ͲǤͲ͵Ͷ ͲǤͳͺ͵ ͲǤͳͺ͵ ͲǤͲͶ͸ ͲǤͲͻͲ ͲǤͲͻͲ ͲǤ͹ͷͲ ͳǤͻͳͶ ͳǤͶͻͳ ͲǤ͹Ͳͷ ͳǤ͵͸ͺ ͳǤͳͻͶ Ͷͷʹ͵ͺͷ ͸ͺͲͲʹ͵ ͵ʹͺ͸͸ͻ ͳͻͺ͹Ͳʹ ͵ͻ͸ͷͳ͸ ͳͻͻͻ͹ͳ ͲǤͲͲͲ ͲǤͲͲͲ ͲǤʹʹ͸ ͲǤͲ͸Ͳ ͲǤͲͲͲ ͲǤͳ͵Ͳ ͲǤͳͲͲ ͲǤ͵ͻͺ ͲǤʹ͸Ͷ ͲǤͲ͵ͷ ͲǤʹͳ͵ ͲǤͲͻ͸ ͲǤͲͲͲ ͲǤͲͲͲ ͲǤͶʹ͵ ͲǤͳͶͷ ͲǤͲͲͲ ͲǤʹ͸ͳ ͲǤʹͳͶ ͲǤͶͻͺ ͲǤͶͻͷ ͲǤͲͺͶ ͲǤʹ͸͵ ͲǤͳͻ͵

Ǧ

ͳ͵͹ͻͶͶͲ͸ ͳʹͷ͸ͺ͸Ͷ ͳ͸ͳͷͶͶ͸ͷ ͹ͲͳͶ͸ͻ ͵ʹ͹ͷ͸ͷͻ ʹͺ͸͸ʹͲ ͵ͺͶ͵Ͳ͸Ͳ Ͳ

Ͷͳͻͷͷͺͻ ͷͳ͹ͺͶ͹͹ ͳ͹ʹͺͶ͸ͻ ͳͻͺ͸ͳͶ͹ ͲǤͳ͸͸ͳͷ ͲǤͳͳͺͻ ʹͺ͹ͳͺͷ ʹ͵͸ͳͷ͵ ʹ͵͹ͺ͸ͳͻ ͵Ͳͻͳʹͳͳ ͻͺͶͷͷ ͳʹͶ͵ͳͶ ͲǤͲͶͳ ͲǤͲͶͲ ʹͻ͸͹ͷ͵ ʹͶ͵ʹ͵ʹ Ͳ Ͳ Ͳ Ͳ ʹʹͻͺͷͷ ʹͻͳͷͳʹ Ͳ Ͳ ʹʹͻͺͷͷ ʹͻͳͷͳʹ ͵ͷͶͲͺ͵

ͳͷ͸͸ͷͷͳ͵ͻ ʹͲͳʹ͵͵͹ͳͺ ͳͻ͵Ͳ͹ͷͻͳ ʹͲ͵ͷ͵ͻͳ͹ ͲǤͳ͸͸ͳͷ ͲǤͳͳͺͻ ͵ʹͲ͹ͻͷ͸ ʹͶʹͲͲͺͳ ͶͲͶͳͻͲ͵͸ Ͷ͸ͻ͹ͷͲʹͺ ʹ͸ͻ͸ͳ͵Ͷ ͵͵ͶͲͺͶ͹ ͲǤͲ͸͹ ͲǤͲ͹ͳ ͶͲͳͻͶͺͻ ʹʹͶͶͶͺͶ Ͳ Ͳ Ͳ Ͳ ͷͷ͸ͷͲ͵ͻ ͷͻͻͲͳ͸ͺ ͳʹ͵͸ͺͺͳ ͳ͵ͶͺʹͲ͸ Ͷ͵ʹͺͳͷͺ Ͷ͸Ͷͳͻ͸ʹ ʹͺͻͻʹͺ͹

ͳͺ͹ͺ͹ʹ

ʹʹ͸Ͳʹ

͵͸͹Ͷͷ͵ͻ Ͷ͸͹͵ͷͶ͵ ͺͶͻͳ͵ͻ ͳͲͺͺͲ͵ͷ

ͳͳͷͶͲͺ͹ͻʹ ͳͶʹ͵͸ͷͳ͵ͺ ʹͷ͵Ͷͺͷ͸ͷ ͵Ͳͺ͵ʹͻͷͶ

Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield, 2005 NominalSubsidyfreeyield, 2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

 

MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006

ͲǤ͵͵Ͷ ͲǤ͵ͳ͹ ͲǤͶͲ͹ ͲǤʹͶͳ ͲǤͳ͵͸ ͲǤͲͺͳ ͲǤͶ͹Ͳ

ͲǤͶ͸ͻ ͲǤ͵͵͹ ͲǤͲ͵ͻ ǦͲǤͲʹͺ ͲǤͲͳͺ ǦͲǤͲͳ͵ ͲǤͶͺͺ

ͲǤʹͳ͹ ͲǤʹʹͳ ͲǤͳͷͺ ͲǤͲͳ͵ ͲǤͲ͵Ͷ ͲǤͲͲ͵ ͲǤʹͷͳ

ͲǤʹͳͲ ͲǤʹͲͺ ͲǤʹͳͻ ͲǤͲͻͻ ͲǤͲͶ͸ ͲǤͲʹͳ ͲǤʹͷͷ

ͲǤͳͻ͵ ͲǤͳͺͺ ͲǤ͵ͳʹ ͲǤͳʹͶ ͲǤͲ͸Ͳ ͲǤͲʹͶ ͲǤʹͷ͵

ͲǤʹͳͺ ͲǤʹͳ͸ ͲǤͷͶ͹ ͲǤʹͶͻ ͲǤͳͳͻ ͲǤͲͷͶ ͲǤ͵͵ͺ

ͲǤʹ͵͹ ͲǤʹ͵ͺ ͲǤ͸ͳ͸ ͲǤʹ͸͸ ͲǤͳͶ͸ ͲǤͲ͸͵ ͲǤ͵ͺͶ

ͲǤʹʹͺ ͲǤͲͲͲ ͲǤ͵ͷͻ Ǧ ͲǤͲͺʹ Ǧ ͲǤ͵ͳͲ

ͲǤʹ͵ͳ ͲǤʹ͵͵ ͲǤͶͳ͹ ͲǤͳ͹͵ ͲǤͲͻ͸ ͲǤͲͶͲ ͲǤ͵ʹ͹

ͲǤʹʹͲ ͲǤʹͳ͹ ͲǤͳͳͶ ͲǤͲͲͳ ͲǤͲʹͷ ͲǤͲͲͲ ͲǤʹͶͷ

ͲǤ͵ͻ͹

ͲǤ͵ʹͶ

ͲǤʹʹͶ

ͲǤʹʹͻ

ͲǤʹͳʹ

ͲǤʹ͹Ͳ

ͲǤ͵Ͳͳ

Ǧ

ͲǤʹ͹͵

ͲǤʹͳ͹

ͲǤͲͷͶ ͲǤͲͶ͵ ͲǤʹͷͻ ͲǤʹʹͲ Ǧ͸͸ͺͻͺ Ͷͺʹͺͳ ͲǤͲͷͷ ͲǤͲͷ͸ ǦͲǤͲͳ͸ ͲǤͲͲͻ ͲǤͳ͵͵ ͲǤͳͶ͹ ǦͲǤͲ͵ͻ ͲǤͲʹͶ

ͲǤͲͷͶ ͲǤͲͶ͵ ͲǤͳͺͳ ͲǤͳ͸͹ ͵Ͳͺ͸͸ͻ ʹ͵ͻ͹Ͷ͹ͻ ͲǤͲʹͺ ͲǤͲʹ͵ ͲǤͲͲʹ ͲǤͲͳʹ ͲǤʹʹͶ ͲǤʹʹͺ ͲǤͲͳ͸ ͲǤͳͳͺ

ͲǤͲͷͶ ͲǤͲͶ͵ ͲǤ͵ͻͶ ͲǤ͵ͶͲ ͷ͸͵ͺͲ ͻͻͲͷ͵ ͲǤͲͻͲ ͲǤͲ͸Ͳ ͲǤͲͲͷ ͲǤͲͲ͸ ͲǤͳ͵ͻ ͲǤͳͲͻ ͲǤͲͲ͹ ͲǤͲͳʹ

ͲǤͲͷͶ ͲǤͲͷͶ ͲǤͲͶ͵ ͲǤͲͶ͵ ͲǤͶͳͳ ͲǤͳͺ͹ ͲǤʹ͸ͻ ͲǤͳ͹Ͷ ͺͳʹͺͻͺ ǦͳͷͷͺͶͷʹ ͳͳʹ͵ͶͷͲ ͳʹ͵ͳͷ͹ͻ ͲǤͳͳͲ ͲǤͲͳͻ ͲǤͲͺͳ ͲǤͲͳͻ ͲǤͲͷ͸ ǦͲǤͲͳ͵ ͲǤͲͷͲ ͲǤͲͲͺ ͲǤʹͷͺ ͲǤʹʹ͵ ͲǤʹʹͺ ͲǤʹʹͺ ͲǤͳ͵ͳ ǦͲǤͳͷͳ ͲǤͳͶʹ ͲǤͲͻ͵

BOLIVIA ELSALVADOR EFuturo FundC AMCRL ʹͲͲͲͻͺͳͻ ʹ͸͸ͺͶͻ͸͹ ʹͳͶʹʹͻ͵ ʹͻͳͺ͵Ͳ͸ ͲǤͳ͸͸ͳͷ ͲǤͳͳͺͻ ͵ͷͷͻͶʹ ͵Ͷ͸ͻͺ͹ ʹ͸ͺͻͳ͸͵ ͶͲͷͳ͸͹͵ ͳͲ͸͸ʹʹ ʹ͸ͷ͵ͳͳ ͲǤͲͶͲ ͲǤͲ͸ͷ ͵ͶͲͳͺʹ ʹͳ͸Ͷ͵͵ Ͳ Ͳ Ͳ Ͳ ʹͷͷʹͲͻ Ͷͻ͹͹ͷ͸ Ͳ Ͳ ʹͷͷʹͲͻ Ͷͻ͹͹ͷ͸ ͶͶͲͻͳͷ ͸ͷ͸͸͵ ͳͷͺ͹ͻ͵ͷ͹ ʹͲͺͲʹ͸ͺͳ ͵͹ͳ͵ʹͷʹ ͶͺͲͺʹͶʹ ͲǤʹ͵Ͷ ͲǤʹ͵ͳ ͲǤͳͳͻ ͲǤͲͳͶ ͲǤͲʹͺ ͲǤͲͲ͵ ͲǤʹ͸ʹ ͲǤʹ͵Ͷ ͲǤͲͷͶ ͲǤͲͶ͵ ͲǤͳͻ͹ ͲǤͳͺͶ

ͲǤͲͷͶ ͲǤͲͶ͵ ͲǤͳͻͳ ͲǤͳ͹ͻ Ǧͳ͵͸ͷͲͶͷ Ǧ͵Ͷ͹͸͹ͳ ͲǤͲʹ͹ ͲǤͲͳͺ ǦͲǤͲͳͺ ǦͲǤͲͲ͵ ͲǤʹʹͷ ͲǤͳ͸ͻ ǦͲǤͳͷ͸ ǦͲǤͲʹͻ

HAITI ACME

HDH

HONDOROS W.Rel FINCA

T&T MCHL

ʹ͵ͶͷʹͳͶ ͹ͷͲͻͲͻͶ ͶͳͳͶͶͷͺ ͷͲ͸ͻ͵͸Ͳ ͸Ͷͻ͹ͺ͸͸ Ͷ͵͹ͷͷͻ͸ ͵͹ͶͳͲͳͷ ʹͻ͸ͶͺͶ͸ ͳͲ͵͹ͶͲ͸ͷ ͷͶͲͳͷ͸ͻ ͷͷ͸ͷ͸͵͹ ͺ͸ʹͷͳͻ͹ Ͷͺ͹ͷ͸ʹ͹ Ǧ ʹͳʹͻͳͺʹ ͳ͹͵͹ͺͶͺ ʹʹͶͲʹͷ͹ ʹͷͺʹ͵͹͹ Ͷ͸ͷ͵ʹ͹ʹ ͳͺͻͺ͵Ͳͳ ͳͳͶ͹ͳ͵ͺ ʹʹͷ͵ͷʹͻ ʹ͵ͶͷͶ͹ͷ ʹ͸ʹͶ͹ͺʹ ͳͻʹͺͺ͹Ͷ ͷͶͲ͵ͳ͹ͷ ͳͻͷͷͷͲ͹ Ǧ ͲǤͳ ͲǤͳ ͲǤʹ͹͵͹ͷ ͲǤͳͺͺ͵ͳ ͲǤͳͺͺ͵ͳ ͲǤͳͺͺ͵ͳ ͲǤͲͻͳͲͶ ͲǤͳ ͲǤͳ ͲǤʹͺʹͶ ͲǤͳ͹ͶͶ ͲǤͳ͹ͶͶ ͲǤͳ͹ͶͶ ͲǤͳͲͻʹ ʹͳʹͻͳͺ ͳ͹͵͹ͺͷ ͸ͳ͵ʹ͹Ͳ Ͷͺ͸ʹͺ͹ ͺ͹͸ʹͷͺ ͵ͷ͹Ͷ͸ͻ ͳͲͶͶ͵ͷ ʹʹͷ͵ͷ͵ ʹ͵ͶͷͶ͹ ͹Ͷͳʹ͵ͺ ͵͵͸͵ͻ͸ ͻͶʹ͵ͳͶ ͵ͶͳͲͶͲ Ǧ ͳ͸ͺ͵ͺͳ ͷ͸ͳ͸͵ͲͶ ͳ͸ͻ͸͹ͳͻ ͳͺͲͶͳͲͻ ͳͲʹͷͲ͹ͳ ͺ͹ͷͲͶ͸ ʹͲ͹͹ʹͻͳ ͸Ͷ͸ͷʹ͹ ͹ͺͲͲͷͻͶ ʹͷͶͲͳͲͺ ʹͷͶͳ͸͹ͳ ʹ͹ͷ͵ͳ͵ͻ ͳͶ͹͸ͶͶͺ Ǧ ͵ͻ͹ͷ ͶͲ͹ʹͲʹ ͵Ͷ͵Ͷ͵͵ ͵ͳͺʹͻͷ ͳ͹Ͳ͹Ͳ͹ ͳ͹͹͸ͲͲ ͳͲͲ͹ͺͻ ʹʹͶ͸ͻ ͸ͳͻͲͺͲ ͵ͺͺͶ͹͵ ʹ͸͵Ͷ͵ͻ ͵͵ͷͷͳͲ ʹ͸͹Ͷͷͺ Ǧ ͲǤͲʹͶ ͲǤͲ͹͵ ͲǤʹͲʹ ͲǤͳ͹͸ ͲǤͳ͸͹ ͲǤʹͲ͵ ͲǤͲͶͻ ͲǤͲ͵ͷ ͲǤͲ͹ͻ ͲǤͳͷ͵ ͲǤͳͲͶ ͲǤͳʹʹ ͲǤͳͺͳ Ǧ ͳʹͺ͸͵ ͳͷͶͶʹͺ ͳʹͳͲͶͶ ʹͳͶ͵͹ ʹʹ͵ʹͶ ǦͳʹͺʹͲ ͺͺ͵ʹ͹ ͶʹͳͺͶ ͳ͸Ͳͻ͹ͻ ͵ʹͺͺͷͶ ͳ͹ͻͺʹͻ ͳͶͶ͸͵ͺ Ǧͻͻ͸͸ Ǧ Ͳ ͳʹʹ͹ͻʹ ͹͸Ͷ͸Ͷ ͳͺͳͺ͵ͷ Ͳ ʹ͸Ͷ͸ͳ ͳͶͲͷͷͺ Ͳ ͹͸ͳͻͷ ͻ͹͵ͷͳ ʹʹͻͷ͵ Ͳ Ͷͳ͸ͳ Ǧ Ͳ ͳʹʹ͹ͻʹ ͹͸Ͷ͸Ͷ ͳͺͳͺ͵ͷ Ͳ ʹ͸Ͷ͸ͳ ͳͶͲͷͷͺ Ͳ ͹͸ͳͻͷ ͻ͹͵ͷͳ ʹʹͻͷ͵ Ͳ Ͷͳ͸ͳ Ǧ ͳ͵͹ͻͺͺ ʹͺͳͺͻͳ ͶͺͶ͹͸͸ ͵͸ͺ͵Ͷͳ ͸ʹͺ͹͵ͻ ͶͶͲʹ͸ Ǧͳͺ͵ʹ ͹ͺͺͶͶ Ͷ͵Ͷ͹͵͵ ͷ͵͹͵ͻͺ ǦʹͶͻͲͲͻ ͹ͻͳ͹ͺͳ ͻ͹ʹͺ͵ Ǧ Ͳ ͸͹ʹ͵Ͷ Ͳ Ͳ Ͳ Ͳ ͳͷ͹Ͷ Ͳ ͳͷͲʹͺͻ Ͳ Ͳ Ͳ Ͳ Ǧ ͳ͵͹ͻͺͺ ʹͳͶ͸ͷ͹ ͶͺͶ͹͸͸ ͵͸ͺ͵Ͷͳ ͸ʹͺ͹͵ͻ ͶͶͲʹ͸ Ǧ͵ͶͲ͹ ͹ͺͺͶͶ ʹͺͶͶͶͶ ͷ͵͹͵ͻͺ ǦʹͶͻͲͲͻ ͹ͻͳ͹ͺͳ ͻ͹ʹͺ͵ Ǧ ͺ͹͹ͻ͵ ʹ͵͸͵Ͷͺ ͵ʹ͸Ͳͳͳ ͵ʹͳʹͳͺ ʹ͸ͻͺͶ͵ ͵ʹ͹ͲͺͶ ͵͵͸͹ʹ͹ ͳͺͺ͸ͻ͵ ͳͺ͹ʹ͹ͺ ͸͵ͲͲͶ͸ ͹ͺͺͳͺ͸ ʹͻͷͳ͹Ͳ ʹ͵͹ͻͷ͵ Ǧ ʹͲʹͳͻͺʹ ͷ͸Ͷ͵ͺʹ͵ ͵ʹͲͻͻͺʹ ͵ͻͶͲͶͺͳ Ͷͷͷͳ͸͹Ͳ ͵ʹ͵ͺ͵ͺͺ ʹͶͷͷ͸͹ͻ ʹ͵ͺͺʹͺͲ ͹ͻ͵ͻͲͻͶ ͵ͻ͵Ͳ͹ʹͶ Ͷ͵ͷ͹ʹͶͷ ͸͸Ͳ͹ͻͺͶ ͵ͺ͵ͳͻͶͺ Ǧ ͵͸ͳ͵ͺͲ ͳͶ͵͵ͻ͸ͳ ͳ͹͵ͳͺ͹͵ ͳ͵͵͵Ͳͻʹ ʹʹͲͺ͹͸ͳ ͳ͸ͺʹͺͷ͸ ͸ͺ͸ͷͲͺ ͶͲͳͻͶͺ ʹͲͲ͸Ͷ͵ͻ ʹͶͳͲ͵ͳͻ ͺͺͷͻͻͲ ʹͻͺͷͳͺͶ ͳͻͲ͸͹ͻ͹ Ǧ ͲǤͳ͹ͻ ͲǤʹͷͶ ͲǤͷͶͲ ͲǤ͵͵ͺ ͲǤͶͺͷ ͲǤͷʹͲ ͲǤʹͺͲ ͲǤͳ͸ͺ ͲǤʹͷ͵ ͲǤ͸ͳ͵ ͲǤʹͲ͵ ͲǤͶͷʹ ͲǤͶͻͺ Ǧ ͲǤʹͶ͵ ͲǤͳ͸ͷ ͲǤͳͺͺ ͲǤʹͶͳ ͲǤͳʹʹ ͲǤͳͻͶ ͲǤͶͻͲ ͲǤͶ͸ͻ ͲǤͲͻ͵ ͲǤʹ͸ͳ ͲǤͺͻͲ ͲǤͲͻͻ ͲǤͳʹͷ Ǧ ͲǤͲͶ͵ ͲǤͲͶʹ ͲǤͳͲʹ ͲǤͲͺʹ ͲǤͲͷͻ ͲǤͳͲͳ ͲǤͳ͵͹ ͲǤͲͺͶ ͲǤͲʹͶ ͲǤͳͶͳ ͲǤ͵Ͳͳ ͲǤͲͶͺ ͲǤͲ͸ͷ Ǧ ͲǤʹʹʹ ͲǤʹͻ͸ ͲǤ͸Ͷͳ ͲǤͶʹͲ ͲǤͷͶͷ ͲǤ͸ʹͳ ͲǤͶͳ͹ ͲǤʹͷʹ ͲǤʹ͹͸ ͲǤ͹ͷͶ ͲǤͷͲͶ ͲǤͷͲͲ ͲǤͷ͸ʹ Ǧ ͲǤͲͶ͹ ͲǤͲͶ͹ ͲǤͳͷ͹ ͲǤͲͺͺ ͲǤͲͺͺ ͲǤͲͺͺ ͲǤͲ͸ͻ ͲǤͲͶͲ ͲǤͲͶͲ ͲǤͳ͵ͳ ͲǤͲͷ͸ ͲǤͲͷ͸ ͲǤͲͷ͸ ͲǤͲͺ͵ ͲǤͳ͸͹ ͲǤʹ͵ͺ ͲǤͶͳͺ ͲǤ͵Ͳͷ ͲǤͶͳͻ ͲǤͶͺͻ ͲǤ͵ʹͷ ͲǤʹͲͶ ͲǤʹʹ͹ ͲǤͷͷʹ ͲǤͶʹͷ ͲǤͶʹͳ ͲǤͶͺͲ Ǧ

 

ͲǤͲͷͶ ͲǤͲͷͶ ͲǤͲͷͶ ͲǤͲͷͶ ͲǤͲͶ͵ ͲǤͲͶ͵ ͲǤͲͶ͵ ͲǤͲͶ͵ ͲǤͳͺͻ ͲǤʹ͸ͻ ͲǤ͵ͳ͵ ͲǤʹͶ͵ ͲǤͳ͸ʹ ͲǤʹͳͺ ͲǤʹͶͺ Ǧ ǦͶͺ͹Ͷʹ͸͹ ǦͳʹͷͳͶͻ͹ Ǧ͵͵ͲͳʹͲ ͳ͵ͲͲͻ͸ Ǧͳ͵͹ͺͶ͹ͻ Ǧ͵ͲʹͻͶʹ ʹͶʹ͸ͳͻ Ǧ ͲǤͲͲͻ ͲǤͲʹͳ ͲǤͲͳͺ ͲǤͳʹ͵ ͲǤͲͳʹ ͲǤͲʹ͸ ͲǤͲ͵Ͳ ͲǤͲͲͲ ǦͲǤͲ͵ͳ ǦͲǤͲ͹ͳ ǦͲǤͲͳͺ ͲǤͲ͹͵ ǦͲǤͲͲ͹ ǦͲǤͲͳͶ ͲǤͲͳͳ Ǧ ͲǤͲͺ͹ ͲǤͲ͹͸ ͲǤͲ͵ʹ ͲǤͳͷͷ ͲǤͳʹ͵ ͲǤͲͻͶ ͲǤͲ͸ͳ ͲǤͲͲͲ ǦͲǤʹͻͶ ǦͲǤʹ͸Ͳ ǦͲǤͲ͵͵ ͲǤͲͻ͵ ǦͲǤͲ͸͸ ǦͲǤͲͷͳ ͲǤͲʹ͵ Ǧ

VENZ BanGente

PERU Ed.CT

ʹ͵Ͷ͵ͻ͸Ͷͷ ͵ͺʹʹͶͷ͵Ͳ ͵ͻͳ͹ʹͳͶ Ͷͷ͸ͳ͸ͺͺ ͲǤͳ͸ͺͲͻ ͲǤͳͷͶͺ ͸ͷͺͶͶͶ ͹Ͳ͸ͳͶͻ ͳͳͳͺͷ͵ͻͲ ͳ͵ͳͳͻ͹ʹ͸ ͶͷͶͲ͸ͷ Ͷͳ͵ͷ͹Ͳ ͲǤͲͶͳ ͲǤͲ͵ʹ ͳͶʹ͸Ͳͺ͹ ͳ͸ͳ͹͵͸Ͷ Ͳ Ͳ Ͳ Ͳ Ͷ͹ͳͳͳͳ ͳͲͲͳͺ͸Ͷ ʹͻ͸ͻ͸͵ ͵ͷ͹ͳͻ͵ ͳ͹ͶͳͶͺ ͸ͶͶ͸͹ʹ ͳͻͳͲ͵ͺͶ ͳ͸͹ͺͺͶͳ ͳͺͻʹͺͶͶͷ ͵ͳͺͻʹͳ͹͹ ʹͺ͹ͶͲʹ͹ Ͷ͹͹ͶͶ͵͵ ͲǤͳͷʹ ͲǤͳͷͲ ͲǤ͸͸ͷ ͲǤ͵ͷʹ ͲǤͳͲͳ ͲǤͲͷ͵ ͲǤʹͷ͵ ͲǤʹͲ͵ ͲǤͳ͸Ͳ ͲǤͳ͵͹ ͲǤͲͺͲ ͲǤͲͷͻ

ͺ͸ͳͺ͹ͳ͵ ͳͳ͹ͻ͹͵Ͳͺ ͳͻʹͷͺͺͷ ʹͶ͹͵ͳʹͳ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ Ͷͻͳ͸͹ͺ ͷͻͳͺͳͺ ͸ͶͳͷʹͶͲ ͻͲͻ͸͸ͺͺ ͷ͵͹ͲͶͷ ͻͺͷ͹͹ʹ ͲǤͲͺͶ ͲǤͳͲͺ Ͷʹ͵ͳʹͶ ͳͳͻͳͲ͸ͷ Ͳ Ͳ Ͳ Ͳ ͸ͺͺʹͺ͵ ͺͳ͸͵ͳ͹ ʹͷͺͻ͸Ͷ ͵ͲͺʹͶ͵ Ͷʹͻ͵ͳͻ ͷͲͺͲ͹Ͷ ͶͺͷͶͺͶ ͳʹ͹ͶͺͲͻ ͹͵ͳͻ͹Ͷͳ ͳͲͷʹͻͺ͸Ͳ ʹͶ͹Ͷͳͺ͵ ͵ͶͶʹͺ͵͹ ͲǤ͵͵ͺ ͲǤ͵ʹ͹ ͲǤͳͻ͸ ͲǤ͵͹Ͳ ͲǤͲ͸͸ ͲǤͳʹͷ ͲǤͶͲͶ ͲǤͶͷʹ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤ͵ͺʹ ͲǤͶʹͶ

TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006



ǦͺͶͻ͹͵ ʹͺͳ͵ʹ͵ ͲǤͲͳ͵ ͲǤͲͳͻ ǦͲǤͲͲͶ ͲǤͲͳͳ ͲǤͳͳͻ ͲǤͳ͹ͳ ǦͲǤͲͶͲ ͲǤͲͻ͸

 MFIs

MiBanco

Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

ʹͲͶͶ͵ͳͲʹͻ ͵ͳͻͶ͸Ͷͺͷͳ ͶͲͲͺ͵͸ͲͶ Ͷ͹͸ͲͳͺͶ͹ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͳͲʹ͵͵͵ͶͶ ͳͳ͵ͻͳͳʹʹ ͵ͷͳ͵ͶͺͳͶ ͺͶͲͷͶ͸͸͸ ʹͷ͹͹ͺʹ͵ ͸ͷͷ͵ʹͷͺ ͲǤͲ͹͵ ͲǤͲ͹ͺ ʹ͸ͺͲͺͲͶ ͳ͵ͷ͸ͳͲʹ͵ Ͳ Ͳ Ͳ Ͳ ͳͺͷͻͶʹͲ͹ ʹʹʹͳ͵Ͳ͵͵ ͵ͶͻͲ͵ͷ ͷʹ͸ͲͲ͵ ͳͺʹͶͷͳ͹͵ ʹͳ͸ͺ͹Ͳ͵Ͳ Ǧͷ͵͵ͳͲʹͶ ͵ʹ͸ͷͳͳͷ ͳ͸Ͷ͵͹͸ͳͺͷ ʹͷͻ͸ͻ͹ͳ͵ͻ ͷͻ͹ͷͻͺͲͳ ͻͷ͵͵ͻͷͻͻ ͲǤ͵͸Ͷ ͲǤ͵͸͹ ǦͲǤͲͺͻ ͲǤͲ͵Ͷ ǦͲǤͲ͵ʹ ͲǤͲͳʹ ͲǤ͵͵ͳ ͲǤ͵ͺͲ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤ͵ͳͲ ͲǤ͵ͷʹ ͳͷͷ͸Ͷ͵͸ͺ ͺͳʹ͸ͲͲ͹ ͲǤͲͺͻ ͲǤͲ͸ͺ ͲǤͲ͹͸ ͲǤͲʹͷ ͲǤͶͷͷ ͲǤͶͷ͸ ͲǤ͵ͺͺ ͲǤͳ͹ͳ

 

ͳʹͷͳʹͷ ͵͸͸͸Ͳ ͲǤͲͷͻ ͲǤͲʹ͹ ͲǤͲͷ͵ ͲǤͲͳʹ ͲǤͲ͸ͷ ͲǤͲ͵ͷ ͲǤͲͷͻ ͲǤͲͳ͸

Ǧ͸ʹͷ͸͵ Ͷ͹ʹ͹Ͳ ͲǤͲʹͻ ͲǤͲʹ͹ ǦͲǤͲͲͺ ͲǤͲͲͷ ͲǤͳʹͶ ͲǤͳʹͳ ǦͲǤͲ͵͸ ͲǤͲʹͲ

ʹͺ͹ʹͷͻ ͳͳͳͳͻ͵ ͲǤͳͳͺ ͲǤͲͻͻ ͲǤͲ͹Ͳ ͲǤͲʹͳ ͲǤʹͳ͸ ͲǤʹͲͷ ͲǤͳʹͺ ͲǤͲͶʹ

͸Ͳ͸Ͷͳͷ ͸Ͷ͹ͳͶ͵ ͲǤͲͻ͹ ͲǤͲͻʹ ͲǤͲͻ͵ ͲǤͲ͹ͷ ͲǤͳ͵ͷ ͲǤͳͶ͹ ͲǤͳ͵Ͳ ͲǤͳʹͲ

͵Ͳ͵ͺͷ ͳͲ͵Ͳͺͺ ͲǤͲͳͲ ͲǤͲʹͲ ͲǤͲͲ͹ ͲǤͲʹͳ ͲǤͲʹ͵ ͲǤͲͷͲ ͲǤͲͳ͸ ͲǤͲͷ͵

Ǧʹ͵ʹʹͻʹ Ǧ ǦͲǤͲͲͳ Ǧ ǦͲǤͲ͸ʹ Ǧ ǦͲǤͲͲ͵ Ǧ ǦͲǤʹͲʹ Ǧ

Ǧͳʹͷͳͻ͵ͻ Ǧͻ͹ʹ͸ͻʹ ͲǤͲͲ͹ ͲǤͲͳ͹ ǦͲǤͲͷ͵ ǦͲǤͲʹͷ ͲǤͲͶͶ ͲǤͳͶͳ ǦͲǤ͵ʹͲ ǦͲǤʹͳ͵

͸ͳͻͷ Ǧ͸ͺʹͻͻͳ ͲǤͲͷͲ ͲǤͲͶ͵ ͲǤͲͲͳ ǦͲǤͲͷͺ ͲǤʹʹ͵ ͲǤʹͲͷ ͲǤͲͲ͵ ǦͲǤʹ͹͸

PERU Bantra CMaynas Edpy.Cofi IDESILL Fondsurco ED.Edyf Caritas CCusco CTacna ͵Ͷ͸ͳ͸͵ͻͷ͵ ͵ͻ͵ͻͻ͵ͷͷͷ ͵͹ͶͲ͸ͷͺͶ ͵͹ͺͲͻͳʹͻ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͻͷͶͻͻͲͳ ͻͲͶ͹͹ʹͶ ͸ͺͷͲͶ͵Ͷͷ ͺͶͳͳͲͻ͸ʹ ͵͹ʹ͹Ͳ͵͵ ͸ͳͺ͹Ͳ͵Ͳ ͲǤͲͷͶ ͲǤͲ͹Ͷ ͸ͷʹ͸Ͳͳʹ ͳ͵ͻͶͲ͹ʹ͵ Ͳ Ͳ Ͳ Ͳ ͳͷͶͻͺʹͶͷ ͵ͻ͸ͷͺͷʹ ͷʹͷͶͺʹ͹ ͸ͺͶʹͳͳ ͳͲʹͶ͵Ͷͳ͹ ͵ʹͺͳ͸Ͷʹ ͷͺ͵ʹͶͻ͸ ͳͻ͹Ͳ͸ͺͲ͸ ʹͺ͹ͳͶ͹Ͳͳͳ ͵ͳ͹ͳͺ͵͹ͺ͸ ͳͲͻ͵͸͸ͺͺͳ ͳʹͶ͵ͻͶͳͳͲ ͲǤ͵ͺͳ ͲǤ͵ͻʹ ͲǤͲͷ͵ ͲǤͳͷͺ ͲǤͲʹͲ ͲǤͲ͸Ͳ ͲǤͶͲͳ ͲǤͶͷ͵ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤ͵͹ͻ ͲǤͶʹͶ ͵͹ͳ͹ͶͲͷ ǦͳͲ͸ͷͻͲͺͳ ͲǤͲ͵Ͳ ͲǤͲͲͺ ͲǤͲͳͳ ǦͲǤͲʹ͹ ͲǤʹ͹Ͷ ͲǤͲͺ͹ ͲǤͲͻͻ ǦͲǤʹͺʹ

ʹͻʹͺͻͳʹ͵ ͵ͺ͸ͳʹͳ͹͹ Ͷ͵͸ͻʹ͹ʹ ͷͻʹͶ͹ͻͻ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͳͳͳͷͶ͹ͷ ͳͶͳ͹ͺͲͶ ͸ͶͻͶ͸͵ͺ ͹Ͷ͸ͷ͸Ͳʹ ʹͶʹͲͺͶ ͶͳͲ͸͸Ͷ ͲǤͲ͵͹ ͲǤͲͷͷ ͹ʹͻͻ͸ͺ ͳ͵͹ͷͺͷͷ Ͳ Ͳ Ͳ Ͳ ͳͻͻͶʹͷͺ ͵ͲͶʹʹʹͺ ͹ͳͳ͹͵͵ ͻ͵ͺͳ͹͹ ͳʹͺʹͷʹͷ ʹͳͲͶͲͷͳ ͷ͸ʹͻͳͻ ͸ͺͻ͸Ͳͺ ʹͳͳ͸͹ͺ͵ͻ ʹͺ͹ͶͳͻͲͺ ͹ͳͶͻͶʹͲ ͻ͹͸͸ʹʹͳ ͲǤ͵͵ͺ ͲǤ͵ͶͲ ͲǤͲ͹ͻ ͲǤͲ͹ͳ ͲǤͲʹ͹ ͲǤͲʹͶ ͲǤ͵͸Ͷ ͲǤ͵͸Ͷ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤ͵Ͷ͵ ͲǤ͵͵͹ ͷͷʹͷͷ͸ ͹ʹͺͳͻ͸ ͲǤͲͶͶ ͲǤͲͷͶ ͲǤͲͳͻ ͲǤͲͳͻ ͲǤʹͻͶ ͲǤ͵ͷͷ ͲǤͳʹ͸ ͲǤͳʹ͵

ʹʹ͹͸Ͳ͹͸͹ ͶͲͺͺʹʹͳͶ ͵ͻ͹͵͸ͳͻ ͸ʹ͹Ͷͳͷͷ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͳͲͳͶͶ͸ͷ ͳͷͲͳͶͲͷ ͳͺ͵Ͳ͵͹͹ʹ ͵Ͷͳ͵͵͸͵Ͳ ͳ͵ʹͺͷͷʹ ͵Ͳ͸ͳͶͲͶ ͲǤͲ͹͵ ͲǤͲͻͲ ͳͶͳͲͻ͹͵ ͷͳͲ͸͹͹Ͷ Ͳ Ͳ Ͳ Ͳ ͳͶ͵ͳʹ͵ͻ ͳʹ͵͹ͳͷͷ ͷͶͲͲͺͲ Ͷͻͻ͵͹͵ ͺͻͳͳͷͻ ͹͵͹͹ͺʹ ͳͷ͵Ͷʹ͹ͻ ͷͺ͹Ͳ͵ͻͺ ͳ͹͸Ͷͻ͹͸Ͷ ʹͻͷͺͻͶͲʹ ͷͻ͹ͶͳͻͶ ͻʹͺͺͺͶ͹ ͲǤ͵͵ͺ ͲǤ͵ͳͶ ͲǤʹͷ͹ ͲǤ͸͵ʹ ͲǤͲͺ͹ ͲǤʹͳͶ ͲǤͶʹͷ ͲǤͷʹͺ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤͶͲ͵ ͲǤͶͻͺ ǦͷͳͻͺͳͶ ǦͶ͵͸ͺͻͻʹ ͲǤͲ͵ͻ ͲǤͲͳͺ ǦͲǤͲʹ͵ ǦͲǤͳͲ͹ ͲǤʹʹͶ ͲǤͳͳͺ ǦͲǤͳ͵ͳ ǦͲǤ͸ͻ͸

PERU

 

ͳ͸ͷͲ͸ͻ ǦͶͷͳ͹ͻͳ ͲǤͲ͹͵ ǦͲǤͲͶͷ ͲǤͲ͵͵ ǦͲǤͲͺͳ ͲǤͳͶ͵ ǦͲǤͳʹͻ ͲǤͲ͸Ͷ ǦͲǤʹ͵Ͷ

ͻʹͻ͵ͺ͸ Ǧ ʹͷ͹͸ͻ͹ Ǧ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͸ͷ͹ͻͲ Ǧ ͸Ͳ͹ͶͻͲ Ǧ ͷͻͲͻͳ Ͳ ͲǤͲͻ͹ Ǧ ͵ͳͺ͵ʹ Ǧ Ͳ Ǧ Ͳ Ͳ ͺͺ͸ͶͲ Ǧ Ͳ Ǧ ͺͺ͸ͶͲ Ǧ ͺͻͺʹ Ǧ ͸͸͸ͷ͵ͺ Ǧ ͵ͻ͹ͺͷͶ Ͳ ͲǤͷͻ͹ Ǧ ͲǤͲʹ͵ Ǧ ͲǤͲͳ͵ Ǧ ͲǤ͸ͳͲ Ǧ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤͷͺͷ Ǧ ͷ͸ͺͲͺ Ǧ ͲǤͲͻͷ Ǧ ͲǤͲ͸ͳ Ǧ ͲǤ͵ͶͶ Ǧ ͲǤʹʹͲ Ǧ

ͳ͸ʹͷͻͳͺ ʹͲͲͷͷͺͳ ͺ͹ʹ͸͵͵ ͳͲͳ͹ͷ͹ͳ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ʹʹʹ͹ͺ͵ ʹͶ͵ͷͲͷ ͹ʹͻ͵ͷ͹ ͻͲʹͲͶͲ Ͷͺʹͻ͹ ͹ͷ͸ʹ͵ ͲǤͲ͸͸ ͲǤͲͺͶ ͸Ͳͺ͸͸ ͳͶͲʹ͵ͷ Ͳ ʹͲͳͶͺ Ͳ ʹͲͳͶͺ ͳͺͲͻͳ͵ ͳ͵Ͳͷͷͺ Ͳ Ͳ ͳͺͲͻͳ͵ ͳ͵Ͳͷͷͺ ͳͲʹ͹͵͸ ʹ͹͵͵ʹͻ ͳͶ͵Ͷͷͻͳ ͳͺ͵ͷͲͳͲ ͵ͺ͹ͻ͵ͳ ͷʹ͸͵ͳ͹ ͲǤʹ͹Ͳ ͲǤʹͺ͹ ͲǤʹ͸ͷ ͲǤͷͳͻ ͲǤͲ͹ʹ ͲǤͳͶͲ ͲǤ͵Ͷʹ ͲǤͶʹ͹ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤ͵ʹͳ ͲǤ͵ͻͻ ͳʹͲͲͶ͹ Ǧʹͻͺʹͷ ͲǤͳͳͳ ͲǤͲ͸ͷ ͲǤͲ͹Ͷ ǦͲǤͲͳͷ ͲǤʹͲ͹ ͲǤͳʹͺ ͲǤͳ͵ͺ ǦͲǤͲʹͻ

ͷͺ͸ʹʹ͸ͷͳ ͹ͷͻͲ͵ͺ͸ ͺͳʹͷͶͷ͵ͳ ͻ͹ͻͶͶͻ͸ ͻ͸ͻͳʹͷʹ ͳͶ͹͵͵ͳ͸ ͳ͵͹ͷͷ͵Ͷ͹ ͵͸ͳ͹͵ͷͷ ͲǤʹͷͷ͵ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͲǤʹ͵ͻ͵ ʹͶ͹Ͷͳ͹͹ ͵͹͸ͳ͵ͺ ͵ʹͻͳ͸ͷͶ ͺ͸ͷ͸͵͵ Ͷ͹ʹͻͲͷ͹ʹ ͷͻ͵͹Ͳͷͻ ͸ͷ͵Ͳʹ͵ͻ͸ ͷͻͷ͸͹ͳʹ ͵Ͳͳ͸Ͳͻͳ ͷͺͲ͹ Ͷ͸ͳͻͻͺ͹ ͵͸ͺͻͺ ͲǤͲ͸Ͷ ͲǤͲͲͳ ͲǤͲ͹ͳ ͲǤͲͲ͸ ͶͲ͸ͳͺͺͻ ͺͺʹ͹ͻʹ ͳͳͲͲ͸ͺ͹͸ ͳ͵ͺͺͷͶͶ Ͳ Ͷͷʹͻ͵ͻ Ͳ ʹͲͺͺͲͺ Ͳ Ͷͷʹͻ͵ͻ Ͳ ʹͲͺͺͲͺ ͶͳͻͺͲ͸ͻ ͵ͶʹͲͶͶ ͸ͳͶͶͶʹͶ ͻ͸͸͹ͳͳ ͳͷͳͷͷͲ͸ Ͳ ʹʹ͵ͻͲ͵ͷ Ͳ ʹ͸ͺʹͷ͸͵ ͵ͶʹͲͶͶ ͵ͻͲͷ͵ͺͺ ͻ͸͸͹ͳͳ ͵ͺͷ͵ͷͲʹ ͳ͵͸ͻͺʹͶ ͳͲ͵ͻ͵ͳͶʹ ͳͶͻ͸ʹ͹Ͷ Ͷ͸͹ͻ͵Ͷʹͷ ͷʹʹ͹ͳͲ͵ ͸ͷ͵͹͸͸ʹ͸ ͺͷʹͳʹ͹ʹ ͳ͸͸ͺͺ͹Ͳ͹ ʹͳʹͲͳͲʹ ʹ͵ͺͲʹͲͲͷ ͵Ͷͳ͵ͷͲͺ ͲǤ͵ͷ͹ ͲǤͶͲ͸ ͲǤ͵͸Ͷ ͲǤͶͲͳ ͲǤʹ͵ͳ ͲǤ͸Ͷ͸ ͲǤͶ͵͹ ͲǤͶ͵ͺ ͲǤͲͺʹ ͲǤʹ͸ʹ ͲǤͳͷ͸ ͲǤͳ͹ͺ ͲǤͶ͵ͻ ͲǤ͸͸ͺ ͲǤͷʹͲ ͲǤͷ͹ͺ ͲǤͲͳ͸ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤͲʹͲ ͲǤͶͳ͸ ͲǤ͸Ͷͳ ͲǤͶͻͲ ͲǤͷͶ͹ Ǧͳ͵͹ͻ͵ʹ͸ Ǧͻͻ͵͸ͺ͹ Ǧ͹ͳͲͳͶͺ͹ Ǧ͸͵Ͳ͸Ͷͳ ͲǤͲͶ͸ ͲǤͲͶͷ ͲǤͲͶͺ ͲǤͲͻͻ ǦͲǤͲʹͶ ǦͲǤͳ͵ͳ ǦͲǤͲͺ͹ ǦͲǤͲ͸Ͷ ͲǤʹ͹͹ ͲǤʹ͵ʹ ͲǤʹͺͶ ͲǤʹ͸͹ ǦͲǤͳͶʹ ǦͲǤ͸͹Ͷ ǦͲǤͷͳ͸ ǦͲǤͳ͹Ͷ

PARAGAUY

ͺ͸ͳͺͷʹ͸ͷ Ǧ ͳͷͳʹͷ͹͹Ͳ Ǧ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͵ͺ͸ͳ͸Ͳͻ Ǧ ͸ͻ͵͸ͻͲ͹ Ǧ ʹ͵͹ͷ͸͸ Ͳ ͲǤͲ͵Ͷ Ǧ ͺͲͲ͸ͺͳ Ǧ Ͳ Ǧ Ͳ Ǧ ͻʹͶ͸͵Ͷ͵ Ǧ ͵ʹ͵ͻ͵ʹͳ Ǧ ͸ͲͲ͹Ͳʹʹ Ǧ Ǧͳ͵ͶͶ͹͵ʹ Ǧ ͸ʹͶͷͶͻͶ͹ Ǧ ͳ͸ʹʹͺͶͻ͸ Ǧ ͲǤʹ͸Ͳ Ǧ ǦͲǤͲͺ͵ Ǧ ǦͲǤͲʹʹ Ǧ ͲǤʹ͵ͺ Ǧ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤʹͳͻ Ǧ ͷʹͲ͸͵Ͷͳ Ǧ ͲǤͲ͹Ͳ Ǧ ͲǤͲ͸Ͳ Ǧ ͲǤ͵ͻ͹ Ǧ ͲǤ͵ͶͶ Ǧ

ͷͳ͸ͺ͹ͳͶ͸ ͸ʹͻͲʹʹ͵ͻ ͺͳͺͺ͹ͲͶ ͳͲ͵ͻ͹ͷͻͷ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ʹͲͻͲͷ͹͸ ʹͶͺͺͳͶͷ ͺ͹ͺͻ͸͸ͻ ͳͲ͵ͺͳ͸ͷͶ ͷ͹͸Ͳ͸ͺ ͹ͷͺ͹͹ʹ ͲǤͲ͸͸ ͲǤͲ͹͵ ͹͵ͻͶͺʹ ͳ͹ʹͷͷͷͺ Ͳ Ͳ Ͳ Ͳ ͵ͷ͵͵ͻ͵ͺ ͶͲͲͺ͹͹ʹ ͳʹͶ͵ͳʹͷ ͳͶͳͻͳ͹͵ ʹʹͻͲͺͳ͵ ʹͷͺͻͷͻͻ ͷ͵ͻʹͶͷ ͳ͸ʹͶͳͲ͵ ͵͸Ͷ͸ͳͻͶ͹ Ͷ͹ʹͺͳͺʹͳ ͻͷ͸ͷͷ͵ͷ ͳͳ͹Ͳ͵͵ʹͳ ͲǤʹ͸ʹ ͲǤʹͶͺ ͲǤͲͷ͸ ͲǤͳ͵ͻ ͲǤͲͳͷ ͲǤͲ͵͸ ͲǤʹ͹͹ ͲǤʹͺͶ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤʹͷ͹ ͲǤʹͷͻ ͳͷͷͳ͵͵ͳ ͺ͸ͶͲͶͳ ͲǤͲͶͶ ͲǤͲͶͳ ͲǤͲ͵Ͳ ͲǤͲͳͶ ͲǤʹͺͲ ͲǤʹͶͻ ͲǤͳͺͻ ͲǤͲͺ͵

NICARAGUA

MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006



CajaNor FINCA Mov.MR Promujer ͵͸Ͷͺ͵Ͳͷͺ Ͷ͸͸ʹʹͷ͸ͷ Ͷ͸͵͹Ͳ͸ͳ ͷͻͻͷʹͳʹ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͳͳͺ͵ͺͶʹ ͳͶ͵Ͷ͸ͷͶ Ͷ͵ͷͷͳʹʹ Ͷͺ͵ͲͶͺͻ ʹͲͺͺͻͶ ͵ͷͳͺͳ͹ ͲǤͲͶͺ ͲǤͲ͹͵ ͶͶʹͻ͵͹ ͺͲͶͳͳͻ Ͳ Ͳ Ͳ Ͳ ʹʹ͹ͳ͹ͻ͸ ʹʹͻ͹͵Ͳ͸ ͺ͹͵͵ͳͺ ͻ͵ͷͳͷͲ ͳ͵ͻͺͶ͹ͻ ͳ͵͸ʹͳͷͷ ʹʹͺ͵ͲͲ ͺ͹͸͸ͳͺ ʹͶ͸͹͹ͻͲ͹ ͵ʹͺ͵͵ͺʹ͸ ͹ͷ͸Ͷ͵͸ͷ ͳͲͲͷ͹ͻͷ͹ ͲǤ͵Ͳ͹ ͲǤ͵Ͳ͸ ͲǤͲ͵Ͳ ͲǤͲͺ͹ ͲǤͲͲͻ ͲǤͲʹ͹ ͲǤ͵ͳ͸ ͲǤ͵͵͵ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤʹͻͷ ͲǤ͵Ͳ͹ ͻͷͷͷͶʹ ͷͷͺͲ͵͸ ͲǤͲ͵ͺ ͲǤͲʹͻ ͲǤͲʹ͸ ͲǤͲͳʹ ͲǤ͵Ͳʹ ͲǤʹʹ͹ ͲǤʹͲ͸ ͲǤͲͻ͵

 MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005

ͳͷͻͻͶͳͲ ͳͺ͹͸ͻͶ͵ ͳͷͳ͸͸͹͸ ͳ͹͵ʹͳͻ͸ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͵ͺ͹ʹͲ͹ ͶͳͶͷͳͷ ͸͵͵ͺͶ ͳͳͷͷͺʹ ͷ͵ͺ͸ ͻ͵ʹʹ ͲǤͲͺͷ ͲǤͲͺͳ ͶͳͲͲ ͳͺ͵͵͸ Ͳ Ͳ Ͳ Ͳ ʹͳ͸ͳ͹Ͷ ͳʹͶͶͳͷ Ͳ Ͳ ʹͳ͸ͳ͹Ͷ ͳʹͶͶͳͷ ͳ͹ͷͳ͵Ͷ ͵ͲͺͶ͵ͷ ͳͲ͵ʹ͵Ͷ͸ ͳʹ͹Ͳʹʹͻ ͸Ͷͻͳ͸ͻ ͺͳͲͶͲͲ ͲǤ͸ʹͻ ͲǤ͸͵ͺ ͲǤʹ͹Ͳ ͲǤ͵ͺͳ ͲǤͳ͹Ͳ ͲǤʹ͵ͻ ͲǤ͹ͻͺ ͲǤͺ͹͹ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤ͹͹Ͳ ͲǤͺͶͲ ʹͳʹͲ͹Ͷ ͳͲ͸Ͳ͹ͻ ͲǤͳ͵ͷ ͲǤͲ͸͸ ͲǤͳ͵͵ ͲǤͲͷ͹ ͲǤͳͶ͵ ͲǤͲ͹ʹ ͲǤͳͶͲ ͲǤͲ͸ͳ

ʹͳ͵͵͵ͷͺ ʹʹͷͻͷ͵ͳ ͶͶͲͻͻ͸ ͳʹͷ͹ͷͲ͵ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͳͳʹͷͺ͸ ͵ͲͲͻʹͳ ʹ͸ͷͺͻͳ ʹͷͻͷ͹ͳ ͵͵ͷͻ ͳ͹ʹͺʹ ͲǤͲͳ͵ ͲǤͲ͸͹ ͵͸Ͷ͵͹ ͶͶͺ͵͵ Ͳ Ͳ Ͳ Ͳ ͸ʹͲͻͻ ͳ͵͹͵Ͷͷ Ͳ Ͳ ͸ʹͲͻͻ ͳ͵͹͵Ͷͷ ͺ͸ͻʹͷ ʹͲͺͶͲͻ ͳ͹ͳͲͻͲʹ ͳͺͻͷͳͶ͹ ͹ͷ͸ͷͶ͹ ͻ͵͹͸ͳ͸ ͲǤͶͶʹ ͲǤͶͻͷ ͲǤͳͳͷ ͲǤʹʹʹ ͲǤͲͷͳ ͲǤͲͻͺ ͲǤͶͻ͵ ͲǤͷͻ͵ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤͶ͸ͻ ͲǤͷ͸ʹ ʹͷ͸͸ʹ ͻʹͷͳʹ ͲǤͲʹͻ ͲǤͲ͸ͳ ͲǤͲͳʹ ͲǤͲͶͳ ͲǤͳͶͳ ͲǤͳͲͻ ͲǤͲͷͺ ͲǤͲ͹Ͷ

FAMA ACODEP ʹͳͷʹͺͲͷͷ ͳ͸Ͳ͹ͳ͵Ͳͻ Ǧ ʹ͸͸ͳ͹͸ͷ͵ ͺͶͺͳͳʹͲ ͶͲ͵͹ͷ͹Ͷ Ǧ ͸ʹʹͳͷͳ͹ ͲǤͳʹͳͲͳ ͲǤͳʹͳͲͳ ͲǤͳͳͷͺ ͲǤͳͳͷͺ ͳͲʹ͸͵ͲͲ Ͷͺͺͷͺ͹ Ǧ ͹ʹͲͶͷʹ ͳʹͶʹʹͳʹͲ ͹Ͳ͵Ͷͳ͵ʹ Ǧ ͳ͵͸ͺ͵ͳ͵͸ ͻͲͶͲͲ͸ ͷͳ͵ͺ͹Ͳ Ͳ ͳͳͲ͸ͳ͹ͳ ͲǤͲ͹͵ ͲǤͲ͹͵

͵͹ͶͶͳͻͶ ͷͳʹͺͳͷʹ ʹͳ͵ͶͳͲ͵ ʹͻͲͺʹͶʹ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͷͶͶͺ͵͸ ͸ͻͷͻͶʹ ͳ͵͹ͷ͵͸Ͳ ͳͻͶͲ͵ͳʹ ͸Ͳͷͷ͸ ͳͷͺͻͺͺ ͲǤͲͶͶ ͲǤͲͺʹ ͳͶͷʹͻͶ ͵Ͳͷ͵ʹͻ ʹͲͺ͵͹ͻ ͳͳͳͻͷ͸ ʹͲͺ͵͹ͻ ͳͳͳͻͷ͸ ͷͻ͵͹ͺ͹ ͺͲͷ͹ͶͲ Ͳ Ͳ ͷͻ͵͹ͺ͹ ͺͲͷ͹ͶͲ ͵ͲͶ͹ʹ͵ ͵Ͳ͹Ͷͺ͹ ʹͻ͹͹ͺ͵Ͷ Ͷ͵ͺͲͺͳͲ ͳͳͺ͹ͺͲͺ ͳͺ͵Ͷʹʹ͵ ͲǤ͵ͻͻ ͲǤͶͳͻ ͲǤʹͷ͹ ͲǤͳ͸ͺ ͲǤͳͲʹ ͲǤͲ͸͹ ͲǤͷͲͳ ͲǤͶͺ͸ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤͶ͹͹ ͲǤͶͷ͸ ʹͶͲͳͳ͵ ͵ͺͺͶͷͷ ͲǤͳͷͻ ͲǤͳͷ͹ ͲǤͲ͸Ͷ ͲǤͲ͹͸ ͲǤʹ͹ͺ ͲǤʹ͹͹ ͲǤͳͳ͵ ͲǤͳ͵Ͷ

CTruj ͳͶ͸Ͳͺʹ͸ͳͳ ʹͲͲͻ͸͸͸ʹͷ ʹʹͺ͵͸͹ʹ͹ ͵ͲͳͲ͹ͶͶ͸ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͷͺ͵Ͳʹͳ͸ ͹ʹͲͶ͹ͳʹ ʹͻͺ͵ͷͻ͹ͷ ʹͻ͵ͺͷͷͲͳ ͳ͹͹ͻ͵Ͳ͹ Ͷͳʹʹͳͺ͵ ͲǤͲ͸Ͳ ͲǤͳͶͲ ʹ͸ͺ͸ʹͶͶ ʹͻͲͻ͹͸͹ Ͳ Ͳ Ͳ Ͳ ͳͳ͸Ͳ͹Ͷ͵͸ ͳͶ͵ͻʹͶͷͷ ͶͳͶʹ͹͵ͷ ͷͳͲʹͳͻ͹ ͹Ͷ͸Ͷ͹Ͳͳ ͻʹͻͲʹͷͺ ͳͲͷͳ͹ͷͻ ͺʹͶʹʹͳ ͳͳ͸ʹ͹Ͷͳͷʹ ͻ͸Ͷͻ͹ͲͲͷ ͵ͳʹͷ͸Ͷͳͻ ͶͶͲͶ͸ͳͷͶ ͲǤʹ͸ͻ ͲǤͶͷ͸ ͲǤͲ͵Ͷ ͲǤͲͳͻ ͲǤͲͲͻ ͲǤͲͲͷ ͲǤʹ͹ͺ ͲǤͶ͸ͳ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤʹͷ͹ ͲǤͶ͵͵ Ͷ͹͹ͺͶͷͺ ͸͵ͺͲͶͻͳ ͲǤͲͷͳ ͲǤͲͶ͸ ͲǤͲ͵͵ ͲǤͲ͵ʹ ͲǤ͵ʹ͹ ͲǤ͵Ͳͻ ͲǤʹͲͻ ͲǤʹͳʹ

NICRAGUA FJN BANEX ͳͷͷͳͷ͸ͲͶ Ǧ ͵͹ͻ͵͵͵ͷ Ǧ ͲǤͳʹͳͲͳ ͲǤͳͳͷͺ ͶͷͻͲ͵ͳ Ǧ ͳͲ͸ͷʹ͹ͻͷ Ǧ ͻͺͷͻͺͳ Ǧ ͲǤͲͻ͵

͸ͳͷ͹ͳʹʹ͸ ͻ͸͵ͻͳͳͻ͸ ͸͹͹Ͳ͸Ͳ͹ ͳͲͷ͵͸ͶͺͶ ͲǤͳʹͳͲͳ ͲǤͳͳͷͺ ͺͳͻ͵ͳͳ ͳʹʹͲͳʹͷ ͵͹͹͸͹ͻ͹Ͷ ͷ͹ͻʹ͵ͻͷͺ ͵Ͳͺ͵ͺͻ͹ ͷͲͺ͵ͲͶʹ ͲǤͲͺʹ

 

CArq ͳ͸ͲͺͺͳͶͳ͸ ͳͻͺ͵ͷ͸͸͸͵ ʹͻͶͳͲͻͻͻ ͵͹ͷ͹͹ͻͶʹ ͲǤʹͷͷ͵ ͲǤʹ͵ͻ͵ ͹ͷͲͺ͸ʹͺ ͺͻͻʹͶͲʹ Ͷͳͻͳͳ͸Ͷ ͶʹͶͻʹͶʹ ͵ͳͲ͹Ͳͺ ͹ʹͲʹ͵ͺ ͲǤͲ͹Ͷ ͲǤͳ͸ͻ ͵ͳ͸ͷͺͶ ʹͻ͸͸Ͳ͸ Ͳ Ͳ Ͳ Ͳ ͳ͸ͳ͵͸͸͵Ͳ ͳͻͺͶͻͻ͵͹ ͷʹͲʹͶͷͺ ͹Ͳ͹ͺ͸͵Ͷ ͳͲͻ͵Ͷͳ͹ʹ ͳʹ͹͹ͳ͵Ͳ͵ Ǧ͵ͳͲͺͻ͸ͳ Ǧ͵Ͷͺʹʹͻ͸ ͳʹͲͶ͸ͷ͵ͺʹ ͳͷʹͷͲ͸͸͵ͳ ͵͸͹ͳͲ͵ͷ͹ Ͷ͹ʹͶʹ͹ͻͶ ͲǤ͵Ͳͷ ͲǤ͵ͳͲ ǦͲǤͲͺͷ ǦͲǤͲ͹Ͷ ǦͲǤͲʹ͸ ǦͲǤͲʹʹ ͲǤʹ͹ͻ ͲǤʹͺ͹ ͲǤͲͳ͸ ͲǤͲʹͲ ͲǤʹͷͻ ͲǤʹ͸ʹ ͳͲ͸ͳ͹ͷͺͺ ͳʹͶ͹Ͷ͸ͻͺ ͲǤͲ͸ͺ ͲǤͲ͸Ͷ ͲǤͲ͸͸ ͲǤͲ͸͵ ͲǤ͵͹ʹ ͲǤ͵ͶͲ ͲǤ͵͸ͳ ͲǤ͵͵ʹ

Interfisa FIELCO FNUSE Prodesa ʹ͹Ͳͺ͸Ͷʹʹ ͵ʹͺ͸͹ͷʹ͹ ʹ͸͹Ͳ͹ͺͻ ͵͸ͺͲ͸ͳͳ ͲǤʹͻͻͳ ͲǤ͵ͲͳͶ ͹ͻͺͺ͵͵ ͳͳͲͻ͵͵͸ ͸ͺ͹͵͹Ͳ ͺͺͲʹ͸ʹ ͳ͸Ͷ͹͵ ͻ͸ʹͷ͵ ͲǤͲʹͶ ͲǤͳͲͻ ͳͺͻͳʹͲ ͳ͸ͻͲͷͺ Ͳ Ͳ Ͳ Ͳ ͵Ͳ͸ͷͳͺ ͳͶͳͻͷͲͷ Ͷ͵͹͸͵ ͳͷ͹Ͷ͹ͺ ʹ͸ʹ͹ͷ͸ ͳʹ͸ʹͲʹ͹ ͹ʹͷͳͻ͹ ͳ͸͵͸͹ ͳͻͶͻͳͺͻͳ ʹ͵͵͸͹Ͷͳͳ ͷ͸Ͷͺ͹͹ͷ ͹ͺͻ͹Ͳͺͳ ͲǤʹͻͲ ͲǤ͵͵ͺ ͲǤͳʹͺ ͲǤͲͲʹ ͲǤͲ͵͹ ͲǤͲͲͳ ͲǤ͵ʹ͹ ͲǤ͵͵ͻ ͲǤͲ͸ͺ ͲǤͲͻ͸ ͲǤʹͶ͵ ͲǤʹʹͳ ͹͵͸͵͸ ͳͲͻʹͻ͸ͻ ͲǤͲͳͲ ͲǤͲ͵ͺ ͲǤͲͲ͵ ͲǤͲ͵͵ ͲǤͲͻͺ ͲǤ͵Ͷ͵ ͲǤͲʹͺ ͲǤʹͻ͹

ͳ͸Ͳ͵͸ͲͶ͵ ʹ͵ͻ͸Ͷͷͳ͹ ͵Ͷʹͻʹ͵͹ Ͷ͸ͻͳͺͺͳ ͲǤʹͻͻͳ ͲǤ͵ͲͳͶ ͳͲʹͷ͸ͺͷ ͳͶͳͶͳ͵͵ ͳͲͳͲͺͳͺ ʹʹͻͳͲ͵Ͳ ͵ͻͺͺ͹ ͳʹ͸͸͹ͳ ͲǤͲ͵ͻ ͲǤͲͷͷ ʹ͸ʹͶͶͻ ͷ͸͵ͺͶͷ Ͳ Ͳ Ͳ Ͳ ͳʹͺ͸ͶͲͷ ͳ͸ͻͶͻ͹͸ ͳ͹͵ͺͲ͵ ʹͶͷͷͻ͹ ͳͳͳʹ͸Ͳʹ ͳͶͶͻ͵͹ͺ ͳ͹ͷͷ͵ʹ ͷʹͺ͸ͲͲ ͳͳͶͻͶ͵ͳͻ ͳ͸ͻͺ͹ʹ͵ʹ ͵ͷʹͲͲͷͶ ͷ͹͸͵ͻͷ͹ ͲǤ͵Ͳ͸ ͲǤ͵͵ͻ ͲǤͲͷͲ ͲǤͲͻʹ ͲǤͲͳͷ ͲǤͲʹͺ ͲǤ͵ʹʹ ͲǤ͵͸͹ ͲǤͲ͸ͺ ͲǤͲͻ͸ ͲǤʹ͵͹ ͲǤʹͶͺ ͺͷͲͳͷ͵ ͺͺͷͷ͵͵ ͲǤͲ͸ͻ ͲǤͲ͸Ͳ ͲǤͲͷ͵ ͲǤͲ͵͹ ͲǤ͵ʹͶ ͲǤ͵Ͳͻ ͲǤʹͶͺ ͲǤͳͺͻ

͹ͳͲʹ͹Ͷͷ Ǧ ʹͻͻͺ͵ͶͲ Ǧ ͲǤͳʹͳͲͳ ͲǤͳͳͷͺ ͵͸ʹͺʹͻ Ͳ ͵͹ͷ͸ͻʹͶ Ǧ ͵ͷͳ͵ͳͳ Ǧ ͲǤͲͻͶ Ǧ ͳͲ͵͵ͳͶ Ǧ Ͳ Ǧ Ͳ Ǧ ͳͲͺͷʹͷ͹ Ǧ Ͳ Ǧ ͳͲͺͷʹͷ͹ Ǧ Ǧ͸ͳͻͳͳ͵ Ǧ ͸ʹ͵ͲͲͳͳ Ǧ ͳʹͺʹ͵ͳͳ Ǧ ͲǤʹͲ͸ Ǧ ǦͲǤͶͺ͵ Ǧ ǦͲǤͲͻͻ Ǧ ͲǤͳͲ͸ Ǧ ͲǤͲͻ͸ ͲǤͲͻͳ ͲǤͲͳͲ Ǧ ͻͺͳͻͶʹ Ǧ ͲǤͳͷ͵ Ǧ ͲǤͳ͵ͺ Ǧ ͲǤ͵͸ʹ Ǧ ͲǤ͵ʹ͹ Ǧ

ͳͲʹͻʹʹ͹Ͳ ͳͶ͵ʹͶ͵͵͸ ͵ͷ͵ͳ͸ͷͷ ͷͷͶͻͶͶͲ ͲǤͳʹͳͲͳ ͲǤͳͳͷͺ Ͷʹ͹͵͸͸ ͸Ͷʹ͸ʹͷ ͸Ͷ͹ͷʹ͹ʹ ͺ͵͵ͻ͹Ͷ͵ ͶͶͶͻ͵ͻ ͸ͳ͸͹ͻͳ ͲǤͲ͸ͻ ͲǤͲ͹Ͷ ͵͵ͺ͸͵Ͷ ͵Ͷͺͻͷͳ Ͳ Ͳ Ͳ Ͳ ͳͲͶͲ͹ͷͻ ͳͷͶ͸Ͳͷʹ Ͳ Ͳ ͳͲͶͲ͹ͷͻ ͳͷͶ͸Ͳͷʹ Ǧʹ͹Ͷ͹͸Ͳ ǦͷͷͶͶ͹͸ ͻͶͶͺͺͷͷ ͳʹͺʹʹͷ͵ʹ ͻ͹͵ͳʹͲ ͳ͹͹͹ͷͶ͸ ͲǤͳͲ͵ ͲǤͳ͵ͻ ǦͲǤʹͺʹ ǦͲǤ͵ͳʹ ǦͲǤͲʹͻ ǦͲǤͲ͵ʹ ͲǤͲ͹Ͷ ͲǤͳͲ͹ ͲǤͲͻ͸ ͲǤͲͻͳ ǦͲǤͲʹͲ ͲǤͲͳͶ ͹Ͳʹͳʹ͸ ͳͳͻ͹ͳͲͳ ͲǤͳͲͳ ͲǤͳͲͺ ͲǤͲ͸ͺ ͲǤͲͺͶ ͲǤʹͻͷ ͲǤʹ͹ͻ ͲǤͳͻͻ ͲǤʹͳ͸

FDL

GAUTEMALA ProCredit Fafidess Fundea GenEm FundM

͵͵͵ͳ͵ͷ͸ͳ Ͷͺ͹ͳ͸Ͳ͸Ͷ ͸ͷͲͳͲ͵͹ ͺ͹Ͳͳͳ͵ͳ ͲǤͳʹͳͲͳ ͲǤͳͳͷͺ ͹ͺ͸͸ͻͳ ͳͲͲ͹ͷͻͳ ʹͷͳ͹ͷͻͻͲ ͵͹͸͸͸͸͵ͳ ʹͲͲʹͺ͵Ͳ ͵Ͳ͸ͳͲͺͶ ͲǤͲͺͲ

͸͸ͻ͸Ͷͺ͸ͻ ͶͲͲͷͻ͹Ͷ ͹Ͷͺͳ͸Ͳͷ ͵ͳͶ͵ͺͷͺͲ ͳͳͺͺͺ͹ͳ ͻ͸ͻ͸͵ͺʹͲ Ǧ ͻͲ͹ͻͶͻͻ ͵ͻͶͺͳͶʹͺ ͳͶ͵͹ͳͷͶ ͳͲͶͳͻͺͻ͵ ʹ͸ͻͶʹͶʹ ͸͵ͺ͹͹ͳ͹ ͸ͷʹͺͺ͹͵ ͸ͳ͹ͺ͹͵ ͳ͵ͷʹͶ͸ʹͺ Ǧ ͹ͳ͸ͷͺͲʹ ͹Ͳ͹Ͳ͹Ͷͺ ͹ͲͶͷʹ͹ ͲǤͳʹͳͲͳ ͲǤͳ͵Ͳ͵͵ ͲǤͳ͵Ͳ͵͵ ͲǤͳ͵Ͳ͵͵ ͲǤͳ͵Ͳ͵͵ ͲǤͳͳͷͺ ͲǤͳʹ͹͸ ͲǤͳʹ͹͸ ͲǤͳʹ͹͸ ͲǤͳʹ͹͸ ͳʹ͸Ͳͻͳͳ ͵ͷͳͳͶͳ ͺ͵ʹͷͳͳ ͺͷͲͻͲͺ ͺͲͷʹ͹ ͳͷ͸͸ͳͷʹ Ǧ ͻͳͶ͵ͷ͸ ͻͲʹʹʹ͹ ͺͻͺͻͺ ͵͵͹Ͷͺͻ͵ͻ ͸͸ʹͶ͹Ͳ ͷͺͲͻ͹ͺ ʹ͵͵ͻ͹ͺʹͺ ͶͶͳ͵ͻͲ Ͷ͸͹͵͸ͳͳͲ Ǧ ͷͶͺ͸ͺʹ ͵Ͳ͸ͺͻͲͷͻ ͷͻͻͷͳ͵ ʹʹͺ͵Ͷͻͳ ͸Ͳͻ͹ͷ ͵ͳͷ͵ʹ ʹ͵ͻͺͶ͹Ͳ ͵ͷͷʹͲ ͵ͳͲ͵ͷʹͻ Ͳ Ǧ ʹͻͲͲͷ͹Ͳ Ͳ ͲǤͲ͸ͺ ͲǤͲͻʹ ͲǤͲͷͶ ͲǤͳͲ͵ ͲǤͲͺͲ

Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

  MFIs

Ǧ ͲǤͲͺͳ ͷͻͻͳͻͷ ͵͵͹͵͵Ͳ Ǧ Ͷ͹ͺ͵͵͸ Ͳ Ͳ Ǧ Ͳ Ͳ Ͳ Ǧ Ͳ ʹͲͲͷͶ͹Ͳ ͳͶ͵ʹͲ͹Ͳ Ǧ ʹͶͲͺͷͻͲ Ͳ Ͳ Ǧ Ͳ ʹͲͲͷͶ͹Ͳ ͳͶ͵ʹͲ͹Ͳ Ǧ ʹͶͲͺͷͻͲ Ǧ͵͹ͻͻ͹Ͷ Ǧ͸Ͳ͸ͳͷ͵ Ǧ ǦͳʹͲͻͺͲʹ ͳͺͶͳͳ͸͵͵ ͳʹʹͶ͸ͳʹͳ Ǧ ʹͳ͹ͷͳͶͶͶ ͳ͹͵͹͵ͷͷ ͷ͵͵ͷͳͲͲ Ǧ ͹ͺʹ͵ʹͳͻ ͲǤͲͻͶ ͲǤͶ͵͸ Ǧ ͲǤ͵͸Ͳ ǦͲǤʹͳͻ ǦͲǤͳͳͶ Ǧ ǦͲǤͳͷͷ ǦͲǤͲʹͳ ǦͲǤͲͶͻ Ǧ ǦͲǤͲ͸͹ ͲǤͲ͹Ͷ ͲǤ͵ͺ͸ Ǧ ͲǤʹͻʹ ͲǤͲͻ͸ ͲǤͲͻ͸ ͲǤͲͻͳ ͲǤͲͻͳ ǦͲǤͲʹͲ ͲǤʹ͸ͷ Ǧ ͲǤͳͺͶ ͳͶͲ͸ʹ͹ͷ ͳͲͻͶ͹ͶͲ Ǧ ͳͻ͵ͲʹͷͶ ͲǤͲͻ͵ ͲǤͲͺͻ Ǧ ͲǤͲͻͲ ͲǤͲ͸ͷ ͲǤͲ͸ͺ Ǧ ͲǤͲ͹͵ ͲǤʹ͵͸ ͲǤ͵ͷͷ Ǧ ͲǤ͵ͺ͹ ͲǤͳ͸͸ ͲǤʹ͹ͳ Ǧ ͲǤ͵ͳͲ

BancoS

Ǧ ͵Ͳ͵ͳͳͶ Ǧ ͻ͹ʹʹͳͳ Ǧ ͻ͹ʹʹͳͳ Ǧ ͳͻʹ͵ʹ͵Ͳ Ǧ Ͳ Ǧ ͳͻʹ͵ʹ͵Ͳ Ǧ Ǧͳͺͺͺ͹͵ Ǧ ͳʹ͹ͻͺ͹͹͹ Ǧ ͳʹ͸ʹͶʹͶ Ǧ ͲǤͲͻͻ Ǧ ǦͲǤͳͷͲ Ǧ ǦͲǤͲͳͷ Ǧ ͲǤͲͺͶ Ǧ ͲǤͲͻ͸ ͲǤͲͻͳ ǦͲǤͲͳͳ Ǧ ͸Ͷ͹ͻͲͶ Ǧ ͲǤͳʹͶ Ǧ ͲǤͲͶʹ Ǧ ͲǤͷͲ͹ Ǧ ͲǤͳ͹ͳ Ǧ

ͲǤͲͺͺ ͳͶͺ͸ͶͲ͸ ͳ͸ʹͶͷͷʹ Ͳ Ͳ Ͳ Ͳ ͵ͳ͸͹ͶͲͺ ͷͳͺͳͺͳ͹ ͻͷͶͺͶ͵ ͳͷͶͷͳ͹ͻ ʹʹͳʹͷ͸ͷ ͵͸͵͸͸͵͹ ͻ͵ͳͷʹ Ǧ͹ͻͳͻ͸Ͳ Ͷ͸ͷ͸ͺͲͳ͸ ͹Ͷʹͺͺ͵ʹͶ ͳ͵ͷ͹ͳʹͷͻ ʹͳ͵ͺ͵͸Ͷ͸ ͲǤʹͻͳ ͲǤʹͺͺ ͲǤͲͲ͹ ǦͲǤͲ͵͹ ͲǤͲͲʹ ǦͲǤͲͳͳ ͲǤʹͻ͵ ͲǤʹ͹͹ ͲǤͲͻ͸ ͲǤͲͻͳ ͲǤͳͺͲ ͲǤͳ͹Ͳ ͹ʹ͸ͳͷͻ ʹͲͳʹͲͺͷ ͲǤͲ͵͸ ͲǤͲ͵ͺ ͲǤͲͳʹ ͲǤͲʹͳ ͲǤ͵ʹ͹ ͲǤ͵Ͷͷ ͲǤͳͲ͹ ͲǤͳͻͳ

COSAC PROcredit

Avg.Assets,2005 ʹ͹͹ͳʹͺͷͳͺ ͸͸͵ͻͷͶͻ Avg.Assets,2006 ͵ͳͻ͵͸Ͷ͵͹Ͳ ͺͳͷͶͷͷͳ Ave.Equity(E),2005 ʹʹͳͶͳͺʹͺ ͳͺͳͶ͵͹Ͳ Ave.Equity(E),2006 ʹͺͶͷ͹ͷͻ͹ ʹͳͲͺͶͶ͸ Opp.Costofsociety(m),2005 ͲǤͲͻ͵͵ͺ ͲǤͲͻ͵͵ͺ Opp.Costofsociety(m),2006 ͲǤͲͻͷʹ ͲǤͲͻͷʹ SubsidyonEquity.E*m,2005 ʹͲ͸͹͸ͲͶ ͳ͸ͻͶʹ͸ SubsidyonEquity.E*m,2006 ʹ͹Ͳͻͳ͸͵ ʹͲͲ͹ʹͶ Ave.Publicdebt(A),2005 ͷ͸͵ͺͻͺͷͲ ͳʹʹ͸͹͹ͷ Ave.Publicdebt(A),2006 ͹ʹͺͷͷ͹ͺʹ ͳ͵͹͹ͳͺͷ Exp.Int.Publicdebt.A*c,2005 ͶͲͷʹ͵ͻͷ ͳʹ͵ʹͺͳ Exp.Int.Publicdebt.A*c,2006 ͷ͵ͻʹ͹͵ʹ ͳͶͳͷͳͶ Ratepaidpublicdebt(c),2005 ͲǤͲ͹ʹ ͲǤͳͲͲ Ratepaidpublicdebt(c),2006 ͲǤͲ͹Ͷ ͲǤͳͲ͵ Disc.Publicdebt.A*(mc),2005 ͳʹͳ͵ʹͺͻ Ǧͺ͹ʹͷ Disc.Publicdebt.A*(mc),2006 ͳͷͶ͵ͳ͵ͺ ǦͳͲͶͲ͸ Rev.Grants(RG),2005 Ͳ Ͳ Rev.Grants(RG),2006 Ͳ Ͳ K(RG+DX),2005 Ͳ Ͳ K(RG+DX),2006 Ͳ Ͳ AccountingProfit(P),2005 ͶͷͷʹͶͻʹ ʹ͵͸ͺͶ AccountingProfit(P),2006 ͵ͷͲ͹ͳ͹ ʹͺͻ͵ͻ Taxes,2005 ͳ͵ͷͶ͸ͳͶ ͸ͺͲͶ Taxes,2006 Ͷ͵͹ͳ͸ʹ ͳͲ͹ͳͻ Acc.profitlessTaxes(AP),2005 ͵ͳͻ͹ͺ͹ͺ ͳ͸ͺͺͲ Acc.profitlessTaxes(AP),2006 Ǧͺ͸ͶͶͷ ͳͺʹʹͲ Subsidy.S{E*m+A(mc)+KAP}05 ͺ͵Ͳͳͷ ͳͶ͵ͺʹͳ

͸͹ͳͷͲͲͷͲ ͳͲ͹ͳͲ͵ʹͻͳ ͻͻͺ͹͸ʹʹ ͳͲͶͺͳʹͻ͸ ͲǤͲͻ͵͵ͺ ͲǤͲͻͷʹ ͻ͵ʹ͸ͶͶ ͻͻ͹ͺͳͻ ͶʹͷʹͶͻͷͳ ͷͷ͵ʹ͸ͻͷͳ ͵Ͷͳͷͳ͸͹ Ͷʹ͹͵ͲͲͲ ͲǤͲͺͲ ͲǤͲ͹͹ ͷͷͷͺͳ͵ ͻͻͶͳʹ͸ Ͳ Ͳ Ͳ Ͳ ͳ͸͹ͺͲͶͻ ʹ͹ʹ͹ͲͲͲ ͸Ͷͷ͵Ͷͷ ͹ͳͺͲͲͲ ͳͲ͵ʹ͹ͲͶ ʹͲͲͻͲͲͲ Ͷͷͷ͹ͷ͵

 

ͲǤͲͺͳ ͳͲͶ͵͹ͳ͹ ͳ͵ͲͲ͹ͳʹ Ͳ Ͳ Ͳ Ͳ ʹʹͺͶͲͲ͵ ʹ͸Ͳ͵ͻ͹ͺ Ͳ Ͳ ʹʹͺͶͲͲ͵ ʹ͸Ͳ͵ͻ͹ͺ ǦͶͷ͵ͷͻ͸ Ǧʹͻͷ͸͹ͷ ʹ͹ͺ͹ͺ͹ͳͳ ͶͲ͹ͺͻ͹ͳͺ ʹͷ͸͹͹ͷͳ ͷ͹Ͳͻͻ͹͸ ͲǤͲͻʹ ͲǤͳͶͲ ǦͲǤͳ͹͹ ǦͲǤͲͷʹ ǦͲǤͲͳ͸ ǦͲǤͲͲͷ ͲǤͲ͹͸ ͲǤͳ͵ͷ ͲǤͲͻ͸ ͲǤͲͻͳ ǦͲǤͲͳͺ ͲǤͲͶͲ ͳʹͶͲʹͺ͹ ͳ͵Ͳ͵ʹ͸͸ ͲǤͲ͸ͻ ͲǤͲͷ͵ ͲǤͲ͵͹ ͲǤͲʹ͹ ͲǤ͵ͷͳ ͲǤʹͻͻ ͲǤͳͻͳ ͲǤͳͷͲ

ͲǤͲ͸͸ Ǧ ͲǤͲͲͲ ͲǤͲͻͷ ͲǤͲͲͲ ͳͺͲͲͶ͸ͺ ʹͷ͵͸ͷ ͶͶͳͺ͹ ͸ͷͲͻ͸ͻ ʹʹͲͲ͹ ʹ͵Ͳͺͷͳʹ Ǧ ͹ͲͲͳʹ ͳͲͳͷ͵ͷͶ ͹͸Ͷͻͺ Ͳ ͷͶͳͷͲ ʹͳͲͶ͸ ͳͶͺͶ͸ʹ ͳʹͲͲͲ Ͳ Ǧ Ǧ ͳͳͺʹͻ͹ Ͳ Ͳ ͷͶͳͷͲ ʹͳͲͶ͸ ͳͶͺͶ͸ʹ ͳʹͲͲͲ Ͳ Ǧ Ǧ ͳͳͺʹͻ͹ Ͳ ͵͸͹͹͹Ͷͻ ͷʹ͸ͶʹͲ ͸͵͹͸ͳ͵ ͹ͻͲͻͳʹ ʹͺͲ͹ͻ ͳͻͷ͵͵ͺʹ Ǧ Ǧ ͷͺͺ͵ͳ͸ Ͳ ͳͳ͸Ͳͷ͹ͷ Ͳ ͳͲ͵ͲͶͶ ʹ͵ͳʹʹͲ Ͳ ͸ͻͲͳͻʹ Ǧ Ǧ ͳͶ͹ͻͳͶ Ͳ ʹͷͳ͹ͳ͹͵ ͷʹ͸ͶʹͲ ͷ͵Ͷͷ͸ͻ ͷͷͻ͸ͻʹ ʹͺͲ͹ͻ ͳʹ͸͵ͳͻͳ Ǧ Ǧ ͶͶͲͶͲʹ Ͳ ͷͶͶʹͲ͸ Ǧͻͷ͹͸ͷ ͵͸͵ͳ͹ͷ ͳͲͻͲ͸Ͷ͸ ͺ͸Ͷͷ͸ ʹ͸ͳͳͶ͹Ͷ Ǧ Ǧ ͳͷͻͷͶ͹͸ ͳ͸͸͵ͻ͸ ͷͶͺ͵ͲͶ͸ͻ ͵͸ͶͲ͹ʹͶ ͷ͹Ͳ͸ͶͲͶ ʹͺͺͳͲʹ͵ͳ ͺͳͲ͵ʹͶ ͹͹ͺʹʹͳͳʹ Ǧ Ǧ ͵ͷͻͳ͸Ͷʹ͹ Ͷͺͻ͵ͺͳ ͳ͹Ͷͷ͵͸͹ͻ ͺͳʹ͵ͻͲ ͳ͸ͷ͸ͲͶͶ ͺ͵Ͳʹͻͺͺ ͳͲͺͺͷͲ ʹʹ͵͹ͲͶͷͺ Ǧ Ǧ ͳͲʹͶ͸ͺͷ͵ Ͳ ͲǤ͵ͳͺ ͲǤʹʹ͵ ͲǤʹͻͲ ͲǤʹͺͺ ͲǤͳ͵Ͷ ͲǤʹͺ͹ Ǧ Ǧ ͲǤʹͺͷ ͲǤͲͲͲ ͲǤͲ͵ͳ ǦͲǤͳͳͺ ͲǤʹͳͻ ͲǤͳ͵ͳ ͲǤ͹ͻͶ ͲǤͳͳ͹ Ǧ Ǧ ͲǤͳͷ͸ Ǧ ͲǤͲͳͲ ǦͲǤͲʹ͸ ͲǤͲ͸Ͷ ͲǤͲ͵ͺ ͲǤͳͲ͹ ͲǤͲ͵͹ Ǧ Ǧ ͲǤͲͶͷ Ǧ ͲǤ͵ʹͺ ͲǤͳͻ͹ ͲǤ͵ͷͶ ͲǤ͵ʹ͸ ͲǤʹͶͳ ͲǤ͵ʹͷ Ǧ Ǧ ͲǤ͵͵Ͳ Ǧ ͲǤͲͻ͸ ͲǤͲͺͶ ͲǤͲͺͶ ͲǤͲͺͶ ͲǤͲͺͶ ͲǤͲͻͳ ͲǤͲ͸ͷ ͲǤͲ͸ͷ ͲǤͲ͸ͷ ͲǤͲ͸ͷ ͲǤʹͳʹ ͲǤͳͲͶ ͲǤʹͶͻ ͲǤʹʹ͵ ͲǤͳͶͷ ͲǤʹͳͶ Ǧ Ǧ ͲǤʹͷͲ Ǧ ͹ͳ͸͹Ͳ͸ ͶͶ͸ͻͲͷ Ͷ͸ͻ͵͵͸ Ǧʹ͵ͻ͹͵ͺ Ǧͷͻʹͺ ǦͳͲͶͷ͵ʹʹ Ǧ  Ǧ͸ͻ͵ʹͶͻ Ǧ͹͸Ͷͻͺ ͲǤͲ͵ͺ ͲǤͳ͵ͳ ͲǤͲ͹ͳ ͲǤͲͳͺ ͲǤͲʹͶ ͲǤͲͳ͵ Ǧ ͲǤͲͲͲ ͲǤͲͳͳ ͲǤͲͲͲ ͲǤͲͳͳ ͲǤͳͳʹ ͲǤͲ͸͵ ǦͲǤͲͲͺ ǦͲǤͲͲͷ ǦͲǤͲͳͳ Ǧ ǦͲǤͲͲͺ ǦͲǤͲͳͺ ǦͲǤͲͷ͵ ͲǤʹͶʹ ͲǤͳͻͷ ͲǤͲͺͶ ͲǤͲͺ͸ ͲǤͲͶͷ ͲǤͲͻ͵ Ǧ ͲǤͲͲͲ ͲǤͲ͸ʹ ͲǤͲͲͲ ͲǤͲ͸ͻ ͲǤͳ͸͸ ͲǤͲ͹͵ ǦͲǤͲ͵͹ ǦͲǤͲͳͲ ǦͲǤͲ͹͹ Ǧ ǦͲǤͲͳͲ ǦͲǤͲͻͺ ǦͲǤͳͲͻ

ECUADOR CoacSJ FundE DMiro CJardin FODEMI ͻͻ͵ͷͷ͵Ͷ ͳ͵ͲͲͷ͸ͻͳ ʹ͵ͻͷ͵͹͵ ʹͺͳͲͶͲ͹ ͲǤͲͻ͵͵ͺ ͲǤͲͻͷʹ ʹʹ͵͸ͺͲ ʹ͸͹ͷͷͳ ͵ͳͺͷͲ͸ ͺ͸Ͷ͵ʹͳ ʹͷ͹ͳͷ Ͳ ͲǤͲͺͳ ͲǤͲͲͲ ͶͲʹ͹ ͺʹʹͺ͵ Ͳ Ͳ Ͳ Ͳ ʹ͵ͷʹ͵ͻ ͳͻ͵ͲͲʹ ͸ʹͳ͹ʹ Ͷͷʹ͵ͻ ͳ͹͵Ͳ͸͹ ͳͶ͹͹͸͵ ͷͶ͸ͶͲ

ͶͶͻͳ͵ͳͲ ͸Ͷ͸ͷͶ͸͵ ͳʹͶ͹͸ͳͷ ͳ͸Ͳ͸ͻ͵ͳ ͲǤͲͻ͵͵ͺ ͲǤͲͻͷʹ ͳͳ͸ͷͲʹ ͳͷʹͻͺͲ ͵ʹͶ͵͸ͻͷ Ͷͺͷͺͷ͵ʹ ʹ͹Ͷ͸ͷʹ Ͷ͸Ͳ͸ʹͳ ͲǤͲͺͷ ͲǤͲͻͷ ʹͺʹͶͶ ͳͻͳͳ Ͳ Ͳ Ͳ Ͳ ʹͻ͵Ͳ͵ͻ Ͷʹͷͷͻʹ Ͳ Ͳ ʹͻ͵Ͳ͵ͻ Ͷʹͷͷͻʹ ǦͳͶͺʹͻ͵

Finca

ͷͻͺ͹Ͷ͵ͳ ͵͹ͲͶ͵͹Ͷͺ ʹ͹ͲʹͶ͵Ͷ ͳ͹͵ʹ͵ͲͲͲ ͹͸Ͳ͸͸ͺͻ ͷͷͶͷͺʹ͵ͳ ͵͹ʹͶͷʹͻ ʹ͵͸Ͷ͹ͲͲͲ ͶͳͳͳʹͳͲ ͸ͷͷͶͻ͹ͺ ͳ͸ͳͲͲͻͶ ͷ͵ʹ͵ͷͲͲ ͷͶͺͷͻͷ͵ ͺ͸͹ͳͳͶ͹ ʹͳͶͺ͵ͻͺ ͻͲͳͻͲͲͲ ͲǤͲͻ͵͵ͺ ͲǤͲͻ͵͵ͺ ͲǤͲͻ͵͵ͺ ͲǤͲͻ͵͵ͺ ͲǤͲͻͷʹ ͲǤͲͻͷʹ ͲǤͲͻͷʹ ͲǤͲͻͷʹ ͵ͺ͵ͻͲͷ ͸ͳʹͳͲͶ ͳͷͲ͵ͷͳ Ͷͻ͹ͳͲͺ ͷʹʹʹ͸͵ ͺʹͷͶͻ͵ ʹͲͶͷʹ͹ ͺͷͺ͸Ͳͻ ͳͲ͵ͳͳͺͻ ͵͵͹͸ͻͳ ͵Ͷ͵Ͳ͸ͺ ͵ʹͶ͵ͷͲͲ ͳͶͺ͸͹ͺʹ ͸Ͳ͹Ͷ͹Ͳ ͺͶͻ͸ͻ͹ ͺͻʹʹͲͲͲ ͷͻ͸ͳ͸ ʹͳ͸͸ͷ ͳͶʹʹͶ ͵ͳ͸ͲͲͲ ͻͳ͵ʹͲ ʹʹͻͷͳ ͷͻͳͲ͹ ͹ʹʹͲͲͲ ͲǤͲͷͺ ͲǤͲ͸Ͷ ͲǤͲͶͳ ͲǤͲͻ͹ ͲǤͲ͸ͳ ͲǤͲ͵ͺ ͲǤͲ͹Ͳ ͲǤͲͺͳ ͵͸͸͹͸ ͻͺ͸ͻ ͳ͹ͺͳʹ Ǧͳ͵ͳʹʹ ͷͲʹʹʹ ͵ͶͺͺͲ ʹͳ͹ͺͶ ͳʹ͹͵͹Ͷ ͵ͲͲͲͲ Ͳ ͳʹͷͺ͹ Ͳ ʹ͹ͷͲͲ Ͳ Ͳ Ͳ ͵ͲͲͲͲ Ͳ ͳʹͷͺ͹ Ͳ ʹ͹ͷͲͲ Ͳ Ͳ Ͳ ͷͲͳͳͻͶ ͳ͹Ͳ͸͸ͺ ͳͻͺ͹͵͸ ʹʹͷͻͲͲͲ ͺͳ͸Ͷ͵͵ ͵Ͷ͹ʹͲ͵ ʹ͹ͷͲͻͷ ʹʹͺͶͲͲͲ ʹͳͻ͸ ͷͺ͸ͳͶ ͳͲͲͲ ͸ʹ͸ͲͲͲ ͸͹ʹ͸ ͳ͸ͺ͵ͻ͹ ͹ͷͺͷ ͸ͲͷͲͲͲ Ͷͻͺͻͻͺ ͳͳʹͲͷͶ ͳͻ͹͹͵͸ ͳ͸͵͵ͲͲͲ ͺͲͻ͹Ͳ͹ ͳ͹ͺͺͲ͸ ʹ͸͹ͷͳͲ ͳ͸͹ͻͲͲͲ ǦͶͺͶͳ͹ ͷͲͻͻͳͺ Ǧͳ͸ͻͺ͹ ǦͳͳͶͻͲͳͶ

Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

  MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005

Ͷ͵͵ͺ͹Ͷ͹ ͳͺʹͶ͸ʹͷͷͻ ʹͳͶͷʹ͸ͶͳͶ ʹ͵ͶʹͻͷͲ͹ ʹ͹͹Ͳͳͳ͹͵ ͲǤͳʹͺ ͲǤͳʹͻ ͲǤͲͲͶ ͲǤͳͷ͹ ͲǤͲͲͲ ͲǤͲʹͲ ͲǤͳʹͻ ͲǤͳͶͻ ͲǤͲʹͶ ͲǤͲ͵Ͳ ͲǤͳͲʹ ͲǤͳͳͷ ͳͻͺͶͷͺͻ Ǧͳ͸ʹͻͷͺ͵ ͲǤͲͳʹ ͲǤͲͲͲ ͲǤͲͲ͹ ǦͲǤͲͲͷ ͲǤͳͶͶ ǦͲǤͲͲ͵ ͲǤͲͻͲ ǦͲǤͲͷ͹

ͳ͹ʹͲͻͺ ͷʹͳͺͻ͹͹ ͸͵ͺͻͻ͹Ͳ ͳͲͶ͹͵͵͸ ͳʹʹ͵ͷͶͶ ͲǤʹͲͳ ͲǤͳͻͳ ͲǤͳ͵͹ ͲǤͳͶͳ ͲǤͲʹͺ ͲǤͲʹͺ ͲǤʹʹͺ ͲǤʹʹͲ ͲǤͲʹͶ ͲǤͲ͵Ͳ ͲǤͳͻͻ ͲǤͳͺͶ ʹͷ͸Ͳͷ ʹͺ͸ʹ͸ ͲǤͲͲ͵ ͲǤͲͲʹ ͲǤͲͲͶ ͲǤͲͲͶ ͲǤͲͲͻ ͲǤͲͲͻ ͲǤͲͳͶ ͲǤͲͳͶ

COSTARICA Fundcoca CredMuj ͳͳͻ͹ʹͺ͸ Ǧ ͸ͺͷ͵ͻ͹ Ǧ ͲǤʹͶ͸ͷ͸ ͲǤʹʹͳͻ ͳ͸ͺͻͻʹ Ǧ Ͷͺͺ͵͹ͻ Ǧ ͳͲ͵ͳͳ͹ Ͳ ͲǤʹͳͳ Ǧ ͳ͹ʹͻͺ Ǧ Ͳ Ǧ Ͳ Ǧ ʹͺ͹ͳͺ Ǧ Ͳ Ǧ ʹͺ͹ͳͺ Ǧ ͳͷ͹ͷ͹ͳ Ǧ ͺͶͶ͵͸ͻ Ǧ ͳͻͲͷ͸͹ Ǧ ͲǤʹʹ͸ Ǧ ͲǤͺʹ͹ Ǧ ͲǤͳͺ͹ Ǧ ͲǤͶͳʹ Ǧ ͲǤͳ͵ͺ

͸͸Ͳ͹Ͷͺ ͷͺͺͳͻʹ ͳ͹ͻ͵ͻͲ ͳͺͲͲͶʹ ͲǤʹͶ͸ͷ͸ ͲǤʹʹͳͻ ͶͶʹ͵Ͳ ͵ͻͻͷͳ Ͷ͸ͲͲͶ͵ ͵ͻͶͶͲͻ ͷͲͺͺ͸ ͶͲͲ͸ͷ ͲǤͳͳͳ ͲǤͳͲʹ ͸ʹͷͶʹ Ͷ͹ͶͷͶ Ͷͻ͹ͻ ͷͻʹ Ͷͻ͹ͻ ͷͻʹ Ǧͳ͵ͻ͸͵ ͵͸ʹͳ͸ Ͳ Ͳ Ǧͳ͵ͻ͸͵ ͵͸ʹͳ͸ ͳʹͷ͹ͳͷ ͷͳ͹ͺͲ ͷ͸͸ͷͺͶ Ͷͺ͸Ͷͻ͸ ʹͲͳ͹͵͹ ͳ͹͹͵ͳͳ ͲǤ͵ͷ͸ ͲǤ͵͸Ͷ ͲǤ͸ʹ͵ ͲǤʹͻʹ ͲǤʹʹʹ ͲǤͳͲͶ ͲǤͷ͹ͺ ͲǤͶ͸ͺ ͲǤͳ͵ͺ

Ǧͳ͹Ͳͷͷ ͷͷ͵Ͷ͵͸ͳ͵ ͵ͻͻͲͶ͸ͳ͵ ͺͳ͹ͲͲͳͺ ͳʹͳͶ͵ͲͲͲ ͲǤͳͶͺ ͲǤ͵ͲͶ ͲǤͲͷ͸ ǦͲǤͲͲͳ ͲǤͲͲͺ ͲǤͲͲͲ ͲǤͳͷ͸ ͲǤ͵ͲͶ ͲǤͲʹͶ ͲǤͲ͵Ͳ ͲǤͳʹͻ ͲǤʹ͸͸ Ͷ͹͸ͺͻͳ ͳͲͳͶͺ͹Ͷ ͲǤͲͳͷ ͲǤͲͳͻ ͲǤͲͲ͹ ͲǤͲͲͻ ͲǤͳͲ͵ ͲǤͳͻʹ ͲǤͲͶͺ ͲǤͲͻ͹

FMMP

Finamer

COLOMBIA DOM.REP. CMMBog FMMBuca WWBCa WMMMed ADEMI

ͶͳͺͺͳͲ͵ͻ ͸͹͹ͻͶͳͻ͵ ʹͳ͹ͻ͹͵ͷͳ ʹͺͷͳͻʹ͸Ͳ ͲǤͳͶͷ͸ͳ ͲǤͳʹͺͻ ͵ͳ͹͵ͻͳʹ ͵͸͹͸ͳ͵͵ ͳͻͶʹͶ͸ͻ͸ ͵ͺʹͳͺ͸ͳ͵ ͳͻ͵ͶͶͶͷ ͵ͻ͵͵ʹ͸ͺ ͲǤͳͲͲ ͲǤͳͲ͵ ͺͻ͵ͻͺͷ ͻͻ͵ͳͳͳ Ͳ Ͳ Ͳ Ͳ ͷ͵͹ͻͳͺͲ ͶͲ͹ͳͷͷ͵ ͷͷͻͲͳ ͻͻͳͳ͵ ͷ͵ʹ͵ʹͺͲ ͵ͻ͹ʹͶ͵ͻ Ǧͳʹͷͷ͵ͺʹ ͸ͻ͸ͺͲͷ ͵͹ʹ͹ͳ͸ͺ͸ ͸ʹͶͲ͸Ͷͻ͹ ͻʹ͹ͷ͹ͻ͸ ͳͶͷʹ͵ͳ͸͸ ͲǤʹͶͻ ͲǤʹ͵͵ ǦͲǤͳ͵ͷ ͲǤͲͶͺ ǦͲǤͲ͵Ͷ ͲǤͲͳʹ ͲǤʹͳͷ ͲǤʹͶͷ ͲǤͲͷͳ

͵͹͹ͲͻͷͶͳ ͷʹ͸ͳ͹ͷͲͻ ͸͸ͷͺͻͳ͸ ͹ͷͻ͹Ͷʹ͸ ͲǤͳͶͷ͸ͳ ͲǤͳʹͺͻ ͻ͸ͻ͸Ͳͷ ͻ͹ͻ͵Ͳͺ ͹ʹ͸Ͷͷ͹ͻ ͺͷ͵͹ͷ͹͸ ͵͸Ͷʹʹͷ ͵Ͷͳͳʹ͹ ͲǤͲͷͲ ͲǤͲͶͲ ͸ͻ͵ͷ͹Ͳ ͹ͷͻ͵͸͸ Ͳ Ͳ Ͳ Ͳ ͻ͹ͻͳͺ͵ Ͷͷ͵͵Ͷ͸ ͳͺ͹͹ͻͺ ʹͳͷͻͶ͵ ͹ͻͳ͵ͺͷ ʹ͵͹ͶͲ͵ ͺ͹ͳ͹ͻͲ ͳͷͲͳʹ͹ͳ ͵ͳͺ͸Ͷ͸͵Ͷ ͶͶͺͻ͹ͲͶ͹ ͹ͳͻͳͷ͸ͷ ͺ͹ͻͷͷͶ͵ ͲǤʹʹ͸ ͲǤͳͻ͸ ͲǤͳʹͳ ͲǤͳ͹ͳ ͲǤͲʹ͹ ͲǤͲ͵ͻ ͲǤʹͷ͵ ͲǤʹ͵Ͷ ͲǤͲͷͳ

ͳͻ͹Ͷ͵͹ͳͺ ʹͻͳ͹͸ͻ͸ͺ ͶͶʹ͹ͳͶͻ ͷ͹ͺ͵Ͷͷʹ ͲǤͳͶͷ͸ͳ ͲǤͳʹͺͻ ͸ͶͶ͸͵͹ ͹ͶͷͶͺ͹ ͳͶͺʹͻ͸͸ͷ ʹʹ͸Ͳ͹ʹͻ͵ ͳͶʹͷͶͻͲ ͳͻͺʹͷ͵͵ ͲǤͲͻ͸ ͲǤͲͺͺ ͹͵͵ͺͷͺ ͻ͵ͳͷͶ͹ Ͳ Ͳ Ͳ Ͳ ͺͺͷʹʹͲ ͳͳ͸ͷ͵ͳ͵ ͳ͹Ͳͻͻ ʹͻͷͷ͹ ͺ͸ͺͳʹͳ ͳͳ͵ͷ͹ͷ͸ ͷͳͲ͵͹ͷ ͷͶͳʹ͹ͻ ͳ͹ͻ͹ͶͲʹͷ ʹ͹ͳͳͳʹͲͻ Ͷͳ͹Ͳͻʹͳ ͷͷͻ͸ͷͷͶ ͲǤʹ͵ʹ ͲǤʹͲ͸ ͲǤͳʹʹ ͲǤͲͻ͹ ͲǤͲʹͺ ͲǤͲʹʹ ͲǤʹ͸Ͳ ͲǤʹʹͻ ͲǤͲͷͳ

 

ʹͲʹͲ͹ͳ Ǧʹ͹Ͳ͹Ͳͳ ǦʹͲͻ͹ʹ͵ ͸ͺͳͷ͸͹ ǦͶͳͳͻͺ Ǧ͸ͻ͵Ͳͳ͹ ͺͲ͸ͶͶͺͲ ͵ͺ͹ͻ͵ͳ͹ ͷͳͳͻ͸͹Ͳ ʹͺ͵ͻʹʹ͵ͻ ʹͶͺͻʹͶʹ ͳͷͲͺ͸ͲͲͲ ͳͲͳ͸͸͸͹Ͳ ͷ͸͹ͷͷ͸͸ ͸͵ͺ͸ͺͻ͸ Ͷ͵͹͸ͻʹͺ͹ ͵ͶͺͻͲͲͶ ʹͲͶͷͳͷͲͲ ͳͳͻͲͳ͵ͺ Ͷ͹Ͳ͵͸Ͷ ͸ͶͲͺ͸ͷ Ͷͳ͹͸͵͸ͳ ͵ͲͷͻͻͲ ͳͺͺͲͲͲͲ ͳ͵͸͹ʹͶͻ ͸͵ͺͺʹͷ ͹ͷ͵ͶͲ͸ ͷ͹ͷͺʹ͸ʹ ͶͶͻͳͳͲ ʹͷͳͻͲͲͲ ͲǤͳͶͺ ͲǤͳʹͳ ͲǤͳʹͷ ͲǤͳͶ͹ ͲǤͳʹ͵ ͲǤͳʹͷ ͲǤͳ͵Ͷ ͲǤͳͳ͵ ͲǤͳͳͺ ͲǤͳ͵ʹ ͲǤͳʹͻ ͲǤͳʹ͵ ͲǤͲͶ͸ ǦͲǤ͵ͳͷ ǦͲǤͲ͹͸ ͲǤͳʹʹ ǦͲǤͲͷ͸ ǦͲǤ͸ͳͳ ͲǤͳͶͺ ǦͲǤͶʹͶ ǦͲǤʹ͹ͺ ͲǤͳͳͺ ǦͲǤͲͻʹ ǦͲǤʹ͹ͷ ͲǤͲͲ͹ ǦͲǤͲ͵ͺ ǦͲǤͲͲͻ ͲǤͲͳͺ ǦͲǤͲͲ͹ ǦͲǤͲ͹͸ ͲǤͲʹʹ ǦͲǤͲͷͳ ǦͲǤͲ͵ͷ ͲǤͲͳ͹ ǦͲǤͲͳͳ ǦͲǤͲ͵Ͷ ͲǤͳͷͶ ͲǤͲͺ͵ ͲǤͳͳ͸ ͲǤͳ͸ͷ ͲǤͳͳ͸ ͲǤͲͶͺ ͲǤͳͷ͸ ͲǤͲ͸ͳ ͲǤͲͺ͵ ͲǤͳͶͻ ͲǤͳͳ͹ ͲǤͲͺͻ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤͲ͵Ͳ ͲǤͲ͵Ͳ ͲǤͲ͵Ͳ ͲǤͲ͵Ͳ ͲǤͲ͵Ͳ ͲǤͲ͵Ͳ ͲǤͳʹ͹ ͲǤͲͷͺ ͲǤͲͺͻ ͲǤͳ͵ͺ ͲǤͲͻͲ ͲǤͲʹͶ ͲǤͳʹʹ ͲǤͲ͵Ͳ ͲǤͲͷͳ ͲǤͳͳͷ ͲǤͲͺͷ ͲǤͲͷ͹ ͳ͸ͻͲͶͲ ʹ͸Ͷ͹ͻͷ Ͷ͵ʹ͵ʹʹ ͳͲʹͳͺͷ ͳ͸͹͵͵͹ ͳ͸Ͷ͸ͳʹʹ ͸ͷͶͺͲ Ͷʹ͵͸ͺͳ ͹͵ͳͻͺͷ ͳͶ͵ͻʹ͸ ʹͶͷ͹ʹ͸ ͳͷͷͳ͸ʹ͸ ͲǤͲͳ͹ ͲǤͲ͸ͷ ͲǤͲͺ͵ ͲǤͲͲ͵ ͲǤͲ͹͵ ͲǤͲͻͶ ͲǤͲͳͳ ͲǤͲ͸͸ ͲǤͳͲ͸ ͲǤͲͲ͵ ͲǤͲ͹ʹ ͲǤͲ͹ͳ ͲǤͲͳ͹ ͲǤͲͷͻ ͲǤͲ͹ʹ ͲǤͲͲ͵ ͲǤͲ͸ʹ ͲǤͲͻͷ ͲǤͲͲͷ ͲǤͲ͸͸ ͲǤͲͻ͸ ͲǤͲͲ͵ ͲǤͲ͸͸ ͲǤͲ͸͸ ͲǤͲ͹ʹ ͲǤʹ͵ͷ ͲǤͳʹͳ ͲǤͲͳ͹ ͲǤͳʹ͵ ͲǤ͵Ͳ͹ ͲǤͲͷ͵ ͲǤʹ͸ͷ ͲǤͳͶͺ ͲǤͲʹͳ ͲǤͳʹͷ ͲǤͳͺ͸ ͲǤͲ͹ͳ ͲǤʹͳʹ ͲǤͳͲͷ ͲǤͲͳ͸ ͲǤͳͲͶ ͲǤ͵Ͳͻ ͲǤͲʹ͵ ͲǤʹ͸Ͷ ͲǤͳ͵͵ ͲǤͲͳ͹ ͲǤͳͳͶ ͲǤͳ͹ʹ

͵͵ͻͺ͸Ͳ͸Ͳ ͸͵ͳͷ͹͸͵ͺ ͸ͷͶ͸ʹʹͳ ͳͳͲͻ͵͹Ͷʹ ͲǤͳͶͷ͸ͳ ͲǤͳʹͺͻ ͻͷ͵ͳͻͷ ͳͶʹͻͻͺ͵ ʹͷʹ͹ͳͳͳͶ ͶͻͲ͵ͳͶ͵͸ ʹͺͲͳͲ͸Ͳ ͶͶͳͷʹʹͲ ͲǤͳͳͳ ͲǤͲͻͲ ͺ͹ͺ͸͸͸ ͳͻͲͶͻ͵͵ Ͳ Ͳ Ͳ Ͳ ͵ͲͶͲʹͻ͸ ͷͶͶͷͻ͵Ͳ Ͳ ʹͻ͹͵ ͵ͲͶͲʹͻ͸ ͷͶͶʹͻͷ͹ ǦͳʹͲͺͶ͵Ͷ ǦʹͳͲͺͲͶͳ ʹͺͳͳ͵͸͹ͳ ͷͶͶͶ͹ʹ͵ͷ ͸ͻ͵Ͷͻʹͻ ͳͳͶ͹͹͹͹͸ ͲǤʹͶ͹ ͲǤʹͳͳ ǦͲǤͳ͹Ͷ ǦͲǤͳͺͶ ǦͲǤͲͶ͵ ǦͲǤͲͶͷ ͲǤʹͲͶ ͲǤͳ͸͸ ͲǤͲͷͳ

ͻͶͲͷͶʹʹͲ ͳ͵ͷͶͻ͹ʹ͸Ͳ ʹͶ͸ͻ͵͸Ͷʹ ͵ʹͻ͹ͺͳͶͻ ͲǤͳͶͷ͸ͳ ͲǤͳʹͺͻ ͵ͷͻͷ͸Ͷͳ ͶʹͷͲͺͺ͵ ͸͹ͺͶͻͲͺͷ ͳͲͲͶͲͳͲͺͺ ͹ͳ͹ͺ͸ͲͲ ͺ͸ʹͻͷͺͷ ͲǤͳͲ͸ ͲǤͲͺ͸ ʹ͹ͲͲͻͲͷ Ͷ͵ͳʹͳͳͷ ʹ͸ʹͶͳ Ͳ ʹ͸ʹͶͳ Ͳ ͷͻͳͺ͸͵͹ ͸͸Ͷ͵͵ͺͳ ʹʹ͸͸͹ ͶͻͷͲͺ ͷͺͻͷͻ͹Ͳ ͸ͷͻ͵ͺ͹͵ Ͷʹ͸ͺͳ͹ ͳͻ͸ͻͳʹ͸ ͺͲͻͶͶ͹ʹʹ ͳͳͻͳͷͺͶʹ͵ ʹͲͺʹʹ͹͸ͻ ʹ͸ͳ͸Ͳ͸Ͳʹ ͲǤʹͷ͹ ͲǤʹʹͲ ͲǤͲʹͲ ͲǤͲ͹ͷ ͲǤͲͲͷ ͲǤͲͳͻ ͲǤʹ͸͵ ͲǤʹ͵ͻ ͲǤͲͷͳ

ͳͷͲͷ͸ͺͶͳ ͻ͸ͷʹͳ͵͹ͷ ʹͷͲ͸ͷ͵ʹ͵ ͳͲͷͻʹͲ͵͵ʹ ͶͲͲͳͲ͸Ͷ ͳͳͷͳͻ͹ͳ͹ ͷͲͳ͵ͻͶ͸ ͳͶ͹͵͸ͻ͵ͳ ͲǤͳͶͷ͸ͳ ͲǤʹͶͳͲͻ ͲǤͳʹͺͻ ͲǤͳͻͶͺ ͷͺʹͷͻͷ ʹ͹͹͹ʹͺͻ ͸Ͷ͸ʹͻͺ ʹͺ͹Ͳ͹ͷͶ ͳͲͺͲ͸ͳʹͺ ͵ͳͶʹ͵ͷͷ͸ ͳͻ͸͵͹͹ͻʹ Ǧ ͳͲ͵ͻ͵ͶͲ ͳ͹ͳͺͺʹͻ ͳͺͶͻ͹ͳ͵ Ͳ ͲǤͲͻ͸ ͲǤͲͷͷ ͲǤͲͻͶ Ǧ ͷ͵ͶͳͶͳ ͷͺͷ͹Ͳ͹͹ ͸ͺͳͷͻͺ Ǧ Ͳ Ͳ Ͳ Ǧ Ͳ Ͳ Ͳ Ǧ ͶͷͶ͹ͷ͸ ͷͻͲ͸ͷ͵Ͷ ͳʹͲ͵ʹͶͲ Ǧ Ͳ ͳͷ͵Ͷͻ͵ͷ Ͳ Ǧ ͶͷͶ͹ͷ͸ Ͷ͵͹ͳͷͻͻ ͳʹͲ͵ʹͶͲ Ǧ ͸͸ͳͻͺͲ Ͷʹ͸ʹ͹͸͸ ͳʹͶ͸ͷͷ Ǧ ͳ͵ʹͳʹ͵͸ͷ ͹ͳʹͺͶͻ͵Ͷ ʹʹͺͻͷ͵͵Ͳ Ǧ ͵ͳͳ͹͵Ͳͷ ʹͶͻ͸ͻͶ͸͹ ͷʹʹͺͺ͵͸ Ǧ ͲǤʹ͵͸ ͲǤ͵ͷͲ ͲǤʹʹͺ Ǧ ͲǤʹͳʹ ͲǤͳ͹ͳ ͲǤͲʹͶ Ǧ ͲǤͲͷͲ ͲǤͲ͸Ͳ ͲǤͲͲ͸ Ǧ ͲǤʹͺ͸ ͲǤͶͳͲ ͲǤʹ͵Ͷ Ǧ ͲǤͲͷͳ ͲǤͲͶʹ

Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006 

 MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc), 2005 Disc.Publicdebt.A*(mc), 2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP), 2005 Acc.profitlessTaxes(AP), 2006 Subsidy.S{E*m+A(mc)+KAP} 05 Subsidy.S{E*m+A(mc)+K AP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i), 2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield, 2005 NominalSubsidyfreeyield, 2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005

ͲǤͳͳͷ ͲǤʹͶͳ Ǧ ͳͳͶʹͲ Ǧ ͲǤͲʹͶ Ǧ ͲǤͲͳͲ Ǧ ͲǤͲͶʹ Ǧ ͲǤͲͳ͹ Ǧ

ͲǤͳͳͷ ͲǤ͵ͺ͹ ͲǤ͵ͳ͹ ǦͺͳͶͺͶ Ǧͳͳͺʹͻ ǦͲǤͲʹͳ ͲǤͲ͸ʹ ǦͲǤͳʹ͵ ǦͲǤͲʹͲ ǦͲǤͲ͹ͺ ͲǤʹͲͳ ǦͲǤͶͷͶ ǦͲǤͲ͸͸

ͲǤͲͶ͵ ͲǤͳͷ͹ ͲǤͳͻ͵ ͶͶʹͻʹͻͷ ʹͻ͹ͻ͵ʹͺ ͲǤͳʹ͹ ͲǤͲͷͻ ͲǤͳͲ͸ ͲǤͲͶͶ ͲǤʹͶͶ ͲǤͳ͵ͻ ͲǤʹͲ͵ ͲǤͳͲͶ

ͲǤͲͶ͵ ͲǤʹͲʹ ͲǤͳͺͺ ͵ͳ͸ͺͺʹͶ ʹʹͺͳ͹ͷͺ ͲǤͲ͸͵ ͲǤͲͶͻ ͲǤͲ͵Ͷ ͲǤͲͳ͹ ͲǤʹ͵ͻ ͲǤʹͲͲ ͲǤͳʹͺ ͲǤͲ͸ͻ

ͲǤͲͶ͵ ͲǤʹʹͶ ͲǤͳͺ͵ Ǧ͹ͻ͵ͺͷ ͷʹͳ͸Ͷʹ ͲǤͲ͵Ͳ ͲǤͲͶͺ ǦͲǤͲͲͷ ͲǤͲʹͳ ͲǤͳͳͶ ͲǤʹͶͲ ǦͲǤͲʹͲ ͲǤͳͲͶ

ͲǤͲ͹͸ ͲǤ͵ͷ͵ Ǧ ǦͳͶͺͷͶ͹ͺ Ǧ ͲǤͲͶͷ ͲǤͲͲͲ ǦͲǤͲͳͷ Ǧ ͲǤ͵͹ͻ ͲǤͲͲͲ ǦͲǤͳʹͻ Ǧ

PHILIPINES NWFT IstValley CBMO DIGOS SOLANOBangkoKa

ʹ͹Ͳʹ͸ͳʹ͸ Ǧ ͵Ͷʹʹͺͳ͸ Ǧ ͲǤͳͲʹ ͲǤͲͻͺ ͵Ͷͺ͸ͳͶ Ǧ ͶͷͳͲ͸͵Ͳ Ǧ Ͷͺͺ͵Ͳͳ Ͳ ͲǤͳͲͺ Ǧ ǦʹͺͺͻͶ

͵͸ͻͺ͵Ͷ͸ ͶͶ͵͹ͺ͸Ͷ Ͷ͹ʹͲͷͻ ͸ͳʹͳͺ͹ ͲǤͳͲʹ ͲǤͲͻͺ ͶͺͲ͹ͻ ͷͻͺ͹ʹ ͳͷ͹Ͳ͸Ͷ͹ ͳͺͶͲ͸Ͷͷ ʹ͵Ͳ͵͹ʹ ʹͳͲͺͶʹ ͲǤͳͶ͹ ͲǤͳͳͷ Ǧ͹ͲͶͲʹ

Ǧ

Ǧ͵Ͳͺʹ͹

ͷͲͻ͸

Ǧͳʹͺ͵ͷͶ

Ǧͳͳ͵͹͹Ͷ

Ͳ Ǧ Ͳ Ǧ Ͷͺ͵ͳͻͻ Ǧ ͳͶ͸Ͷͳͳ Ǧ ͵͵͸͹ͺͺ

Ͳ Ͳ Ͳ Ͳ ͳ͸Ͳͺ͸Ͷ ʹ͵Ͳ͸ͷʹ Ͳ Ͳ ͳ͸Ͳͺ͸Ͷ

ʹʹͳͶ͹͸ ͳͺͷͲͲͷ ʹʹͳͶ͹͸ ͳͺͷͲͲͷ ͳ͵Ͳ͹Ͷʹ ʹͷ͸ͷͷʹ Ͳ Ͳ ͳ͵Ͳ͹Ͷʹ

ͳ͹ͺ͹ͷͲ ͳͺ͹͵͸ʹ ͳ͹ͺ͹ͷͲ ͳͺ͹͵͸ʹ ͺ͹ͻͷ͹Ͷ ͻͻͶͺͳ͸ Ͳ Ͳ ͺ͹ͻͷ͹Ͷ

ͷͻͲʹ͵ ͳͺͲͶ ͷͻͲʹ͵ ͳͺͲͶ ͺ͸Ͷ͸͵ ͻʹͲ͹ʹ Ͳ Ͳ ͺ͸Ͷ͸͵

ʹʹͻ͸Ͳ͸ ͳͳͺ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ʹʹͻ͸Ͳ͸ ͳͳͺ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͷ͵͵ͷͶ͹ ͵͹ͻͳʹʹ ͳ͸͸ͺ͸Ͷ ͵ͳ͵ͷͳͻ ͳͲ͵ͺͲͶ͹ Ͷ͸͸͸ͻͶ ʹͳͻͳͲͻ ͵͹Ͷͷ͹͵ ͷͶ͸ͺͲ Ͳ ͺͻͳͺͻ ͺͺͺ͸͹ ͵ͷͻͳͳͺ Ͳ ͹Ͳͺͷͻ ͳͳʹ͸ͷͺ ͵͹ͺͺ͸͹ ͵͹ͻͳʹʹ ͹͹͸͹Ͷ ʹʹͶ͸ͷʹ

Ͳ Ͳ Ͳ Ͳ ͺͳͳʹͺʹ ͳͳʹ͸ʹͶͻ ʹͶͲ͵ʹͻ ʹͻʹ͹Ͳ͸ ͷ͹Ͳͻͷ͵

Ǧ

ʹ͵Ͳ͸ͷʹ

ʹͷ͸ͷͷʹ

ͻͻͶͺͳ͸

ͻʹͲ͹ʹ

͸͹ͺͻʹͻ

ͺ͵͵ͷͶ͵

Ǧͳͺ͵ͳͺ͸ ͳͳͺͳͷ͹

ǦʹʹͲͻ͵͸

ͳͺͶ͸͹ͺ

ʹ͵͸ͺ͵ͳ ǦʹͳͶͺͺͷ Ǧ͸ͳͳͲ

Ǧͳͳͻ͸ͳͻ

ǦʹͳͲʹ͹Ͷ

ǦʹͲͳ͸Ͳ͹

ǦͶ͵ͻ͵͹͸

Ǧ͵ͺ͸ͶͶ

Ǧͻͺʹͳͳ͹ Ǧʹͺ͵ʹͲͲ Ǧ͹ͺʹͳʹ Ǧͳ͵͸ͻͻ͹

ǦͶͳʹ͸͹͸

ͳͻʹͺͲͷͻ ͳͲ͸ͳʹʹʹͻ ͻ͵Ͷ͸͵Ͷʹ ͳͷͻͻͳͷͺͻ ͸͵Ͳ͵ͻͲͻ ͶͶʹ͹ʹͷͷ ʹͷͷͻ͹ͲͲ ͳͶͳ͵ʹͳ͹͸ ͳͲͻͺͷ͸͵͵ ʹͶͶ͹͹ͺͻͷ ͹͹ͺͲ͹ͺͳ ͷ͹͵ͶͳͷͶ ͺ͹͹ͻʹ͵ ͶͲ͵͸͹͸Ͷ ͳͷ͹ͳͺͻʹ ʹʹ͸ͷʹ͸ʹ ͳͷͺͶͻͺ͹ ͷͷ͹ͷʹʹ ͳͳ͵͹͵Ͷͺ ͷͲ͹ͷͻͻͻ ͳ͸ͻͳͳͺʹ ͵ͳͷͺ͹ʹʹ ͳͻͲͻʹͺͳ ͸ͺʹ͹ͳ͹ ͲǤͳͲʹ ͲǤͳͲʹ ͲǤͳͲʹ ͲǤͳͲʹ ͲǤͳͲʹ ͲǤͳͲʹ ͲǤͲͻͺ ͲǤͲͻͺ ͲǤͲͻͺ ͲǤͲͻͺ ͲǤͲͻͺ ͲǤͲͻͺ ͺͻͶͳ͸ ͶͳͳͳͶͶ ͳ͸ͲͲͻ͹ ʹ͵Ͳ͹ͳ͹ ͳ͸ͳͶ͵ͳ ͷ͸͹ͺͶ ͳͳͳʹ͵͵ Ͷͻ͸Ͷ͵͵ ͳ͸ͷ͵ͻͺ ͵Ͳͺͻʹ͵ ͳͺ͸͹ʹͺ ͸͸͹͹Ͳ ͸ͷͺͶʹͲ ͳͲͻͺͺ͵ͷ ͶͻͲͺʹͶͲ Ͷͳ͸ͳͳ͵Ͷ ʹͳͳͺ͸͵ʹ ͷʹʹ͹ʹͳ ͺͺͶͶͶ͸ ͳͳ͹ʹͷͻͳ ͷͷͶͻ͵͹ͳ ͸͵ͲͷͷͶͶ ʹͷʹͺͻͶʹ ͹͵ͷ͵ʹʹ ͳʹͻͲͷ͵ Ͷ͵ͳ͹ʹ ͶͶ͹ͺͺͶ ʹ͸ͺͶ͵͸ ʹͳ͵ͲͻͶ ͵ͺͶͷͻ ͺͳͶͲ͵ ʹͶ͵Ͳ͵Ͷ ͸ͷ͸ͷͲ͵ ͳʹʹͺ͹ͻͶ ʹͷͲͷ͸͵ ͸ͺ͸Ͷ͹ ͲǤͳͻ͸ ͲǤͲ͵ͻ ͲǤͲͻͳ ͲǤͲ͸ͷ ͲǤͳͲͳ ͲǤͲ͹Ͷ ͲǤͲͻʹ ͲǤʹͲ͹ ͲǤͳͳͺ ͲǤͳͻͷ ͲǤͲͻͻ ͲǤͲͻ͵ Ǧ͸ͳͻͻ͵ ͸ͺ͹ͶͶ ͷʹͲʹͳ ͳͷͷ͵͹ͷ ʹ͸ͺͻ ͳͶ͹ͺͲ

ͶͶ͹ͺʹ

ͳ͹ʹͶͶ͸ͳͻ ʹͶʹͳ͸ʹ͵ ͳͳͻͲͲͻʹ Ǧ ʹ͹ͷʹͷͺͳ ͳ͸ͶͻͳͲͻ ͷͳͷͶͶͳʹ ͸͹ʹ͹͹ͳ ͵ͷ͸͵͵͸ Ǧ ͲǤʹͻͻ Ǧ ǦͲǤͲͲ͵ Ǧ ǦͲǤͲͲͳ Ǧ ͲǤʹͻͺ

ͳͲʹ͸ͶͲͺ ͷͶ͵ͺ͸Ͳ ͲǤʹ͹ͺ ͲǤʹͻͻ ͲǤ͵͹͵ ͲǤ͵͵Ͳ ǦͲǤʹ͹ʹ ͲǤ͵͵ʹ ǦͲǤͳͻ͸ ͲǤͲͺʹ ǦͲǤͲ͹͸ ͲǤͲͻͻ ǦͲǤͲ͹͵ ͲǤͲʹ͹ ͲǤʹͲʹ ͲǤ͵ͻͻ

Ǧ͸ͳʹͳͳʹ

Ǧ͵ʹ͵͵

͵ʹ͸ͺ

ͶʹͻͳͶͶͻ Ͷ͹ͺͳͶͺ͵ ͻͶͷͶͻ͸ ͳʹ͵ͺʹʹͳ ͲǤͳͲʹ ͲǤͲͻͺ ͻ͸ʹͻͻ ͳʹͳͲͻͺ ͳʹʹ͹͹ͳ ͺ͹ͶͻͶ ͵͹͹Ͳ Ͷ͹͵͹ ͲǤͲ͵ͳ ͲǤͲͷͶ ͺ͹͵Ͷ

ʹͳ͹ʹ͸ʹʹ͵ ʹͷͶͶͳͷ͸͸ ͵͵ͺʹͳͷͺ ͶͳͲͷ͵ͳ͹ ͲǤͳͲʹ ͲǤͲͻͺ ͵ͶͶͶ͹͵ ͶͲͳͷͲͲ ʹ͸͵ʹͶ͵ Ͷͳͺͺ͹ʹ ͳͲ͸Ͳͷ ʹͳͷͻͻ ͲǤͲͶͲ ͲǤͲͷʹ ͳ͸ʹͲ͸

͵ͺʹͲ

ͳͻ͵͸͹

Ͷ͸͸͸ͻͶ ͳͶͺʹͷͲ ʹ͸ͳͻͳͷ

͹ʹʹͺʹʹͲ ͻ͵Ͷ͹͸͹ͻ Ͷ͵ͷͷ͸͵͵

ͷͻʹʹ͹ͺ͹ ͳʹͻͻʹͶͳ͵ ͶͲͷ͹ͷ͵͹ ʹ͹ͳ͸͵Ͷ͹ ʹͺ͵ͷͷ͸Ͳ ͹ʹͺͻ͸ͺ͵ ͳͺ͸Ͳͺͳͳͳ ͷͳ͸ͷ͸͹Ͷ ͵͸ʹͻ͵Ͳ͸ ʹ͸Ͷ͸͹ͲͲ ʹͶͲ͸Ͳͻ͵ ͳͳͻͶ͹͵ͻ ͻͶͷ͹ͺͻ ͷͻʹͺͲ͵ ͶͻͶͺͷ͹

ͺ͵ͺͶ͸͵ͷ ͳͲ͵ͷͷͲ͵͸ ͳͺͷͺ͵͵͸

͸ʹ͵ʹʹʹͷ ͲǤ͸Ͳ͵ ͲǤ͸͸͹ ǦͲǤͲͷͳ ǦͲǤͲ͹ͳ ǦͲǤͲ͵ͳ ǦͲǤͲͶ͹ ͲǤͷ͹ʹ

ʹͺͷͲ͹Ͷͻ ͲǤͶͲ͸ ͲǤ͵ͻͳ ͲǤͲ͹͹ ǦͲǤͲͳͶ ͲǤͲ͵ͳ ǦͲǤͲͲͷ ͲǤͶ͵͹

ʹ͸ʹͶͻʹͳ ͲǤʹʹʹ ͲǤʹͷ͵ ǦͲǤͳͳ͵ ǦͲǤͳͷ͹ ǦͲǤͲʹͷ ǦͲǤͲͶͲ ͲǤͳͻ͹

Ǧ

ͲǤ͵ͲͲ

ͲǤ͵ͷ͹

ͲǤ͸ʹͲ

ͲǤ͵ͺ͸

ͲǤͲ͹͸ ͲǤͲ͸ʹ ͲǤʹͲ͸ Ǧ ͵͸ͷ͸ͺʹ Ǧ ͲǤͲͳʹ

ͲǤͲ͹͸ ͲǤͲ͸ʹ ͲǤͳͳ͹ ͲǤ͵ͲͲ ʹ͵ͳʹ͸͸ ʹ͸ͳͶ͹ͻ ͲǤͲͶ͵

ͲǤͲ͹͸ ͲǤͲ͸ʹ ͲǤ͵ͲͲ ͲǤ͵ͷ͹ Ǧʹͺ͹ͶͲ ͸͸Ͷͷͳ ͲǤͲ͸ͺ

ͲǤͲ͹͸ ͲǤͲ͸ʹ ͲǤͶ͸ͳ ͲǤ͸ʹͲ ͸͵ʹͲͺͳ ͻ͵ͷͺͲͻ ͲǤͲͺ͵

ͲǤͲ͹͸ ͲǤͲ͸ʹ ͲǤ͵͵͸ ͲǤ͵ͺ͸ ǦʹͶͷͺͳ ʹͲͶͲͶʹ ͲǤͲͲͻ

 

ͲǤͲͶ͵ ͲǤͳͶ͸ ͲǤͳͳ͹ ʹͳ͸ͳ͸͵Ͳ ͵ͷ͵ͺͲʹͷ ͲǤͲͺͻ ͲǤͲͺ͸ ͲǤͲ͸Ͷ ͲǤͲͷ͸ ͲǤͶ͸Ͷ ͲǤͶͻͳ ͲǤ͵͵Ͳ ͲǤ͵ͳͻ

BCB

Ǧ

TSPI

ͲǤͲͶ͵ ͲǤʹͲͲ ͲǤͳ͹ͺ ͳ͵Ͷʹ͸͵ ʹͲͶʹͲͺ ͲǤͲͶͶ ͲǤͲ͵ͻ ͲǤͲͲ͹ ͲǤͲͲ͹ ͲǤͳͻ͸ ͲǤͳͻ͸ ͲǤͲ͵Ͳ ͲǤͲ͵ͷ

GREEN

Ǧͳ͹Ͳ͸ͺ

ASHI

ͲǤͲͶ͵ ͲǤͳͻ͵ ͲǤͳͺͶ ͻ͹ͺͳͷ Ǧͷʹͳͻ͸͵ ͲǤͲʹͳ ͲǤͲͲͷ ͲǤͲͲ͵ ǦͲǤͲͳͲ ͲǤͳͳͻ ͲǤͲ͵ͳ ͲǤͲͳͷ ǦͲǤͲ͸ͻ

ͶͳͺͶͷͳ͵ ͳͳͳͻͳͻ͹ ͹ͺͻ͹ͷ͸ ͷͲͻͲͳ͵ ͲǤͲͻʹ ͲǤʹ͵͵ ͲǤʹͳͺ ͲǤͳ͹ͷ ͲǤʹʹͷ ͲǤʹͳ͹ ͲǤʹͳͺ ͲǤͳͻʹ ͲǤͳͻͺ ǦͲǤʹʹ͹ ǦͲǤͲͳͲ ǦͲǤʹͶʹ ǦͲǤʹ͵ͷ ǦͲǤʹͷ͵ ǦͲǤͲͻͻ ǦͲǤʹ͸ͻ ͲǤͲͳͺ ǦͲǤͲͷ͵ ǦͲǤͲͲʹ ǦͲǤͲͶʹ ǦͲǤͲͷ͵ ǦͲǤͲͷͷ ǦͲǤͲʹʹ ǦͲǤͲͷʹ ͲǤͳͳͲ ͲǤͳͺͲ ͲǤʹͳ͸ ͲǤͳ͵ʹ ͲǤͳ͹ʹ

ͲǤͳ͸ʹ

ͲǤͳͻ͸

ͲǤͳͶͳ

ͲǤͲ͹͸ ͲǤͲ͹͸ ͲǤͲ͹͸ ͲǤͲ͹͸ ͲǤͲ͸ʹ ͲǤͲ͸ʹ ͲǤͲ͸ʹ ͲǤͲ͸ʹ ͲǤͲ͵ͳ ͲǤͲͻ͸ ͲǤͳ͵Ͳ ͲǤͲͷʹ ͲǤͳ͹ʹ ͲǤͳ͸ʹ ͲǤͳͻ͸ ͲǤͳͶͳ Ǧ͸ͳͳͶ ͵͹͸͵ͳ͸ ͸ʹͺͻͶ ʹͳͷͻͳͺ ͳʹͻͳͲͶͲ Ͷ͸ͻͻʹ͹ ͳͶͶͻͺʹ ʹͷͺͲͻͷ ͲǤͲʹͶ ͲǤͲ͸Ͳ ͲǤͲͳͺ ͲǤͲͷʹ

ͲǤʹͳͶ ͲǤͲ͹͸ ͲǤͲ͸ʹ ͲǤͳͳʹ ͲǤʹͳͶ ͷͷͶ͹Ͷ͹ ͺͳͶͳ͹͸ ͲǤͲʹ͸

ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006 

 MFIs

Ǧ ͲǤͲͳͶ Ǧ ͲǤͲͻͺ Ǧ ͲǤͳͲ͹ Ǧ

PRASAC

ͲǤͲͷʹ ͲǤͲ͸͵ ͲǤͲͷͻ ͲǤ͵Ͷͳ ͲǤ͵͹͹ ͲǤͶͻͲ ͲǤͶʹ͹

ͲǤͳͲͲ ǦͲǤͲͳͷ ͲǤͲʹ͸ ͲǤͳͶͻ ͲǤʹʹ͸ ǦͲǤͲ͵͵ ͲǤͲͷͺ

ͲǤͲ͹Ͳ ͲǤͲ͸Ͳ ͲǤͲ͸͸ ͲǤʹͳͺ ͲǤͳͻ͸ ͲǤͳͷ͹ ͲǤͳͺͶ

CAMBODIA AMRET SATHA HKL

ͲǤͲͲͺ ǦͲǤͲͲ͵ ͲǤͲͳͻ ͲǤͲͷͷ ͲǤͲͷͶ ǦͲǤͲͳ͸ ͲǤͳʹͳ

ACLEDA

Avg.Assets,2005 ͳͳʹ͸͹͸͹͸ ͳʹͺͻͻͶ͸ͷ ͷͺ͵Ͳʹ͵Ͷ ͵͸͸͹Ͳͻʹ ͳͲ͹͹ʹʹ͸ͳͻ Avg.Assets,2006 ͳͻ͸ͶͷͶͲʹ ͳͻͳ͹͹ͺͷͲ ͳͲʹ͵Ͳͳͷʹ ͷͶ͵ͷͺ͵͹ ͳ͹ͷ͸Ͳ͸ʹͳͳ Ave.Equity(E),2005 ͻͳͺͶ͵ʹͲ Ͷ͵ͺͺͲͺ͸ ͳͶͲͶ͹ͶͶ ͳͶͷͶͳͳͺ ͵ͲͲͲͺͺͲʹ Ave.Equity(E),2006 ͻ͸ʹͺ͹ͺʹ ͶͺͲ͸͸ͻͶ ʹ͵͹ͻͷ͸ͺ ͳ͵ͺ͸ͺʹ͹ ͶͲ͵͸ʹʹʹ͹ Opp.Costofsociety(m),2005 ͲǤͳ͹͵ ͲǤͳ͹͵ ͲǤͳ͹͵ ͲǤͳ͹͵ ͲǤͳ͹͵ Opp.Costofsociety(m),2006 ͲǤͳ͸Ͷ ͲǤͳ͸Ͷ ͲǤͳ͸Ͷ ͲǤͳ͸Ͷ ͲǤͳ͸Ͷ SubsidyonEquity.E*m,2005 ͳͷͻʹͲͳͲ ͹͸Ͳ͸͵ͳ ʹͶ͵Ͷͻͺ ʹͷʹͲͷ͹ ͷʹͲͳ͹ʹ͸ SubsidyonEquity.E*m,2006 ͳͷ͹ͻͲʹͶ ͹ͺͺʹͷͲ ͵ͻͲʹʹͷ ʹʹ͹Ͷʹ͸ ͸͸ͳͻͲͲʹ Ave.Publicdebt(A),2005 ͳ͵͸͸ͺ͸͸ ͹ͷͶͻͳʹͶ ͶͲ͵ͷ͹ͳ͸ ͳͺͲͲ͹ͺͷ ͳͻͳͻͶʹͷͻ Ave.Publicdebt(A),2006 ͹Ͷ͹͵ͻͻͷ ͳʹͶ͸ͺͶͶͻ ͹ʹ͵ͺ͸͹Ͷ ͵ͲͶͲ͹͸͸ ʹͻͷ͸ͷ͹Ͳͻ Exp.Int.Publicdebt.A*c,2005 ͸ͻͲ͸ͷ ͸͸Ͳͺͷͳ Ͷͳͷ͹ʹͻ ͳ͵͸ͻ͸ͷ ͳͺͻͷ͹ͶͶ Exp.Int.Publicdebt.A*c,2006 ͷ͹͸ͻͶͲ ͳͲͺ͸ͷͳ͵ ͳͻͷ͵ʹ͹ ʹ͸͹ͻ͸ͺ ʹ͸Ͳ͵ʹͺ͸ Ratepaidpublicdebt(c),2005 ͲǤͲͷͳ ͲǤͲͺͺ ͲǤͳͲ͵ ͲǤͲ͹͸ ͲǤͲͻͻ Ratepaidpublicdebt(c),2006 ͲǤͲ͹͹ ͲǤͲͺ͹ ͲǤͲʹ͹ ͲǤͲͺͺ ͲǤͲͺͺ Disc.Publicdebt.A*(mc),2005 ͳ͸͹ͺ͸ͺ ͸Ͷ͹͹ͳͶ ʹͺ͵ͺʹʹ ͳ͹ͷͳͺ͵ ͳͶ͵ͳ͵ͺͺ Disc.Publicdebt.A*(mc),2006 ͸Ͷͺ͹ʹͳ ͻͷͺͳͺͺ ͻͻͳ͹Ͷ͵ ʹ͵Ͳ͸ͺ͹ ʹʹͶͷͳͻͶ Rev.Grants(RG),2005 ͳ͵ʹͺʹ ͹ͻͶ͵͵ ͸ͲͲͲͲ ͹ʹͷͳͲ ͷͳ͵ͻʹ Rev.Grants(RG),2006 ͳͲͲͺͷ ͳ͵͸͹ Ͳ ͳʹ͵͸ͺ͸ Ͳ K(RG+DX),2005 ͳ͵ʹͺʹ ͹ͻͶ͵͵ ͸ͲͲͲͲ ͹ʹͷͳͲ ͷͳ͵ͻʹ K(RG+DX),2006 ͳͲͲͺͷ ͳ͵͸͹ Ͳ ͳʹ͵͸ͺ͸ Ͳ AccountingProfit(P),2005 ͹͹ͳ͵ͺͶ ͳʹͲͻ͹͸ʹ ͵Ͷ͵͵ͳͷ ͵ʹ͸ʹͶͳ ͷͶʹʹ͵͹ͳ AccountingProfit(P),2006 ͺͶͳ͹ͳͳ ͳ͸͹Ͳͺͳͳ ͷͲͻ͹ʹͷ ͷ͸ͷͺͻͺ ͺ͵ͺ͸ͷͶͳ Taxes,2005 ͳͷͶʹͷͶ ʹͶͺʹͶͳ ͸ͷͻͷͲ ͸ͷͻͲ͵ ͳͳͲͲ͸Ͳ͹ Taxes,2006 ͳ͹ͲͶͶͷ ͵͵ʹ͵Ͷͷ ͳͲ͸͸Ͳͳ ͳͳ͹ͷ͵͵ ͳ͸ͻ͹Ͷͻͻ Acc.profitlessTaxes(AP),2005 ͸ͳ͹ͳʹͻ ͻ͸ͳͷʹͳ ʹ͹͹͵͸͸ ʹ͸Ͳ͵͵͹ Ͷ͵ʹͳ͹͸Ͷ Acc.profitlessTaxes(AP),2006 ͸͹ͳʹ͸͸ ͳ͵͵ͺͶ͸͸ ͶͲ͵ͳʹ͵ ͶͶͺ͵͸ͷ ͸͸ͺͻͲͶ͵ Subsidy.S{E*m+A(mc)+KAP} ͳͳͷ͸Ͳ͵ͳ ͷʹ͸ʹͷ͹ ͵ͲͻͻͷͶ ʹ͵ͻͶͳʹ ʹ͵͸ʹ͹Ͷʹ 05 Subsidy.S{E*m+A(mc)+K ͳͷ͸͸ͷ͸Ͷ ͶͲͻ͵͵ͻ ͻ͹ͺͺͶ͸ ͳ͵͵Ͷ͵Ͷ ʹͳ͹ͷͳͷ͵ AP}06 Ave.Loanport(net)LP,2005 ͻ͸ͷͻͲ͸͵ ͻͺͳʹͲͻͻ ͷͳͲͷʹͻͻ ͵ͲͳͲͻ͵ͷ ͺͶ͸ͳ͹ͶͶ͵ Ave.Loanport(net)LP,2006 ͳ͸Ͷ͵͵Ͳʹͳ ͳͶͷ͵ͻͲʹͶ ͻʹͻ͵͵ͷʹ Ͷ͹͹͸Ͳͺ͸ ͳʹͻͳʹͺ͵ʹͲ Rev.Fromlending(LP*i),2005 ͵͵͵Ͳʹ͵͵ ͵ͻ͹͸ͷͻͲ ͳͷͻʹʹͷͲ ͻͺͺͺͶͺ ʹ͵͸͸ͺ͹Ͷͳ Rev.Fromlending(LP*i),2006 ͷʹͲ͵ͶͷͲ ͷ͹ͺ͹ͻͲʹ ʹͷͷͷͷͷ͹ ͳͷͶ͵ͺͻ͵ ͵ʹͷ͹͵ͻͳ͹ Yieldonlending(i),2005 ͲǤ͵Ͷͷ ͲǤͶͲͷ ͲǤ͵ͳʹ ͲǤ͵ʹͺ ͲǤʹͺͲ Yieldonlending(i),2006 ͲǤ͵ͳ͹ ͲǤ͵ͻͺ ͲǤʹ͹ͷ ͲǤ͵ʹ͵ ͲǤʹͷʹ SDI(S/LP*i),2005 ͲǤ͵Ͷ͹ ͲǤͳ͵ʹ ͲǤͳͻͷ ͲǤʹͶʹ ͲǤͳͲͲ SDI(S/LP*i),2006 ͲǤ͵Ͳͳ ͲǤͲ͹ͳ ͲǤ͵ͺ͵ ͲǤͲͺ͸ ͲǤͲ͸͹ ChangeinYield,2005 ͲǤͳʹͲ ͲǤͲͷͶ ͲǤͲ͸ͳ ͲǤͲͺͲ ͲǤͲʹͺ ChangeinYield,2006 ͲǤͲͻͷ ͲǤͲʹͺ ͲǤͳͲͷ ͲǤͲʹͺ ͲǤͲͳ͹ NominalSubsidyfreeyield, ͲǤͶ͸Ͷ ͲǤͶͷͻ ͲǤ͵͹͵ ͲǤͶͲͺ ͲǤ͵Ͳͺ 2005 NominalSubsidyfreeyield,2006 ͲǤͶͳʹ ͲǤͶʹ͸ ͲǤ͵ͺͲ ͲǤ͵ͷͳ ͲǤʹ͸ͻ Inflation,2005 ͲǤͲͷ͹ ͲǤͲͷ͹ ͲǤͲͷ͹ ͲǤͲͷ͹ ͲǤͲͷ͹ Inflation,2006 ͲǤͲͶ͹ ͲǤͲͶ͹ ͲǤͲͶ͹ ͲǤͲͶ͹ ͲǤͲͶ͹ RealSubsidyfreeyield,2005 ͲǤ͵ͺ͸ ͲǤ͵ͺͳ ͲǤʹͻͻ ͲǤ͵͵͵ ͲǤʹ͵ͺ RealSubsidyfreeyield,2006 ͲǤͶͳʹ ͲǤͶʹ͸ ͲǤ͵ͺͲ ͲǤ͵ͷͳ ͲǤʹ͸ͻ TrueProfit,2005 Ͷ͵ͷͻ͹ͻ ʹ͵Ͷ͵͹Ͷ Ǧ͸͸Ͷͷ͸ ͳʹ͸ͶͶ ʹͺ͵ͺͻͺͶ TrueProfit,2006 ͳʹͶ͸Ͳ ͵͹ͺͻͳͳ Ǧͷͺͺ͸ʹͲ ͻ͵ͻͻʹ ͶͶͶ͵ͺͶͺ ReturnonAssets(ROA),2005 ͲǤͲͷͷ ͲǤͲ͹ͷ ͲǤͲͶͺ ͲǤͲ͹ͳ ͲǤͲͶͲ ReturnonAssets(ROA),2006 ͲǤͲ͵Ͷ ͲǤͲ͹Ͳ ͲǤͲ͵ͻ ͲǤͲͺʹ ͲǤͲ͵ͺ SubsidyadjustedROA,2005 ͲǤͲ͵ͻ ͲǤͲͳͺ ǦͲǤͲͳͳ ͲǤͲͲ͵ ͲǤͲʹ͸ SubsidyadjustedROA,2006 ͲǤͲͲͳ ͲǤͲʹͲ ǦͲǤͲͷͺ ͲǤͲͳ͹ ͲǤͲʹͷ ReturnonEquity(ROE),2005 ͲǤͲ͸͹ ͲǤʹͳͻ ͲǤͳͻ͹ ͲǤͳ͹ͻ ͲǤͳͶͶ ReturnonEquity(ROE),2006 ͲǤͲ͹Ͳ ͲǤʹ͹ͺ ͲǤͳ͸ͻ ͲǤ͵ʹ͵ ͲǤͳ͸͸ SubsidyadjustedROE,2005 ͲǤͲͶ͹ ͲǤͲͷ͵ ǦͲǤͲͶ͹ ͲǤͲͲͻ ͲǤͲͻͷ SubsidyadjustedROE,2006 ͲǤͲͲͳ ͲǤͲ͹ͻ ǦͲǤʹͶ͹ ͲǤͲ͸ͺ ͲǤͳͳͲ 

 MFIs

ͲǤͲ͸Ͳ ͲǤͲ͸Ͳ ͲǤͲ͸Ͳ ͲǤʹ͵ͻ ͲǤʹͶͶ ͲǤʹ͵͹ ͲǤʹͶ͸

SOMAO SPBD

ͲǤͲʹ͸ ͲǤͲͳͶ ͲǤͲʹͷ ͲǤͳ͵ͻ ͲǤʹͳ͹ ͲǤͳͳ͵ ͲǤʹͳʹ

ͲǤͲͷͷ ͲǤͲͷͲ ͲǤͲͷͶ ͲǤʹ͵ͺ ͲǤʹͳʹ ͲǤʹʹͺ ͲǤʹͲͺ

VIETNAM TYM CEP

ͲǤͲ͵͵ ͲǤͲʹ͸ ͲǤͲ͵ʹ ͲǤͳ͸ͻ ͲǤʹͲ͵ ͲǤͳ͸Ͷ ͲǤͳͻͺ

INDONESIA MBKVentu

͸ͻͶͷͺͲ ͺͺʹͻͶͶ ǦͻͲͶ͹͹ͷ ǦͻʹͶͳͲ͵ ͲǤͲͻͺ ͲǤͲͻͺ Ǧͺͺʹͳ͸ ǦͻͲͳͲͲ ͳͷ͸ͻ͹Ͳͳ ͳ͹͹ͳ͵Ͳͻ ʹʹͶͷ͸ ͵ͷͷͺͳ ͲǤͲͳͶ ͲǤͲʹͲ ͳ͵ͲͷͻͲ ͳ͵͹ͳʹͳ ʹ͹͹ͻʹ ʹͳ͹Ͷ͹ ʹ͹͹ͻʹ ʹͳ͹Ͷ͹ Ǧ͵ͶͶͲͶ ǦʹʹͶͲͲ Ͳ Ͳ Ǧ͵ͶͶͲͶ ǦʹʹͶͲͲ ͳͲͶͷ͹ͳ

͵Ͷ͹͹ͷͳͲ Ͷͳͻ͹ͳͷͳ ʹͲͶ͸Ͳͳͷ ʹ͵ͷͶͻ͹ͷ ͲǤͳͳͲ ͲǤͳͳʹ ʹʹͷͷ͹͵ ʹ͸͵ʹͺ͸ ͶͲʹͺͶ ͺ͹ͳ͸ͺ Ͳ Ͳ ͲǤͲͲͲ ͲǤͲͲͲ ͶͶͶͳ ͻ͹Ͷͷ Ͳ Ͳ Ͳ Ͳ ͵Ͳʹͷ͵ͻ ʹͺͲͷͳͺ Ͳ Ͳ ͵Ͳʹͷ͵ͻ ʹͺͲͷͳͺ Ǧ͹ʹͷʹͶ

ͺͻͺͻͺͳͷ ͳͳ͵ͲͻͻͶͲ ͷͲͷͻʹʹͻ ͸ͳͺ͹Ͳ͸͵ ͲǤͳͳͲ ͲǤͳͳʹ ͷͷ͹͹ͺͲ ͸ͻͳ͹ͳͶ ͳͷʹͳͳ͹ͻ ͳ͸ͻͶͺͳͶ ͹ͳͺ͸ͺ ͹͸ͻ͸ͺ ͲǤͲͶ͹ ͲǤͲͶͷ ͻͷͺͶʹ ͳͳʹͷͳʹ ͳͲͷ͹ʹͶͷ ʹͳ͹͸ʹͶ ͳͲͷ͹ʹͶͷ ʹͳ͹͸ʹͶ ͳͺͶ͹͵Ͷͺ ͳ͵Ͳ͵ͳ͵͵ Ͳ Ͳ ͳͺͶ͹͵Ͷͺ ͳ͵Ͳ͵ͳ͵͵ Ǧͳ͵͸Ͷͺͳ

ͶͻͲ͵Ͷͺ ͻ͹ͺͺͷͳ ͵͹ͷ͸ͺ ͹ͶͺͶ͵ ͲǤͳͶͳ ͲǤͳ͸Ͳ ͷʹ͹ͻ ͳͳͻ͸Ͳ ͶʹͲͶͺ͹ ͺ͵ʹͷͶͷ Ͳ Ͳ ͲǤͲͲͲ ͲǤͲͲͲ ͷͻͲͺ͵ ͳ͵͵ͲͶͳ Ͳ Ͳ Ͳ Ͳ ͳ͸ͳͺʹ ͹ͺͶʹ͵ ʹͺͲͳ ͳͻͻͲʹ ͳ͵͵ͺͳ ͷͺͷʹͳ ͷͲͻͺͳ

ͻͳͳ͸ͺ

Ǧ͹Ͷͺ͹

Ǧʹͺͳʹͺ͵

ͺ͸Ͷ͹ͻ

ͶͻͶ͵ͳ͸ ͷͻͶʹͺͷ ʹͲ͹͸ͻ͵ ʹͶ͸Ͳʹʹ ͲǤͶʹͲ ͲǤͶͳͶ ͲǤͷͲ͵ ͲǤ͵͹ͳ ͲǤʹͳʹ ͲǤͳͷ͵ ͲǤ͸͵ʹ

ʹͺͲʹͷ͹ͳ ͵ʹͳͺͳͲͻ ͸ͷͶͷͷͲ ͹ͳʹͶ͹ͳ ͲǤʹ͵Ͷ ͲǤʹʹͳ ǦͲǤͳͳͳ ǦͲǤͲͳͳ ǦͲǤͲʹ͸ ǦͲǤͲͲʹ ͲǤʹͲͺ

͹͹ͺͻ͹Ͳͷ ͻͶͲͶͺͲͻ ͳͻͶ͵͵͹ͻ ʹͶͲͲ͹͹ͷ ͲǤʹͶͻ ͲǤʹͷͷ ǦͲǤͲ͹Ͳ ǦͲǤͳͳ͹ ǦͲǤͲͳͺ ǦͲǤͲ͵Ͳ ͲǤʹ͵ʹ

ʹͷͻͲʹ͵ ͸ͺͲͻͲͶ ͳ͵ʹͷ͹͵ ͶͲͻ͵ͷ͹ ͲǤͷͳʹ ͲǤ͸Ͳͳ ͲǤ͵ͺͷ ͲǤʹͳͳ ͲǤͳͻ͹ ͲǤͳʹ͹ ͲǤ͹Ͳͻ

ͲǤͷ͸͹ ͲǤͲͳͺ ͲǤͲ͵ͺ ͲǤ͸Ͳʹ ͲǤͷ͸͹ Ǧͳͻʹ͹ͺ͸ Ǧͳͺͳʹ͸ͻ ǦͲǤͲͷͲ ǦͲǤͲʹͷ ǦͲǤʹ͹ͺ ǦͲǤʹͲͷ ͲǤͲ͵ͺ ͲǤͲʹͶ ͲǤʹͳ͵ ͲǤͳͻ͸

ͲǤʹͳͻ ͲǤͲͺͶ ͲǤͲ͹͹ ͲǤͳͳͶ ͲǤʹͳͻ ʹͻͺͲͻͺ ʹ͹Ͳ͹͹͵ ͲǤͲͺ͹ ͲǤͲ͸͹ ͲǤͲͺ͸ ͲǤͲ͸ͷ ͲǤͳͶͺ ͲǤͳͳͻ ͲǤͳͶ͸ ͲǤͳͳͷ

ͲǤʹʹͷ ͲǤͲͺͶ ͲǤͲ͹͹ ͲǤͳ͵͸ ͲǤʹʹͷ ͸ͻͶʹ͸ͳ ͻ͹ʹͻͻ͹ ͲǤʹͲͷ ͲǤͳͳͷ ͲǤͲ͹͹ ͲǤͲͺ͸ ͲǤ͵͸ͷ ͲǤʹͳͳ ͲǤͳ͵͹ ͲǤͳͷ͹

ͲǤ͹ʹͺ ͲǤͳͲͷ ͲǤͳ͵ͳ ͲǤͷͶ͹ ͲǤ͹ʹͺ ǦͶͷ͹Ͳʹ Ǧ͹ͶͷʹͲ ͲǤͲʹ͹ ͲǤͲ͸Ͳ ǦͲǤͲͻ͵ ǦͲǤͲ͹͸ ͲǤ͵ͷ͸ ͲǤ͹ͺʹ ǦͳǤʹͳ͹ ǦͲǤͻͻ͸

ALBANIA MONGOLIA TAJIKSTAN BESA ProCredit Opport. Kh.Bank CreditM FMFB BankEsk MicInv. Agroinv. IMON

 

ͲǤͲʹͺ ͲǤͲͲͲ ͲǤͲͷ͵ ͲǤͳ͸͹ ͲǤʹͳͷ ǦͲǤͲͲ͵ ͲǤͶͲͻ

Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006 

 MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006

ʹͳͷͲʹ͵ͺ͸ ʹͷͶͺͺ͸ͷͺ ͳͲͶʹͷ͵͹͸ ͳʹ͹ʹͶ͹ͷͲ ͲǤͳ͵ͳ ͲǤͳʹͻ ͳ͵͸͵ͳͳͺ ͳ͸Ͷ͸ͷͺ͵ ͻͺͻͻͷͲ͵ ͳͳͻͳ͵ͲͶͷ ͵ʹͳͺͷͲ Ͷ͹͸ͳ͹Ͳ ͲǤͲ͵͵ ͲǤͲͶͲ ͻ͹ʹͷͳͲ ͳͲ͸ͷ͵͹ͺ ʹͻ͵͵Ͳͻ ͳ͸͹ʹ͵Ͷ ʹͻ͵͵Ͳͻ ͳ͸͹ʹ͵Ͷ ͳͷʹʹʹͻͺ ʹͺͳͲͺͳͻ Ͳ Ͳ ͳͷʹʹʹͻͺ ʹͺͳͲͺͳͻ ͳͳͲ͸͸͵ͻ ͸ͺ͵͹ͷ ͳͻ͸͸ͷʹͶͻ ʹͶ͸͵ͳͻ͵ͳ Ͷ͸Ͳ͵Ͷʹ͵ ͸ͷ͸ͻͻͷ͹ ͲǤʹ͵Ͷ ͲǤʹ͸͹ ͲǤʹͶͲ ͲǤͲͳͲ ͲǤͲͷ͸ ͲǤͲͲ͵ ͲǤʹͻͲ ͲǤʹ͹Ͳ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤʹ͸ͳ ͲǤʹ͹Ͳ ʹͷ͸Ͷ͹ͻ ͳͷ͹ͺʹͲ͹ ͲǤͲ͹ͳ ͲǤͳͳͲ ͲǤͲͳʹ ͲǤͲ͸ʹ ͲǤͳͶ͸ ͲǤʹʹͳ ͲǤͲʹͷ ͲǤͳʹͶ

ʹͳ͵ʹͲʹͺ͵͵ ʹͷͺ͹ͲͶ͸ͷͺ ʹͲ͹͹ͶͶ͹ͺ ʹʹͲʹͻͷͺ͸ ͲǤͳ͵ͳ ͲǤͳʹͻ ʹ͹ͳ͸ʹ͸͵ ʹͺͷͲ͸ʹͺ ͳͶͻ͸ͻ͸Ͳʹ ͳ͵ͲͺͺͲͻͶ Ͷ͹ͻ͸͸ͺ ͶͳͶ͵ͳͻ ͲǤͲ͵ʹ ͲǤͲ͵ʹ ͳͶ͹͹͸Ͳ͹ ͳʹ͹ͻʹͺͲ Ͳ Ͳ Ͳ Ͳ ͶͷͳͲ͸͸͹ ͷ͸ͳͳʹ͹͹ ͳʹͻͳ͹ʹͺ ͳ͸Ͳ͸ͻ͹ͻ ͵ʹͳͺͻ͵ͻ ͶͲͲͶʹͻͺ ͻ͹Ͷͻ͵ʹ ͳʹͷ͸ͳͳ ͻͻ͸ͺ͵Ͳʹͻ ͳͲͷͷ͹͹ʹͲ͸ ͳͺ͸Ͳ͸ͻͳͳ ʹͲͻʹ͹͸͸Ͳ ͲǤͳͺ͹ ͲǤͳͻͺ ͲǤͲͷʹ ͲǤͲͲ͸ ͲǤͲͳͲ ͲǤͲͲͳ ͲǤͳͻ͸ ͲǤͳͻͻ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤͳ͸ͻ ͲǤͳͻͻ ͳ͹Ͷͳ͵͵ͳ ʹ͹ʹͷͲͳͺ ͲǤͲͳͷ ͲǤͲͳͷ ͲǤͲͲͺ ͲǤͲͳͳ ͲǤͳͷͷ ͲǤͳͺʹ ͲǤͲͺͶ ͲǤͳʹͶ

ͳ͵Ͳ͵͸͸ͳͲ ʹʹͳʹͲͷͷͶ ͹͸͹ʹͷͷͲ ͻͳͺͲͲ͸Ͳ ͲǤͳ͵ͳ ͲǤͳʹͻ ͳͲͲ͵ͳͺ͸ ͳͳͺ͹ͻͲͲ ͷʹ͵ͳͺʹͲ ͳʹ͵͸ͻͶ͵͹ ͶͲ͹ͺ͸ͳ ͳ͵͵͵͸Ͳ͸ ͲǤͲ͹ͺ ͲǤͳͲͺ ʹ͹͸ͳͻͻ ʹ͸͸ͻͻͻ ʹͺͷͳ͸͸ ͳ͹͸ͷʹͷͷ ʹͺͷͳ͸͸ ͳ͹͸ͷʹͷͷ ͺ͵ͷʹͶͶ ʹͻͳͷ͹ʹ͵ Ͳ Ͳ ͺ͵ͷʹͶͶ ʹͻͳͷ͹ʹ͵ ͹ʹͻ͵Ͳ͹ ͵ͲͶͶ͵Ͳ ͳͳͶͶͲʹͳͺ ͳͻ͵͹ʹͷͺͷ ʹͷͷ͵ʹ͹͹ ͷͲ͹ͷʹͺ͹ ͲǤʹʹ͵ ͲǤʹ͸ʹ ͲǤʹͺ͸ ͲǤͲ͸Ͳ ͲǤͲ͸Ͷ ͲǤͲͳ͸ ͲǤʹͺ͹ ͲǤʹ͹ͺ ͲǤͲʹͶ ͲǤͲʹͶ ͲǤʹͷ͹ ͲǤʹ͹ͺ ʹ͹͵ͺ͹ͻ ͺͺ͵Ͷ͸ͻ ͲǤͲ͸Ͷ ͲǤͳ͵ʹ ͲǤͲʹͳ ͲǤͲͶͲ ͲǤͳͲͻ ͲǤ͵ͳͺ ͲǤͲ͵͸ ͲǤͲͻ͸

ͳͶ͵͹Ͷʹͳ͸ʹ ʹ͵ͳͳͺͺͷ͵ʹ ͳͲ͵͸ͺͺͳ͵ ʹͲͲͶ͸ʹ͵͸ ͲǤʹ͵͸ ͲǤʹͳͶ ʹͶͶʹ͸ͺͷ Ͷʹͻ͹ͻͳ͵ ͳʹͳͺͳ͸ͻͻ ͳͷ͹͹ͺʹͺͷ ʹ͵ͻ͸͸ͻ ʹ͸ͺ͹ͷͷ ͲǤͲʹͲ ͲǤͲͳ͹ ʹ͸͵ͲͲͻͷ ͵ͳͳͶͳͳͲ Ͳ Ͳ Ͳ Ͳ ͷ͹͹ʹͲ͸Ͷ ͳͷ͵Ͳ͸ͳͳͺ ʹͲͲͳͲͻ͹ ͷͲͳ͵͹͸ʹ ͵͹͹Ͳͻ͸͹ ͳͲʹͻʹ͵ͷͷ ͳ͵Ͳͳͺͳ͵ ǦʹͺͺͲ͵͵ʹ ͺ͹ͳͺʹʹʹ͸ ͳͷͺʹͷͳ͹͹ͷ ʹͶͻͶͶͺͶͻ Ͷͷ͵ͳ͹ʹͲͲ ͲǤʹͺ͸ ͲǤʹͺ͸ ͲǤͲͷʹ ǦͲǤͲ͸Ͷ ͲǤͲͳͷ ǦͲǤͲͳͺ ͲǤ͵Ͳͳ ͲǤʹ͸ͺ ͲǤͳʹ͹ ͲǤͲͷͳ ͲǤͳͷͶ ͲǤʹ͸ͺ ͳͳͶͲͺ͹ʹ ͹ͳ͹ͺʹͶͷ ͲǤͲʹ͸ ͲǤͲͶͷ ͲǤͲͲͺ ͲǤͲ͵ͳ ͲǤ͵͸Ͷ ͲǤͷͳ͵ ͲǤͳͳͲ ͲǤ͵ͷͺ

RUSIA KYRGYSTAN FORUS ABank FMCC BTFF ʹͺͻʹͶͶ͹Ͳ Ͷͻ͹Ͳͳ͵͵͸ ͳʹͺͻʹʹ͹ͷ ͳͶͲͳͺͳ͵ͺ ͲǤͳͲ͹ ͲǤͳͲͶ ͳ͵͹͹ʹͺʹ ͳͶ͸ͳ͵ͻͳ ͳͷ͸ʹͲͳ͵ͻ ͳͻͷ͸ͷͺͻͷ ͳͳͺ͸ͻͺͲ ͶͶ͸ͺ͹͸ ͲǤͲ͹͸ ͲǤͲʹ͵

ͶͶͷ͸ͲͶ͸͸ ͳͳ͵ͶͺͶͺ͵ ͷ͵͸͹͵ͷ͸Ͷ ͳͺͺͻͺͻʹͳ ͳ͵͹ͶͻͲͻ͵ ʹͷ͵ͶͲ͸ʹ ͳ͸ͷ͸ͻ͹͹ͷ ͶͳͲͺ͵ͻͻ ͲǤʹ͸͸ ͲǤʹ͸͸ ͲǤʹ͵ʹ ͲǤʹ͵ʹ ͵͸ͷ͹ʹͷͻ ͸͹ͶͲ͸Ͳ ͵ͺͶͶͳͺͺ ͻͷ͵ͳͶͻ ʹͷ͵ͻʹͶͶͷ ͸͸͹ͳ͵ͷͻ ͵ͳͶͲ͸͹͵͸ ͳͳ͹ͲͺͶͲͶ ͳͳͶ͵Ͳʹ͹ ͳͲ͸ʹ͵ͷͳ ͳͺʹͶͶͺͶ ͳͶʹͶͲͲͲ ͲǤͲͶͷ ͲǤͳͷͻ ͲǤͲͷͺ ͲǤͳʹʹ

INECO

ͺͲͶͷͶ͹Ͳ ͳ͵͵ͻ͵ͻ͹Ͷ ͵ͺʹͲ͸ʹͲ Ͷ͸Ͳʹͺͺʹ ͲǤʹ͸͸ ͲǤʹ͵ʹ ͳͲͳ͸ʹͺͷ ͳͲ͸͹ͺ͸ͻ ͶͲʹͺ͸͹ͳ ͺͷͷ͹͵͵͵ ʹ͹͸ͶͶͳ ͳͲͲͷ͹Ͷͺ ͲǤͲ͸ͻ ͲǤͳͳͺ

 

ʹͲ͹͵͸ͳ͵ʹ ͶͻͲ͵͹͸ͻͶ ͻͺ͸ͺ͵͸Ͳ ͳͶ͸ͷ͹ͳ͵Ͳ ͲǤͳͺͲ ͲǤͳ͸ͷ ͳ͹͹Ͷ͹ʹ͸ ʹͶʹʹͺʹͶ Ͷ͸͸͹͵͹͹ ͻͷ͹͵ͻͶ͹ ʹͺͲͲʹͷ ͷ͵͵ͲͺͶ ͲǤͲ͸Ͳ ͲǤͲͷ͸

ʹʹͲ͹ͺͷʹ ͸ͺͶʹͻͻʹ ͳͲͻ͹ͷͻͳͶ ͻ͵ͷͲ͹͹ ͷ͹ͺͳͻͺ͵͵ ͵ͳͻͷͲͻͳ ʹͺͷ͹͹͵ͻ ͳʹ͵ͷͶͶ͹ͷ ͳͻͺ͹ͲͲͲʹ ͳͺ͹ͳͳ͸ͻ ͺ͸ʹͶͻͲ͵ͷ ͸͵͹͹ͺ͸ͻ ͳͳͷͳ͹Ͷ͵ ͶʹͳʹͲͻͶ ͵͸ʹͶͷ͸ͷ ͹ͳͳ͹ͺͲ ͳͲ͹ͺͳͺͻ͵ ͳ͵͵͹ͻ͵Ͳ ͳͳ͸ʹ͹ʹͳ ͷͶͻͳͲͶͷ ͷͺʹ͹͵͸ͷ ͺͲͲʹͺʹ ͳͶ͹ͶͶͻͶ͸ ͺͺͷ͹Ͷͳ ͲǤʹ͵͸ ͲǤʹ͵͵ ͲǤʹ͵͵ ͲǤʹ͵͵ ͲǤʹ͵͵ ͲǤʹ͵͵ ͲǤʹͳͶ ͲǤʹͶͶ ͲǤʹͶͶ ͲǤʹͶͶ ͲǤʹͶͶ ͲǤʹͶͶ ʹ͹ͳ͵ʹͺ ͻͺͲͳͳʹ ͺͶ͵ͶͲͲ ͳ͸ͷ͸ʹͶ ʹͷͲͺͺ͵ͻ ͵ͳͳ͵ʹ͵ ʹͶͻʹͺ͹ ͳ͵͵ͺͳ͸ͺ ͳͶʹͲͳʹͻ ͳͻͷͲʹͻ ͵ͷͻ͵͵Ͷ͵ ʹͳͷͺͷͷ ͻͳͳͲ͵ͳ ʹͻͻͶͻ͸ ͳͻ͵ͷͲʹ͹ ͳ͹ʹͷͳͷ ͳʹͷ͵Ͳ͹Ͷ͹ ͳ͹ͺ͹͵Ͳͳ ͳͷʹͶʹͳ͵ ͳ͹͹Ͷ͸ͷͷ ͸ͳͲͲͷʹͲ ͺͻͺʹͲ͹ ͳͷͷ͸Ͷʹ͹ͻ ͷ͵ͳͲ͵ͻͻ ͳ͵͹ʹͳͳ ͻͷͳͺ ͳʹ͹Ͷͷ͸ ʹͷ͵ʹͶ ͸ͺͷ͵ͳ͵ ͳͺͳ͹Ͷ ͳͻͳͷʹͻ ͳͷͶͷͶͻ Ͷʹ͹Ͳʹ͹ ͳʹͺ͸ͺͳ ͳ͵ͷͶ͸ͻͺ ʹʹ͹ͳ͸ͺ ͲǤͳͷͳ ͲǤͲ͵ʹ ͲǤͲ͸͸ ͲǤͳͶ͹ ͲǤͲͷͷ ͲǤͲͳͲ ͲǤͳʹ͸ ͲǤͲͺ͹ ͲǤͲ͸ͻ ͲǤͳͶ͵ ͲǤͲͺ͹ ͲǤͲͶ͵ ͹͹ͶͳͲ ͸Ͳͳ͹ʹ ͵ʹʹͺͲͷ ͳͶͺͳͺ ʹʹ͵ͲͶ͸͹ ͵ͻ͹͹ͳ͵ ͳ͵ͷʹ͸ʹ ʹ͹͹ͻ͵Ͷ ͳͲͷͻ͸͸ͻ ͻͲʹͳʹ ʹͶ͵ͺ͵ͳ͸ ͳͲ͸͸ͻ͹͹ Ͳ Ͳ Ͳ ͵Ͳͳ͵ͺ Ͳ ͶͶͷ͸͹ Ͳ Ͳ Ͳ ͵͸Ͳ͹͸ Ͳ ͳͺ͸ͳͶ Ͳ Ͳ Ͳ ͵Ͳͳ͵ͺ Ͳ ͶͶͷ͸͹ Ͳ Ͳ Ͳ ͵͸Ͳ͹͸ Ͳ ͳͺ͸ͳͶ ͻ͵ͳͳͳ ʹ͹ͷͷ͸ʹ ͳͷͶͶͳ͸͸ ͳʹͻ͹͵ͳ ͵ͶͶͷͳͺͶ ʹ͹͸ͷͷ͸ ͷ͹ͻ͸ʹ ͷͻͲͲʹ͸ ʹͶͲͳͷͲͻ ͳͻͻ͸͸ͳ ͸ͳͻʹͻͲ͸ ͻͲͶͲͶ͵ ʹ͸͹Ͷ͸ ͳͲͳʹͻ ͵ͺ͹ͷ͸͹ Ͳ ͺͻͲ͸Ͳʹ ͳͲͲʹͻ͸ ʹͳ͸͵ͷ ͳͺͷͷͳʹ ͸ͳʹͻͺͺ Ͷͻͻͳ͵ ͳ͹͹͵ͳͺͲ ʹͷ͹ͳͷͶ ͸͸͵͸ͷ ʹ͸ͷͶ͵Ͷ ͳͳͷ͸ͷͻͻ ͳʹͻ͹͵ͳ ʹͷͷͶͷͺʹ ͳ͹͸ʹ͸Ͳ ͵͸͵ʹ͹ ͶͲͶͷͳͶ ͳ͹ͺͺͷʹͳ ͳͶͻ͹Ͷͺ ͶͶͳͻ͹ʹ͸ ͸Ͷ͸ͺͺͻ ʹͺʹ͵͹͵ ͹͹ͶͺͷͲ ͻ͸Ͳ͹ ͺͲͺͷͲ ʹͳͺͶ͹ʹ͵ ͷ͹͹͵Ͷ͵ ͵Ͷͺʹʹ͵ ͳʹͳͳͷͺͺ ͸ͻͳʹ͹ͺ ͳ͹ͳͷ͸ͻ ͳ͸ͳͳͻ͵Ͷ ͸ͷͶͷͷ͸ ͳͺͳͷͲͷͷ ʹͲͺʹʹ͵ͻ ͶͳͶͶͷ͹ͳ ͹͸͵ͷͷͺ ͵͵ͺʹͳ͵͵ͺ ͵Ͳ͵͸ʹͳ͹ ʹͶ͵ͳͶͻͷ ͷͶͶ͵Ͳͺ͹ ͺͲ͸ͶͶͶͶ ͳͷ͵ͷͲ͸͹ Ͷͻ͹ʹ͹ͳʹͶ ͸Ͳͳ͹Ͳ͸͸ ͸ͳ͸ͻ͸ͷ ͷͳ͵ʹͺ͸ ͳʹ͹ͶͶ͹Ͳ ͵͵ͻͻ͵Ͷ ͺͶͶͶͶͻ͸ ͹ͲͲͲͶͷ ͺͷ͵͹Ͷ͸ ͳͶͺͷͶͷͳ ʹͷͶͶͷͶͷ ͸ͷ͸͹ͳ͹ ͳʹͺ͹Ͳͷ͸͸ ʹͳ͹ʹ͵͸͹ ͲǤ͵ͶͲ ͲǤʹͶ͹ ͲǤ͵Ͳͺ ͲǤͶͶͷ ͲǤʹͷͲ ͲǤʹ͵ͳ ͲǤ͵ͷͳ ͲǤʹ͹͵ ͲǤ͵ͳ͸ ͲǤͶʹͺ ͲǤʹͷͻ ͲǤ͵͸ͳ ͲǤͶͷͺ ͳǤͷͳͲ ͲǤͲͲͺ ͲǤʹ͵ͺ ͲǤʹͷͻ ͲǤͺʹͷ ͲǤͶͲͺ ͲǤͺͳ͸ ͲǤʹ͹ ͲǤʹ͸ͳ ͲǤͳʹͷ ͲǤ͵Ͳͳ ͲǤͳͷ͸ ͲǤ͵͹ʹ ͲǤͲͲʹ ͲǤͳͲ͸ ͲǤͲ͸ͷ ͲǤͳͻͲ ͲǤͳͶ͵ ͲǤʹʹ͵ ͲǤͲͺ ͲǤͳͳʹ ͲǤͲ͵ʹ ͲǤͳͲͻ ͲǤͶͻͷ ͲǤ͸ͳͻ ͲǤ͵ͳͲ ͲǤͷͷͳ ͲǤ͵ͳͶ ͲǤͶʹͳ ͲǤͶͻͶ ͲǤͶͻͷ ͲǤͶͲͳ ͲǤͷͶͲ ͲǤʹͻͳ ͲǤͶ͹Ͳ ͲǤͳʹ͹ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤͲͷͳ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤͲͻͷ ͲǤ͵ʹ͹ ͲǤͶ͹ͺ ͲǤͳͻ͸ ͲǤͶͳ͹ ͲǤʹͲͲ ͲǤʹͻ͹ ͲǤͶͻͶ ͲǤͶͻͷ ͲǤͶͲͳ ͲǤͷͶͲ ͲǤʹͻͳ ͲǤͶ͹Ͳ ǦͳͳͲͶͷ ʹͲͷʹ͸ʹ ͺ͵͵͹ͻ͵ ͺͶ͹͹Ͷ ͵ʹͶͳͳ͸ Ǧʹ͸͸ͲʹͲ Ǧͻͺͻ͵ͷ ͳʹ͸ͷ͹ͻ ͹ʹͺͺͷͲ ʹ͵Ͷ͸Ͳ ͳͻͺͳͶͳͲ ǦͶ͵ͺ͹Ͳͳ ͲǤͲ͵Ͳ ͲǤͲ͵ͻ ͲǤͳͲͷ ͲǤͳ͵ͻ ͲǤͲͶͶ ͲǤͲͷͷ ͲǤͲͳ͵ ͲǤͲ͵͵ ͲǤͲͻͲ ͲǤͲͺͲ ͲǤͲͷͳ ͲǤͳͲͳ ǦͲǤͲͲͷ ͲǤͲ͵Ͳ ͲǤͲ͹͸ ͲǤͲͻͳ ͲǤͲͲ͸ ǦͲǤͲͺ͵ ǦͲǤͲ͵ͷ ͲǤͲͳͲ ͲǤͲͶͲ ͲǤͲͳ͵ ͲǤͲʹ͵ ǦͲǤͲ͸ͻ ͲǤͲͷͺ ͲǤͲ͸͵ ͲǤ͵ͳͻ ͲǤͳͺʹ ͲǤʹ͵͹ ͲǤͳ͵ʹ ͲǤͲ͵ͳ ͲǤͲ͹Ͷ ͲǤ͵Ͳ͹ ͲǤͳͺ͹ ͲǤ͵ͲͲ ͲǤ͹͵Ͳ ǦͲǤͲͳͲ ͲǤͲͶͻ ͲǤʹ͵Ͳ ͲǤͳͳͻ ͲǤͲ͵Ͳ ǦͲǤͳͻͻ ǦͲǤͲͺͷ ͲǤͲʹ͵ ͲǤͳʹͷ ͲǤͲʹͻ ͲǤͳ͵Ͷ ǦͲǤͶͻͷ

ARMENIA ACBA HOZON

CAGRO

AZERBAIJAN ACCES NMICRO Viator

͸͸ʹͺͺ͹ͳ͵ ͳͳͳ͹͵͹ͷͳ͸ ͳͷͲͺʹͺͲ͸ ͵͵͸͵ͻ͹ͺͻ ͲǤͳͺͲ ͲǤͳ͸ͷ ʹ͹ͳʹͶͻʹ ͷͷ͸Ͳ͸ͷ͹ ʹͷʹͻͳ͸͹ͺ ͵͹ͲͲ͹ʹ͹Ͷ ʹʹͶͷ͸ͺ͹ ͵͹ͳͳʹͻ͵ ͲǤͲͺͻ ͲǤͳͲͲ

ͶͺͲͷͲͲ͹ ͹͹͸͹ͳͷͷ Ͷ͵ͶͻͲʹͶ Ͷͻ͵͹͸Ͳͳ ͲǤͳ͹Ͳ ͲǤͳ͹ͻ ͹ͶͲͷͷʹ ͺͺͳͺͷ͸ ͵ͻͺͺʹͻ ʹ͸Ͷͻͺ͸ʹ ͹ͳͷͺ ͳ͹͹ͻ͵ͺ ͲǤͲͳͺ ͲǤͲ͸͹

ͳͷ͵Ͷ͸͵ͺͷ ͵ͺ͸Ͳͷ͸ͻͷ ͸ͶͷͶ͸͵͵ ͸͹ͺͷͷ͸͹ ͲǤͳ͹Ͳ ͲǤͳ͹ͻ ͳͲͻͻͲͻͷ ͳʹͳͳͻͲʹ ͺͶ͵Ͷ͵͵͸ ʹͻͷ͹ͷ͵ͻ͵ ͹͸Ͳ͸͸͸ ʹͷͺͲͻͶͳ ͲǤͲͻͲ ͲǤͲͺ͹

ͳ͵ͺͺʹʹͷ ͳͺʹͶ͵͵ͳ ͵ͲͲͻͷ͹ ͷʹͲͳͳ͹ ͲǤͳͺͲ ͲǤͳ͸ͷ ͷͶͳʹͶ ͺͷͻ͹ͷ ͳͲ͸͸ʹ͵ͳ ͳʹͺͷʹ͸ʹ ʹͺͶͳ͵ ͶͶ͵ʹ͹ ͲǤͲʹ͹ ͲǤͲ͵Ͷ

ͳͷͶ͵͹ͷͲ ʹͳ͹ͷͷͻͲ ͳͲͻͳ͵ͺ͸ ͳ͵ʹ͹͸ʹͷ ͲǤͳ͹Ͳ ͲǤͳ͹ͻ ͳͺͷͺͶͳ ʹ͵͹ͳͳͶ ͵Ͳ͸ͷͷͳ ͹Ͳͷ͹ʹ͸ ʹʹ͵Ͳͷ ͵Ͷʹ͹͵ ͲǤͲ͹͵ ͲǤͲͶͻ

ʹʹͷͶʹͳͷ ʹͻͷ͸Ͳ͹͵ ʹͲͻͲͷ͸ͻ ʹ͹ʹ͵͸Ͷ͸ ͲǤͳ͹Ͳ ͲǤͳ͹ͻ ͵ͷͷͻͺʹ Ͷͺ͸ͶͶ͵ ͳʹͷͲͲͲ ͳ͹ͷͲͲͲ ͳʹͲ͹Ͳ ͳͳͻͲͲ ͲǤͲͻ͹ ͲǤͲ͸ͺ

Disc.Publicdebt.A*(mc),2005 Ͷͺͳ͹ͳͻ Disc.Publicdebt.A*(mc),2006 ͳͷͻʹͺ͸ͻ Rev.Grants(RG),2005 Ͳ Rev.Grants(RG),2006 Ͳ K(RG+DX),2005 Ͳ K(RG+DX),2006 Ͳ AccountingProfit(P),2005 ͳ͹ͺͶͳ͹͸ AccountingProfit(P),2006 ͸͸͸ͷͷ͵ Taxes,2005 ͸ͺͳͲͶͺ Taxes,2006 ͳ͵ͻͳͲ͹ Acc.profitlessTaxes(AP),2005 ͳͳͲ͵ͳʹͺ Acc.profitlessTaxes(AP),2006 ͷʹ͹ͶͶͷ Subsidy.S{E*m+A(mc)+KAP} ͹ͷͷͺ͹͵ 05 Subsidy.S{E*m+A(mc)+KAP}06 ʹͷʹ͸ͺͳͷ Ave.Loanport(net)LP,2005 ʹͳ͸ʹ͹ʹͻ͹ Ave.Loanport(net)LP,2006 ͵ͳͶ͵ͺͺͷͷ Rev.Fromlending(LP*i),2005 ͹ͻ͵͵͸Ͷͻ Rev.Fromlending(LP*i),2006 ͹ͷͻͻ͹͵Ͷ Yieldonlending(i),2005 ͲǤ͵͸͹ Yieldonlending(i),2006 ͲǤʹͶʹ SDI(S/LP*i),2005 ͲǤͲͻͷ SDI(S/LP*i),2006 ͲǤ͵͵ʹ ChangeinYield,2005 ͲǤͲ͵ͷ ChangeinYield,2006 ͲǤͲͺͲ NominalSubsidyfreeyield,2005 ͲǤͶͲʹ NominalSubsidyfreeyield,2006 ͲǤ͵ʹʹ Inflation,2005 ͲǤͳʹ͹ Inflation,2006 ͲǤͲͻ͹ RealSubsidyfreeyield,2005 ͲǤʹͶͶ RealSubsidyfreeyield,2006 ͲǤ͵ʹʹ TrueProfit,2005 ͸ʹͳͶͲͻ TrueProfit,2006 ǦͳͲ͸ͷͶʹͶ ReturnonAssets(ROA),2005 ͲǤͲ͵ͺ ReturnonAssets(ROA),2006 ͲǤͲͳͳ SubsidyadjustedROA,2005 ͲǤͲʹͳ SubsidyadjustedROA,2006 ǦͲǤͲʹͳ ReturnonEquity(ROE),2005 ͲǤͲͺ͸ ReturnonEquity(ROE),2006 ͲǤͲ͵ͺ SubsidyadjustedROE,2005 ͲǤͲͶͺ SubsidyadjustedROE,2006 ǦͲǤͲ͹͸ 

 MFIs Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05

ͷͶͷͻͲͲͻ ͷͶ͸ͳͺ͹ͻ ͷͷͶͻ͸ ͷͳʹ͵ͷ ͷͷͶͻ͸ ͷͳʹ͵ͷ ͵͵ʹͷͻͺͳ ͵Ͳ͹͸Ͷͷͻ ͷ͸ͺʹ͵ʹ ͵ͳͻͳͳ͸ ʹ͹ͷ͹͹Ͷͺ ʹ͹ͷ͹͵Ͷ͵ ͸ͶͳͶͲͳ͸

͸͹ʹʹͲʹ ͹͹ͳͲͳͶ ͳʹͻʹ͵ͷͲ ͻ͹ͻͷͷ͵ Ͳ ͷͳͲ͸ͷ Ͳ ʹͶͺͺ͵ Ͳ ͷͳͲ͸ͷ Ͳ ʹͶͺͺ͵ ͺͺͳ͵ͳ͹ ͷ͹ͶͶ͹ͻ ʹͷ͵ʹͲͲͲ ͺ͸ʹ͹ͷʹ ʹͳͲ͵͹ͷ ͳͶ͸͸͵Ͷ ʹͷ͹ͲͲͲ ͳͷͻͳ͵ͺ ͸͹ͲͻͶʹ Ͷʹ͹ͺͶͷ ʹʹ͹ͷͲͲͲ ͹Ͳ͵͸ͳͶ ͸͹ͷ͵ʹͳ ͳͶͳͲͷͳͻ

͸ͷͻͻͻͷͻ ǦʹͻͷͲʹ ͶͲʹͷͳʹͻͻ ͳͲͳ͹ͻ͹͸͹ Ͷͺ͵ͳ͸ͺʹͺ ͳͶͻ͹ͻͷ͹Ͷ ͸ͺͶ͵ͷͷͻ ͶͶ͹ͷͶʹͶ ͹ͶͶʹʹͻͷ ͹ͳ͸͸ͲͲͲ ͲǤͳ͹Ͳ ͲǤͶͶͲ ͲǤͳͷͶ ͲǤͶ͹ͺ ͲǤͻ͵͹ ͲǤͳͷͳ ͲǤͺͺ͹ ǦͲǤͲͲͶ ͲǤͳͷͻ ͲǤͲ͸͸ ͲǤͳ͵͹ ǦͲǤͲͲʹ ͲǤ͵ʹͻ ͲǤͷͲ͸ ͲǤʹͻͳ ͲǤͶ͹͸ ͲǤͲͶͶ ͲǤͲͶͶ ͲǤͲͷ͸ ͲǤͲͷ͸ ͲǤʹ͹Ͷ ͲǤͶͶ͵ ͲǤʹͻͳ ͲǤͶ͹͸ Ǧʹ͹ͷ͸͹ͷ͹ Ǧͳʹ͸Ͳ Ǧʹ͹ͷͷ͹͹ͳ ͻͺʹ͸ͷͲ ͲǤͲ͸ʹ ͲǤͲͷͻ ͲǤͲͷͳ ͲǤͳʹͲ ǦͲǤͲ͸ʹ ͲǤͲͲͲ ǦͲǤͲͷͳ ͲǤͲͷʹ ͲǤʹͲͳ ͲǤʹ͸ͷ ͲǤͳ͸͸ ͲǤͷͷͶ ǦͲǤʹͲͳ ͲǤͲͲͲ ǦͲǤͳ͸͸ ͲǤʹ͵ͻ

ͳ͵͸ͺ͸ͻͲ ͶͻͺͲ͵͵Ͳ ͺʹͻ͵͹ͶͲ ͳʹͳͳͶʹͻ ʹͶ͸ͺͺͷ͹ ͲǤʹͶ͵ ͲǤʹͻͺ ͳǤͳ͸Ͷ ͲǤͷͷͶ ͲǤʹͺ͵ ͲǤͳ͸ͷ ͲǤͷʹ͸ ͲǤͶ͸͵ ͲǤͲͶͶ ͲǤͲͷ͸ ͲǤͶ͸͵ ͲǤͶ͸͵ Ǧ͵ͻͶʹ͵Ͷ Ǧ͵ͲͲͺʹͳ ͲǤͲͷ͵ ͲǤͲͷ͵ ǦͲǤͲͶͻ ǦͲǤͲʹʹ ͲǤͳͳʹ ͲǤͳͷ͵ ǦͲǤͳͲ͵ ǦͲǤͲ͸ͷ

ʹ͵Ͳʹ͹͸ͺ ʹͶͲ͸ͲͲͻ Ͳ Ͳ Ͳ Ͳ ͵ʹ͵ͳͳ͸͹ ͷͶͳͶͷͷͺ ͹ͳʹͺʹʹ ͳ͵ʹͷͺͷͳ ʹͷͳͺ͵Ͷ͸ ͶͲͺͺ͹Ͳ͹ ʹͶͻ͸ͻͳͶ

ͳ͸͵͵͵ͺ ͳ͸ͺͳʹ͸ Ͳ Ͳ Ͳ Ͳ ʹͲͻ͸ͻͻ ʹͶͺͻ͵͵ ͷ͵ͻ͹ͷ ͵ʹͺ͸ͻ ͳͷͷ͹ʹͶ ʹͳ͸Ͳ͸͵ ͸ͳ͹͵ͻ

͸͹ͷͷ͵͵ ʹ͹ͲͳʹʹͶ Ͳ Ͳ Ͳ Ͳ ʹͳͻ͸ͻͲ ʹ͵ͺͺͲ͸ ͹͵͵͹ͷ ͶͲͳͺͶ ͳͶ͸͵ͳͷ ͳͻͺ͸ʹʹ ͳ͸ʹͺ͵ͳ͵

ʹͻͺͻͷ ͻͳ͹͹Ͳ ͳͶʹͳͷ ͳ͹ͷʹ͹ ͳͶʹͳͷ ͳ͹ͷʹ͹ ͳ͹͸͸ͻͻ ʹͲʹͲͲʹ ͶʹͶͲͺ ͶͶͶͶͲ ͳ͵Ͷʹͻͳ ͳͷ͹ͷ͸ʹ ͻͷ͸͸Ͳ

ͻʹͳͷ ͳͻ͵ͷͷ ʹ͸Ͷͳ͵͵ ͳͻ͹ͷ͵ͷ ʹ͸Ͷͳ͵͵ ͳͻ͹ͷ͵ͷ ͹ͳ͹͸ͷͶ ͸ͳ͸Ͷͳ͵ Ͳ Ͳ ͹ͳ͹͸ͷͶ ͸ͳ͸Ͷͳ͵ Ǧͺͺ͵ʹͶ

͵ͻ͸ͺ͸͵ ͳ͹ͺͳͻʹ͹ͻ ʹ͹ʹͷʹͳ͹ͳ ͵ͺ͹͸Ͳͳʹ ͷ͹ͺͷͶ͵͸ ͲǤʹͳͺ ͲǤʹͳʹ ǦͲǤͲʹͻ ͲǤͲ͸ͻ ǦͲǤͲͲ͸ ͲǤͲͳͷ ͲǤʹͳͳ ͲǤʹʹ͹ ͲǤͲͲ͸ ͲǤͲʹͻ ͲǤʹͲͶ ͲǤʹʹ͹ ͳͺͺ͸ͳͻͲ ʹͲʹͷͻ͸Ͳ ͲǤͳͳͺ ͲǤͲ͸͵ ͲǤͲͻͳ ͲǤͲͶͳ ͲǤʹͶͺ ͲǤʹͳͲ ͲǤͳͻͳ ͲǤͳ͵ͺ

͵ͺ͹͹ͻ͸Ͳ Ͷʹͻͳ͹ʹʹͳ ͹ͳͳͳͲͳͶ͸ ͺͺʹͳͶ͵ͷ ͳͶʹ͹͹ͻʹͲ ͲǤʹͲ͸ ͲǤʹͲͳ ͲǤʹͺ͵ ͲǤʹ͹ʹ ͲǤͲͷͺ ͲǤͲͷͷ ͲǤʹ͸Ͷ ͲǤʹͷͷ ͲǤͲͲ͸ ͲǤͲʹͻ ͲǤʹͷ͸ ͲǤʹͷͷ ʹͳͷͷ͹͹ ͳ͸ͺʹ͸ͻͺ ͲǤͲ͵ͺ ͲǤͲ͵͹ ͲǤͲͲ͵ ͲǤͲͳͷ ͲǤͳ͸͹ ͲǤͳʹʹ ͲǤͲͳͶ ͲǤͲͷͲ

͵ͺͲ͵ͻ ͹͸͹͹ʹ͵ ͵͹ͳͶͷͲͶ ͳʹͳͶͶͲͷ ͶͶ͹͸ʹͷͻ ͳʹʹʹͺ͹͵ʹ ͳͷͶͻ͸ͳͶ ʹͶͳͳͲʹ͸͵ͻͳ͵ ͵ʹͲͳͻͶͳ͹ Ͷͻ͹ͺʹʹ ͻͶͲͳͶ͹ ͵ͷʹͷ͸͹͹ ͶͻͶͺͶ͹ ͺͲͶͳ͸Ͳ͹͵Ͷͺ ͻͳͺͲʹͷ͵ ͲǤͶͳͲ ͲǤʹͳͲ ͲǤʹͺͺ ͲǤ͵ͳͻ ͲǤ͵͵Ͷ ͲǤʹͺ͹ ͲǤͳʹͶ ͲǤ͸ͺ͹ ͲǤͶ͸ʹ ͲǤͲ͹͹ ͲǤͲͲͲ ͲǤͶͲͷ ͲǤͲͷͳ ͲǤͳͶͶ ͲǤͳ͵͵ ͲǤͲʹͷ ͲǤͲͲͲ ͲǤͳͳ͸ ͲǤͶ͸ͳ ͲǤ͵ͷͶ ͲǤͶʹͳ ͲǤ͵ͶͶ ͲǤ͵͵Ͷ ͲǤͶͲ͵ ͲǤͲͲ͸ ͲǤͳͳ͸ ͲǤͳͳ͸ ͲǤͲʹͻ ͲǤͲͺ͵ ͲǤͲͺ͵ ͲǤͶͷͳ ͲǤʹͳͶ ͲǤʹ͹Ͷ ͲǤ͵ͶͶ ͲǤ͵͵Ͷ ͲǤͶͲ͵ Ǧ͹͸ͳͷ ͻͶʹ͵Ͷ Ǧͷʹͻʹͳͺ Ͷ͹ͻ͵͹ ͳͳͶͳ͵͵ ǦʹͷͲʹ͸Ͳʹ ͲǤͳͳʹ ͲǤͲͶ͵ ͲǤͲͳͲ ͲǤͳͳͺ ͲǤͲͷͺ ͲǤͲͲͷ ǦͲǤͲͲͷ ͲǤͲʹͲ ǦͲǤͲ͵Ͷ ͲǤͲʹ͸ ͲǤͲͳͷ ǦͲǤͲ͸ͷ ͲǤͷͳ͹ ͲǤͲͶͺ ͲǤͲʹ͵ ͲǤͶͳͷ ͲǤͲͻͳ ͲǤͲʹͻ ǦͲǤͲʹͷ ͲǤͲʹʹ ǦͲǤͲͺʹ ͲǤͲͻʹ ͲǤͲʹ͵ ǦͲǤ͵͸ͻ

ͳͺͺͺͶͺ ͳͶͲͷͳͲͶ ʹͲʹ͵ͳ͹͵ ͷʹʹͲ͹͹ ͸Ͷͻͳͻʹ ͲǤ͵͹ʹ ͲǤ͵ʹͳ ͲǤͳͺ͵ ͲǤʹͻͳ ͲǤͲ͸ͺ ͲǤͲͻ͵ ͲǤͶͶͲ ͲǤͶͳͶ ͲǤͳͳ͸ ͲǤͲͺ͵ ͲǤʹͻͲ ͲǤͶͳͶ ͻͲͳͺͳ Ͷͺʹ͸ͷ ͲǤͲͺ͹ ͲǤͲ͹ʹ ͲǤͲͷͺ ͲǤͲʹʹ ͲǤͳʹ͵ ͲǤͳͳͻ ͲǤͲͺ͵ ͲǤͲ͵͸

ͺ͸ͻʹͲ ͳͺͲͷʹ͹Ͳ ʹͷͺ͵͸Ͷ͹ ͹ʹ͹ʹͺͲ ͳͲͷ͵ͻ͵͸ ͲǤͶͲ͵ ͲǤͶͲͺ ǦͲǤͳʹͳ ͲǤͲͺʹ ǦͲǤͲͶͻ ͲǤͲ͵Ͷ ͲǤ͵ͷͶ ͲǤͶͶʹ ͲǤͳͳ͸ ͲǤͲͺ͵ ͲǤʹͳ͵ ͲǤͶͶʹ ͶͶͶ͵Ͳ͸ ͵ͻͻͷʹ͵ ͲǤ͵ͳͺ ͲǤʹͲͻ ͲǤͳͻ͹ ͲǤͳ͵ͷ ͲǤ͵Ͷ͵ ͲǤʹʹ͸ ͲǤʹͳ͵ ͲǤͳͶ͹

BOSNIA MIKROFIN PARTNER SUNRISE ͵Ͷ͸͸ͻͶͲͲ ͷ͸ʹͷͶͶʹͳ ͳʹͶͲͳͻͷʹ ͳ͸ͳͻͻͶ͹ͳ ͲǤͲͻ͸ ͲǤͲͺͲ ͳͳͻʹʹͲͲ ͳʹͻ͹ͷ͹ͺ ʹͳͺͷͺͷͷͻ ͵ͻ͸ͳ͹͹ͲͶ ͳͳͺ͸͸ͺͺ ʹͶͲ͸͵ͷͳ ͲǤͲͷͶ ͲǤͲ͸ͳ ͻͳͶͷ͹͸ ͹͸͹Ͳʹ͹ Ͳ Ͳ Ͳ Ͳ ʹ͵͸Ͳ͵Ͷ͸ ͷʹ͸ʹͺ͵Ͳ Ͳ Ͳ ʹ͵͸Ͳ͵Ͷ͸ ͷʹ͸ʹͺ͵Ͳ Ǧʹͷ͵ͷ͹ͳ

͵ͷͲ͹ͻͶ͵ͻ ͷͳͷ͵ͺͻͺͻ ͳͳʹʹʹͻͲͳ ͳͶ͹ͳ͹͹ͺ͹ ͲǤͲͻ͸ ͲǤͲͺͲ ͳͲ͹ͺͺͷ͹ ͳͳ͹ͺͺͻͷ ʹ͵Ͷ͹͹ͺͷʹ ͵Ͷͺ͹͵͹͹ʹ ͳͲͻͺ͸ͷͷ ͳͺ͸͵ͳ͸͵ ͲǤͲͶ͹ ͲǤͲͷ͵ ͳͳͷͺʹ͹ͳ ͻ͵Ͳʹʹ͹ Ͳ ʹͲͷ͸ͳͶ͵ Ͳ ʹͲͷ͸ͳͶ͵ ͳ͸͸ͻͻ͵ͷ ͷͶͲͶͻ͸Ͳ Ͳ Ͳ ͳ͸͸ͻͻ͵ͷ ͷͶͲͶͻ͸Ͳ ͷ͸͹ͳͻ͵

ͳͷͲ͵ʹͻ͹Ͷ ʹ͵͵ͺͶͻ͵ͷ Ͷͺ͸͸ͳͳͲ ͸ʹ͹ͻ͵ͲͲ ͲǤͲͻ͸ ͲǤͲͺͲ Ͷ͸͹͹͹ͻ ͷͲʹͻ͹ʹ ͳͲͲ͹ͻ͹ͺͳ ͳ͸ͺͳ͸͸Ͷ͹ Ͷ͹ͲͶ͵ͻ ͳͲ͵ͳ͵͵͹ ͲǤͲͶ͹ ͲǤͲ͸ͳ Ͷͻͺͷ͵ͳ ͵ͳͷ͸͹͸ Ͳ Ͳ Ͳ Ͳ ͺͺ͹͵ͺͳ ͳͻͷͶͻͻͻ Ͳ Ͳ ͺͺ͹͵ͺͳ ͳͻͷͶͻͻͻ ͹ͺͻʹͺ

 

ͷͷͻ͵ͷ͹ ͳͲͶͻͶͻͲ Ͳ Ͳ Ͳ Ͳ ͵Ͳͷͳͺͻʹ ͵ͺͷ͵ʹͶͳ ͸Ͳ͸͵Ͷͷ ͹͹͹͹ͻͳ ʹͶͶͷͷͶ͹ ͵Ͳ͹ͷͶͷͲ ǦͳͳͳͶ͸Ͷ

͸Ͳ͹ͷͶ ʹͻͷ͵ʹ͹ ͷ͵Ͷ͹ͺ Ͷͳͳͳ͸ ͷ͵Ͷ͹ͺ Ͷͳͳͳ͸ ʹͲͻͶͳ͵ ͷͺͶ͸ͷͺ ͻͶ͹ ͳ͵ͶͲͺʹ ʹͲͺͶ͸͸ ͶͷͲͷ͹͸ ͸Ͷ͸͵ͳͺ

EKI

KAZTAN KMF

CREDO

GEORGIA Lazika CFUND Constanta

͵ͳͷ͹Ͳͳͳͺ Ͷ͹ͻ͹͸͹͵Ͷ ͹͸ͳʹ͹ͻ͸ ͳͳͷ͵Ͷʹͺͷ ͲǤͲͻ͸ ͲǤͲͺͲ ͹͵ͳͺͳͺ ͻʹ͵ͺͻ͸ ʹʹͷͲͶͶ͵͹ ͵ͷͷͲͷͻͺ͸ ͷͷͳ͸ͲͶ ͳͷʹʹͷͻ͸ ͲǤͲʹͷ ͲǤͲͶ͵ ͳ͸ͳͳ͹Ͷͺ ͳ͵ʹͳͶ͵͵ ͻ͹ʹͺ͵ ʹʹͶͶ͹ͶͶ ͻ͹ʹͺ͵ ʹʹͶͶ͹ͶͶ ͳ͹ͲͲ͹Ͳͳ ͸ͳʹ͹͵Ͳ͹ Ͳ Ͳ ͳ͹ͲͲ͹Ͳͳ ͸ͳʹ͹͵Ͳ͹ ͹ͶͲͳͶͺ

ͳͲͺͲͷͺͻͳ ʹ͹ͷͳ͸ͷͳͺ Ͷͷͳͷ͹͸͵ ͸ͳͳͺ͵Ͳͻ ͲǤͳͳͲ ͲǤͳͳͲ Ͷͻ͸͹͵Ͷ ͸͹͵ͲͳͶ ͸ͳͻ͹ͻ͹Ͳ ʹͳͳ͸Ͳͳ͸ʹ ͷ͹ͻͻͶͶ ͳͺ͵Ͳͷͺ͹ ͲǤͲͻͶ ͲǤͲͺ͹ ͳͲͳͺ͵͵ Ͷͻ͹Ͳ͵ͳ ͳ͸Ͳͳͳʹ ͳͲͻʹͶʹ ͳ͸Ͳͳͳʹ ͳͲͻʹͶʹ ͳͷ͸ͶͳͲ͹ ʹͻ͸ͺͲͶͻ Ͷ͵͹ͻ͹͵ ͺ͹͵ͳͶͳ ͳͳʹ͸ͳ͵Ͷ ʹͲͻͶͻͲ͹ Ǧ͵͸͹Ͷͷͷ

ʹͳʹͻͺͳͺ ͶͲͲͺͳ͹ʹ ͳ͵ͷͶͳ͵͸ ͳ͸ʹͷͷͳ͵ ͲǤʹͳ͸ ͲǤͳͺͺ ʹͻʹͻͶͲ ͵ͲͶ͹ͺͶ ͸ͻͲͳͺͺ ʹʹ͸͵ͷʹͷ ͵ͺ͹Ͷͺ ͳͶͻͷͲ͹ ͲǤͲͷ͸ ͲǤͲ͸͸ ͳͳͲͷ͸Ͳ ʹ͹ͶͻͲͶ ͵͹ʹͺͷ͹ ͺ͵ͳͷ͸ ͵͹ʹͺͷ͹ ͺ͵ͳͷ͸ ͵ͺͺ͵ʹͶ ͳͺͻʹͲͺ Ͳ Ͳ ͵ͺͺ͵ʹͶ ͳͺͻʹͲͺ ͵ͺͺͲ͵Ͷ

ͺʹͲͺʹʹ ͳʹͻ͹ͶͲͲ ͸Ͷ͸ͶͶͷ ͹ͷͺͷͶͷ ͲǤʹͳ͸ ͲǤͳͺͺ ͳ͵ͻͺͶͷ ͳͶʹʹʹ͹ ͳ͸Ͳͻ͸Ͷ ͷͶ͵ͲͲͶ Ͳ ͳ͹Ͷͺ ͲǤͲͲͲ ͲǤͲͲ͵ ͵Ͷͺʹͳ ͳͲͲͲ͸͸ ͵ʹͺͳͳ ͳͳ͹ͷͻ ͵ʹͺͳͳ ͳͳ͹ͷͻ ͳͺͺͺʹ ͳͶͲͳͷͻ Ͳ ʹͲͶͶ͸ ͳͺͺͺʹ ͳͳͻ͹ͳ͵ ͳͺͺͷͻ͸

ͳͳͳͳͷ͵ͷ ͹Ͷͻ͵͸Ͷͺ ͳͺ͸ͻͻ͹Ͳ ʹͲͲͺͳͳͲ͸ ͸Ͳʹͳ͸Ͳ ͸͵ͳ͹͸ͲͲ ͹Ͳʹ͵ͷͷ ͹ͳͲͻͺʹͳ ͲǤʹͳ͸ ͲǤʹͳ͸ ͲǤͳͺͺ ͲǤͳͺͺ ͳ͵Ͳʹ͸ͷ ͳ͵͸͸͸ͺ͸ ͳ͵ͳ͸ͻʹ ͳ͵͵͵Ͳͻͳ Ͷ͵ͺ͵ʹͺ ͳͳͶͷͶʹͶ ͻͺ͸ʹ͸͵ ͳʹ͸ͻͷʹ͹ͺ ͵ͺͻͺ͸ ͻͶͺͻͳ ͻͷͺͲͳ ͳʹͺͷ͹ͳͶ ͲǤͲͺͻ ͲǤͲͺ͵ ͲǤͲͻ͹ ͲǤͳͲͳ ͷͷͺ͵͹ ͳͷʹͺͻͻ ͺͻͳʹͶ ͳͲͻͶ͸ͷͲ Ͷͷͺ͵ʹ ͵ͳͶͶ͵Ͳ ͺͳ͵ʹ ͵͹͹ʹͷͻ Ͷͷͺ͵ʹ ͵ͳͶͶ͵Ͳ ͺͳ͵ʹ ͵͹͹ʹͷͻ ͳ͹ʹͺ͵ͷ ͵͹ͻͷ͸ʹ ͶͲ͸ͻͳ ͳʹ͸͹͸͵ͺ ͵Ͳ͵Ͳͷ ʹͺ͸͵͸ ͺͳ͵ͺ ʹ͹͸ͻ͸ͺ ͳͶʹͷ͵Ͳ ͵ͷͲͻʹ͸ ͵ʹͷͷ͵ ͻͻͲ͸͹ͳ ͺͻͶͲͷ ͳͶͺ͵Ͳͺͻ

Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005 Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006 

Ǧ͵ͳͻͺʹʹͷ ͵ʹʹ͸͸ͻͲͷ Ͷͻͻͳ͹ͺͳͶ ͷ͸͵ͳͳͺ͵ ͻͲ͵ͲͶͶͷ ͲǤͳ͹ͷ ͲǤͳͺͳ ǦͲǤͲͶͷ ǦͲǤ͵ͷͶ ǦͲǤͲͲͺ ǦͲǤͲ͸Ͷ ͲǤͳ͸͹ ͲǤͳͳ͹ ͲǤͲ͵͸ ͲǤͲ͵͸ ͲǤͳʹ͸ ͲǤͳͳ͹ ͳͶͶͷ͹͹ͳ ͶͶͻͷͺͲ͵ ͲǤͲ͸ͺ ͲǤͲͻͶ ͲǤͲͶʹ ͲǤͲͺͲ ͲǤͳͻͲ ͲǤ͵ʹͷ ͲǤͳͳ͹ ͲǤʹ͹ͺ

Ǧͳʹ͵ͻ͸ͻ͸ Ǧͳͳ͵͸͵ͷͳ ͵ͳʹ͸Ͳ͹ͺͳ ͳ͵ͺ͸͸͸͹ʹ ͶͷͻͻͷʹͲ͸ ʹͳͲͷ͸ʹͺͻ ͸ͳͻͶͲ͵ͺ ͵͹ͲͲͳͻͳ ͻͺͺͻͺͶͶ ͸Ͷ͵ͷͶͺ͵ ͲǤͳͻͺ ͲǤʹ͸͹ ͲǤʹͳͷ ͲǤ͵Ͳ͸ ͲǤͲͻʹ ͲǤͲʹͳ ǦͲǤͳʹͷ ǦͲǤͳ͹͹ ͲǤͲͳͺ ͲǤͲͲ͸ ǦͲǤͲʹ͹ ǦͲǤͲͷͶ ͲǤʹͳ͸ ͲǤʹ͹͵ ͲǤͳͺͺ ͲǤʹͷʹ ͲǤͲ͵͸ ͲǤͲ͵͸ ͲǤͲ͵͸ ͲǤͲ͵͸ ͲǤͳ͹Ͷ ͲǤʹʹͺ ͲǤͳͺͺ ͲǤʹͷʹ ͷͳͳ͸͸Ͷ ͵ͺͺͺͷͳ ʹͶͳͺͷͻͳ ͳ͸͵ͻ͵ʹ͵ ͲǤͲͶͺ ͲǤͲͷͻ ͲǤͳͲͷ ͲǤͲͺͶ ͲǤͲͳͷ ͲǤͲʹ͸ ͲǤͲͶ͹ ͲǤͲ͹Ͳ ͲǤͳͶͻ ͲǤͳͺʹ ͲǤ͵͸͹ ͲǤ͵ͳͳ ͲǤͲͶ͸ ͲǤͲͺͲ ͲǤͳ͸Ͷ ͲǤʹ͸ͳ

Ǧͳ͸͵͹ʹ͵Ͷ ʹͺͻ͸ͷͻͶ͵ ͶͷʹͲͲͳͺ͹ ͷͲ͸ͺͳͷͳ ͻͶͳͲͻʹ͵ ͲǤͳ͹ͷ ͲǤʹͲͺ ͲǤͳͶ͸ ǦͲǤͳ͹Ͷ ͲǤͲʹ͸ ǦͲǤͲ͵͸ ͲǤʹͲͳ ͲǤͳ͹ʹ ͲǤͲ͵͸ ͲǤͲ͵͸ ͲǤͳͷͻ ͲǤͳ͹ʹ Ǧͺ͵͵Ͳ ʹͷ͸ͳͳ͵Ͳ ͲǤͲͷͶ ͲǤͳʹͺ ͲǤͲͲͲ ͲǤͲͷ͵ ͲǤʹʹ͵ ͲǤͷ͵ͳ ǦͲǤͲͲͳ ͲǤʹʹʹ

 MFIs

DBACD

EGYPT LEAD

JORDON AlTAD. Tamwl. MFW

Avg.Assets,2005 Avg.Assets,2006 Ave.Equity(E),2005 Ave.Equity(E),2006 Opp.Costofsociety(m),2005 Opp.Costofsociety(m),2006 SubsidyonEquity.E*m,2005 SubsidyonEquity.E*m,2006 Ave.Publicdebt(A),2005 Ave.Publicdebt(A),2006 Exp.Int.Publicdebt.A*c,2005 Exp.Int.Publicdebt.A*c,2006 Ratepaidpublicdebt(c),2005 Ratepaidpublicdebt(c),2006 Disc.Publicdebt.A*(mc),2005 Disc.Publicdebt.A*(mc),2006 Rev.Grants(RG),2005 Rev.Grants(RG),2006 K(RG+DX),2005 K(RG+DX),2006 AccountingProfit(P),2005 AccountingProfit(P),2006 Taxes,2005 Taxes,2006 Acc.profitlessTaxes(AP),2005 Acc.profitlessTaxes(AP),2006 Subsidy.S{E*m+A(mc)+KAP}05 Subsidy.S{E*m+A(mc)+KAP}06 Ave.Loanport(net)LP,2005 Ave.Loanport(net)LP,2006 Rev.Fromlending(LP*i),2005 Rev.Fromlending(LP*i),2006 Yieldonlending(i),2005 Yieldonlending(i),2006 SDI(S/LP*i),2005 SDI(S/LP*i),2006 ChangeinYield,2005 ChangeinYield,2006 NominalSubsidyfreeyield,2005 NominalSubsidyfreeyield,2006 Inflation,2005

ͳ͸͵ͺ͵͸Ͷ͸ ͳͺͻ͸ͻ͸͹ͺ ͻͷͺ͵Ͷʹͷ ͳͲͻ͸͵ͷ͹͵ ͲǤͳ͵ͳ ͲǤͳʹ͸ ͳʹͷͻͶͷͶ ͳ͵ͺͳͶͳͲ ͸͵Ͳ͵ͳͺͺ ͹ͷͺͳ͵ʹͺ ͹ͳͷͷ͵ͷ ͹ͺͶͺͳ͹ ͲǤͳͳͶ ͲǤͳͲͶ ͳͳʹͺ͵Ͳ ͳ͹ͲͶ͵Ͳ Ͳ Ͳ Ͳ Ͳ ͹ͻͻͻ͹͹ ͳͶ͹͵ͻͶ͸ Ͳ Ͳ ͹ͻͻͻ͹͹ ͳͶ͹͵ͻͶ͸ ͷ͹ʹ͵Ͳ͹ ͹͹ͺͻͷ ͹ͷ͵͵Ͳͳͷ ͳͲͲͳͳͳͶͻ ʹ͵ͷͻͲ͸ͳ ͵ͳʹʹ͵Ͷ͵ ͲǤ͵ͳ͵ ͲǤ͵ͳʹ ͲǤʹͶ͵ ͲǤͲʹͷ ͲǤͲ͹͸ ͲǤͲͲͺ ͲǤ͵ͺͻ ͲǤ͵ʹͲ ͲǤͲͶͻ

͸ͳͺ͹ʹͷͲ ͳͲͺͲʹ͹͹Ͷ ͶʹͻͶͷ͵͵ ͹ʹͷͻͲ͹ʹ ͲǤͳ͵ͳ ͲǤͳʹ͸ ͷ͸Ͷ͵ͺͺ ͻͳͶ͸Ͷ͵ ͳͺͻʹ͹ͳ͹ ͵ͷͶ͵ͺͳ͹ ʹʹ͹Ͳʹͻ ͵ͶʹͳͺͶ ͲǤͳʹͲ ͲǤͲͻ͹ ʹͳ͹ͳͳ ͳͲͶ͵͵͸ ͵ͻͳͷͲ͸Ͷ ʹʹͲͻͶʹͺ ͵ͻͳͷͲ͸Ͷ ʹʹͲͻͶʹͺ ͵ͷͺͲͳͳ͸ ͵ͻͲͻʹͺͶ Ͳ Ͳ ͵ͷͺͲͳͳ͸ ͵ͻͲͻʹͺͶ ͻʹͳͲͶ͸ Ǧ͸ͺͲͺ͹͹ ʹͳͶͺͷ͸ͳ ͵ͺͻͶʹͶ͹ ͸ͻʹͳ͵ͻ ͳͶͶͻ͵Ͷͷ ͲǤ͵ʹʹ ͲǤ͵͹ʹ ͳǤ͵͵ͳ ǦͲǤͶ͹Ͳ ͲǤͶʹͻ ǦͲǤͳ͹ͷ ͲǤ͹ͷͳ ͲǤͳͻ͹ ͲǤͲͶͻ

ʹʹͻʹͶ͸ͳ ʹͻ͵͸ͷ͵ͺ ͺ͹ʹͶ͹ͺ ͳ͵ͷ͹͸͸ͻ ͲǤͳ͵ͳ ͲǤͳʹ͸ ͳͳͶ͸͸ͳ ͳ͹ͳͲ͸͸ ͳ͵͹ͻͻ͹ͺ ͳͷͲͲ͸͵ͺ ͷͺ͹ʹͻ ͺͲͶͶͻ ͲǤͲͶ͵ ͲǤͲͷͶ ͳʹʹ͸ʹͺ ͳͲͺ͸͵ʹ ͵͸Ͷͳ͵͹ ʹͷ͵ͷͻ ͵͸Ͷͳ͵͹ ʹͷ͵ͷͻ ͷ͹͵ʹ͹͹ ͵ͷͲ͸ͻͶ Ͳ Ͳ ͷ͹͵ʹ͹͹ ͵ͷͲ͸ͻͶ ʹͺͳͶͻ ǦͶͷ͸͵͸ ͳͲͳ͹͸͹ͳ ͳ͸ͷͻʹͲ͸ ʹͺͺͶͻ ͸͵͵͸͵ ͲǤͲʹͺ ͲǤͲ͵ͺ ͲǤͻ͹͸ ǦͲǤ͹ʹͲ ͲǤͲʹͺ ǦͲǤͲʹͺ ͲǤͲͷ͸ ͲǤͲͳͳ ͲǤͲͶͻ

͸Ͳͺͻ͵͵Ͳ ͹ͻʹ͵ͳʹͷ ͵ʹʹͺͷͻ͹ ͵͸ͺͻͳͳ͹ ͲǤͲ͹͸ ͲǤͲͺʹ ʹͶͷͷͻͻ ͵Ͳͳ͹͹Ͳ ͳ͸͹Ͷͺ͹ͳ ʹͷ͹͹͹͵Ͳ ͶͲͳͳ͸ ͳʹ͹ͳͺͳ ͲǤͲʹͶ ͲǤͲͶͻ ͺ͹ʹͻʹ ͺ͵͸͹ͺ ͳͲͲͳͳ Ͷ͵ͷͷ ͳͲͲͳͳ Ͷ͵ͷͷ ͶͳͻͶͲͺ Ͷͷͷ͹ͺͲ Ͳ Ͳ ͶͳͻͶͲͺ Ͷͷͷ͹ͺͲ Ǧ͹͸ͷͲ͸ Ǧ͸ͷͻ͹͹ ͶͶͻͶ͵ʹ͵ ͸͸ͷʹ͹Ͳʹ ͳʹͳͺ͹Ͳͷ ͳ͹͸͸͹ͳ͹ ͲǤʹ͹ͳ ͲǤʹ͸͸ ǦͲǤͲ͸͵ ǦͲǤͲ͵͹ ǦͲǤͲͳ͹ ǦͲǤͲͳͲ ͲǤʹͷͶ ͲǤʹͷ͸ ͲǤͲ͵ͷ

 

ͷͷͷͶ͸ͳ͸ ͺʹͶ͹ͳͺʹ ͶͶͺ͵͸Ͳ͸ ͷͷ͹ͶͶͲ͸ ͲǤͲ͹͸ ͲǤͲͺʹ ͵ͶͳͲ͸ͺ Ͷͷͷͻͺ͸ ͻͺ͹ʹ͸ͺ ʹͷͲʹͻͷͲ ͷͷ͸͵͹ ͳͻͷ͸ͷͲ ͲǤͲͷ͸ ͲǤͲ͹ͺ ͳͻͶ͸ͷ ͻͲͻͳ ͳͲ͸ʹʹͻͶ Ͷʹ͵ͳ͵ ͳͲ͸ʹʹͻͶ Ͷʹ͵ͳ͵ ͳ͸͵͸ͶͻͲ ͶͺͶͲͺ͹ Ͳ Ͳ ͳ͸͵͸ͶͻͲ ͶͺͶͲͺ͹ Ǧʹͳ͵͸͸Ͷ ʹ͵͵Ͳ͵ Ͷʹʹͳ͸Ͳ͸ ͸͹ʹͶͷͳ͹ ͳ͹Ͳ͸ͻʹͶ ʹͶͶʹ͸͸ͳ ͲǤͶͲͶ ͲǤ͵͸͵ ǦͲǤͳʹͷ ͲǤͲͳͲ ǦͲǤͲͷͳ ͲǤͲͲ͵ ͲǤ͵ͷͶ ͲǤ͵͸͹ ͲǤͲ͵ͷ

Ǧͺͳͷ͸ʹͲ ͺͶ͵͹Ͳ͸ͻ ͳͺͷ͵Ͷͻʹͷ ͵͹ͳͺͶʹʹ ͺ͵͵͵Ͳ͹͸ ͲǤͶͶͳ ͲǤͶͷͲ ǦͲǤͲͻͻ ǦͲǤͲͻͺ ǦͲǤͲͶͶ ǦͲǤͲͶͶ ͲǤ͵ͻ͹ ͲǤͶͲ͸ ͲǤͲ͹͸ ͲǤͲͺ͸ ͲǤʹͻͻ ͲǤͶͲ͸ ͺ͸Ͷͳͺͻ ͳͶͺͺ͸͵Ͷ ͲǤͳͲͶ ͲǤͲ͹͸ ͲǤͲͺͲ ͲǤͲͷͶ ͲǤʹͶͻ ͲǤ͵Ͷʹ ͲǤͳͻͳ ͲǤʹͶ͵

Ͷ͹͵͸͵͸ ͳ͹Ͷͺͻ͸͵ ͵ͶͷʹͳͲ͹ ͷ͵ʹͻͻ͸ ͳͳͲͻ͸ͷͺ ͲǤ͵Ͳͷ ͲǤ͵ʹͳ ͲǤ͹ʹͺ ͲǤͶʹ͹ ͲǤʹʹʹ ͲǤͳ͵͹ ͲǤͷʹ͹ ͲǤͶͷͻ ͲǤͲͺʹ ͲǤͲͺʹ ͲǤͶͳͳ ͲǤͶͷͻ ǦͻͷͲͻ͵ Ǧͳ͸ͺͺͷʹ ͲǤͳͺʹ ͲǤͲͶ͹ ǦͲǤͲͶͷ ǦͲǤͲͶʹ ͲǤʹͺ͹ ͲǤͳͳ͸ ǦͲǤͲ͹Ͳ ǦͲǤͳͲͶ

ͳ͵Ͷ͵ͶͲ ͹͸ͳͶͲͲ ͳʹ͸ͷͳ͸͹ ʹʹͳ͸ͻͲ ͵ͺ͹ͳͺ͵ ͲǤʹͻͳ ͲǤ͵Ͳ͸ ͲǤͺͷͳ ͲǤ͵Ͷ͹ ͲǤʹͶͺ ͲǤͳͲ͸ ͲǤͷ͵ͻ ͲǤͶͳʹ ͲǤͲͺʹ ͲǤͲͺʹ ͲǤͶʹʹ ͲǤͶͳʹ ǦͶͺ͹ͷͲ ͹ͺͺͺ ͲǤͲʹ͵ ͲǤͲͻʹ ǦͲǤͲͷͻ ͲǤͲͲ͸ ͲǤͲʹͻ ͲǤͳͷͺ ǦͲǤͲ͹ͷ ͲǤͲͳͲ

ͳͻ͸͵ͻͶ ͳͺͳͶ͵͵ͳ ͻͶʹʹͷʹ ͸ͳͻͲͶ͸͵ ͳ͵͹ͲͶͳ͸ ͳ͵ͺͳ͵ͻͻͺ Ͷͳʹʹͺ͹ ʹ͹ͲͶ͸͸Ͳ ͸͵͵ͺͻʹ ͶͻͲͻͲ͵ͺ ͲǤͶ͵ͺ ͲǤͶ͵͹ ͲǤͶ͸͵ ͲǤ͵ͷͷ ͲǤʹͳ͹ ͲǤͷͶͺ ͲǤ͵ͳͲ ͲǤ͵͹Ͳ ͲǤͲͻͷ ͲǤʹͶͲ ͲǤͳͶ͵ ͲǤͳ͵ͳ ͲǤͷ͵ʹ ͲǤ͸͹͸ ͲǤ͸Ͳ͸ ͲǤͶͺ͹ ͲǤͲͺʹ ͲǤͲͺʹ ͲǤͲͺʹ ͲǤͲͺʹ ͲǤͶͳ͸ ͲǤͷͶͻ ͲǤ͸Ͳ͸ ͲǤͶͺ͹ ͶͲͺ͸Ͳ Ǧͳͳ͸ͶͲ͵ Ǧ͸Ͷ͹Ͳ͵ ǦͶͺͳʹ͵ͻ ͲǤͳʹͺ ͲǤͲͶ͹ ͲǤͲͳ͹ ͲǤͲͶͻ ͲǤͲ͵͹ ǦͲǤͲͳ͸ ǦͲǤͲ͵ͷ ǦͲǤͲʹͶ ͲǤʹ͵͹ ͲǤͲͷ͸ ͲǤͲͶ͸ ͲǤͳ͵ͻ ͲǤͲ͸ͺ ǦͲǤͲͳͺ ǦͲǤͲͻʹ ǦͲǤͲ͸ͺ

MORROCO TUNSIA ALAMA. Fondep Zakoura Inmaa AlKAR. Enda ͸ͻͷ͵ͳ͸ͺ͸ ͳ͹Ͳʹʹͷ͵͸Ͷ ʹ͵͹Ͳ͹͹ͷ͵ ʹͻʹͷ͵Ͷ͸ͳ ͲǤͳͳͷ ͲǤͳͳͷ ʹ͹ʹ͸͵ͻʹ ͵͵͸ͶͳͶͺ ʹͺͳͺͶͳ͵͹ ͺͻ͹ͻͺͷͲͲ ʹͳ͸ͳͷͺ͵ ͸͵ͻͺͺ͵ͻ ͲǤͲ͹͹ ͲǤͲ͹ͳ ͳͲ͹ͻͷͻʹ ͵ͻʹ͹ͻͺͺ ͳ͵Ͳ͹ͷͻ Ͳ ͳ͵Ͳ͹ͷͻ Ͳ ͶͲ͹͸Ͷ͸ͷ ͸ͺͻͺͶͺͶ ͵ͺͻͶ ͸͸͵͵ ͶͲ͹ʹͷ͹ʹ ͸ͺͻͳͺͷͲ Ǧͳ͵ͷͺʹͻ ͶͲͲʹͺ͸ ͸ͷͻͺ͹͵͵ͻ ͳͷͳʹʹʹͶͲͺ ͳ͸ͻͷ͵Ͷͻ͵ ͵ʹ͸͵ͷ͸͵ͳ ͲǤʹͷ͹ ͲǤʹͳ ǦͲǤͲͲͺ ͲǤͲͳʹ ǦͲǤͲͲʹ ͲǤͲͲ͵ ͲǤʹͷͷ ͲǤʹͳͺ ͲǤͲͳͲ

ͻ͵ͶͲ͹ͳͲ ʹͳ͵ͷͺͻͷʹ ͵ͺ͹ͻ͵ͳ͹ ͸͹Ͷͷʹ͹Ͳ ͲǤͳͳͷ ͲǤͳͳͷ ͶͶ͸ͳʹͳ ͹͹ͷ͹Ͳ͸ Ͷ͹ͶͷͲͷʹ ͳʹ͹ͳʹͳͶ͸ ʹͲ͹ͲͲͺ ͺͲ͸͹ͷͶ ͲǤͲͶͶ ͲǤͲ͸͵ ͵͵ͺ͸͹͵ ͸ͷͷͳͶ͵ ʹ͹͵͸͵ ͵ͳ͵ʹͷ ʹ͹͵͸͵ ͵ͳ͵ʹͷ ͺ͸ͻͳ͵͵ Ͷͳ͹ʹͶʹ͹ Ͳ Ͳ ͺ͸ͻͳ͵͵ Ͷͳ͹ʹͶʹ͹ Ǧͷ͸ͻ͹ͷ Ǧʹ͹ͳͲʹͷͶ ͹͵ͺͻͶͲͻ ͳͺ͹͸͹ͳͳͶ ʹͶͺͷͷͲ͹ ͺʹͲͲ͵ʹͲ ͲǤ͵͵͸ ͲǤͶ͵͹ ǦͲǤͲʹ͵ ǦͲǤ͵͵ͳ ǦͲǤͲͲͺ ǦͲǤͳͶͶ ͲǤ͵ʹͻ ͲǤʹͻ͵ ͲǤͲͳͲ

ͳͺͻͻͳͶͲͳ ͸ʹ͹ͳͳͺͲ͸ ͳ͵ͲͺͺʹͲ͹ ͳͷ͸͵ͷͲͶͻ ͲǤͳͳͷ ͲǤͳͳͷ ͳͷͲͷͳͶͶ ͳ͹ͻͺͲ͵ͳ ͻ͵ͻͻ͵ͻͷ ͵ʹͷʹͲͷʹͶ ͺͶ͸Ͳͻ͸ ʹͲ͵Ͳͷ͸ͳ ͲǤͲͻͲ ͲǤͲ͸ʹ ʹ͵Ͷͺ͵ͷ ͳ͹Ͳͻʹͻͻ ʹʹ͸ͷͺͶ ʹͷͶͲͺ͹ ʹʹ͸ͷͺͶ ʹͷͶͲͺ͹ ʹʹͺͳ͸͵ͷ ʹͺͻͳͲʹͳ Ͳ Ͳ ʹʹͺͳ͸͵ͷ ʹͺͻͳͲʹͳ Ǧ͵ͳͷͲ͹ʹ ͺ͹Ͳ͵ͻͷ ʹͻͲͷͷͳ͹ͻ ͷͺͷͷ͹ͻ͹ͻ ͺ͵ͳ͸Ͷ͸ͳ ͳͶʹͶ͹ͺͲͻ ͲǤʹͺ͸ ͲǤʹͶ͵ ǦͲǤͲ͵ͺ ͲǤͲ͸ͳ ǦͲǤͲͳͳ ͲǤͲͷͲ ͲǤʹ͹ͷ ͲǤʹͷͺ ͲǤͲͳͲ

ͳͶͲͻͲͷ͹ ͳ͹Ͷ͵Ͳͺʹ ͳͳ͸ͳͶͲ ʹ͹͸ͻͲͻ ͲǤͳͳͷ ͲǤͳͳͷ ͳ͵͵ͷ͸ ͵ͳͺͶͷ ͷ͹Ͳͻʹʹ ͸͸ʹʹͻͺ ͳͺͲͲͳ ʹ͸͸͵ͷ ͲǤͲ͵ʹ ͲǤͲͶͲ Ͷ͹͸ͷͷ Ͷͻͷʹͻ ͺͻͺͲ͵ ʹʹͻͶʹ ͺͻͺͲ͵ ʹʹͻͶʹ ͳͷʹ͹ʹͻ ͳͷͷʹͶͺ Ͳ Ͳ ͳͷʹ͹ʹͻ ͳͷͷʹͶͺ Ǧͳͻͳͷ ǦͷͲͻ͵ʹ ͳͲ͵͹͵ͻ͸ ͳͶ͵ͻͺ͸ʹ ͶͲͶ͵͵ͻ ͷ͹ͷͻ͸Ͷ ͲǤ͵ͻͲ ͲǤͶͲͲ ǦͲǤͲͲͷ ǦͲǤͲͺͺ ǦͲǤͲͲʹ ǦͲǤͲ͵ͷ ͲǤ͵ͺͺ ͲǤ͵͸ͷ ͲǤͲͳͲ

ͳͲͶͲͲͲ͹ ͳ͸͹͹͹ʹͷ ͺͲͳͷͳͷ ͳͲ͵ͷ͵ͳͻ ͲǤͳͳͷ ͲǤͳͳͷ ͻʹͳ͹Ͷ ͳͳͻͲ͸ʹ ʹͳʹͷ͹ͷ ͷͻͳͻ͸ͻ Ͷͳͺ͹ ͳͺͲͷʹ ͲǤͲʹͲ ͲǤͲ͵Ͳ ʹͲʹͷͻ ͷͲͲʹͷ ͷͷ͸Ͳ ͳͺͲͻͺ ͷͷ͸Ͳ ͳͺͲͻͺ ͳ͸ʹ͹ʹ͸ ͳͺͲ͸Ͷ͵ Ͳ Ͳ ͳ͸ʹ͹ʹ͸ ͳͺͲ͸Ͷ͵ ǦͶͶ͹͵ʹ ͸ͷͶͳ ͺͻͶͲʹ͹ ͳͶͶͻͺͺ͵ ͶͲͷ͸͸Ͳ ͷͺͳʹͶͲ ͲǤͶͷͶ ͲǤͶͲͳ ǦͲǤͳͳͲ ͲǤͲͳͳ ǦͲǤͲͷͲ ͲǤͲͲͷ ͲǤͶͲͶ ͲǤͶͲͷ ͲǤͲͳͲ

ͷͷ͵ͺͷͲͲ ͳͲ͵ʹ͵ʹͻ͹ Ͷ͵ʹ͹͵ͺͳ ͷͺͻͳͳͲͲ ͲǤͳͲͲ ͲǤͳͲͲ Ͷ͵ʹ͹͵ͺ ͷͺͻͳͳͲ ͻͲͲͲͳʹ ͵ͷ͹Ͳʹ͵ͷ ͵Ͳͳͳͺ ʹ͸͹Ͷ͹Ͳ ͲǤͲ͵͵ ͲǤͲ͹ͷ ͷͻͺͺ͵ ͺͻͷͷͶ ͳͻͻʹ͸Ͳ ͳͶͶʹͺͷ ͳͻͻʹ͸Ͳ ͳͶͶʹͺͷ ͹͵ʹ͹͹͹ ͳ͵ͲͻͶͳͲ Ͳ Ͳ ͹͵ʹ͹͹͹ ͳ͵ͲͻͶͳͲ ǦͶͲͺͻͷ ǦͶͺ͸Ͷ͸ʹ ͶͻͷͲʹʹͷ ͺ͹͸ͻ͹ͺͷ ͻʹʹͶͻ͹ ͳͷͶʹ͵͸ͳ ͲǤͳͺ͸ ͲǤͳ͹͸ ǦͲǤͲͶͶ ǦͲǤ͵ͳͷ ǦͲǤͲͲͺ ǦͲǤͲͷͷ ͲǤͳ͹ͺ ͲǤͳʹͲ ͲǤͲʹͲ

Inflation,2006 RealSubsidyfreeyield,2005 RealSubsidyfreeyield,2006 TrueProfit,2005 TrueProfit,2006 ReturnonAssets(ROA),2005 ReturnonAssets(ROA),2006 SubsidyadjustedROA,2005 SubsidyadjustedROA,2006 ReturnonEquity(ROE),2005 ReturnonEquity(ROE),2006 SubsidyadjustedROE,2005 SubsidyadjustedROE,2006

ͲǤͲ͹͸ ͲǤͲ͹͸ ͲǤͲ͹͸ ͲǤ͵ʹͷ ͲǤ͸͹Ͳ ͲǤͲͲ͹ ͲǤʹʹ͸ ͲǤͳͳʹ ǦͲǤͲ͸ͳ ͸ͺ͹ͳͶ͹ Ǧ͵ͷ͸͸ͷͻ ͺ͸ͷͳ͵ ͳ͵Ͳ͵ͷͳ͸ ͳͷͻͷͷʹͲ ʹͳ͸͹Ͳ͵ ͲǤͲͶͻ ͲǤͷ͹ͻ ͲǤʹͷͲ ͲǤͲ͹ͺ ͲǤ͵͸ʹ ͲǤͳͳͻ ͲǤͲͶʹ ǦͲǤͲͷͺ ͲǤͲ͵ͺ ͲǤͲ͸ͻ ͲǤͳͶͺ ͲǤͲ͹Ͷ ͲǤͲͺ͵ ͲǤͺ͵Ͷ ͲǤ͸ͷ͹ ͲǤͳ͵Ͷ ͲǤͷ͵ͻ ͲǤʹͷͺ ͲǤͲ͹ʹ ǦͲǤͲͺ͵ ͲǤͲͻͻ ͲǤͳͳͻ ͲǤʹʹͲ ͲǤͳ͸Ͳ

ͲǤͲ͸͵ ͲǤͲ͸͵ ͲǤʹͳʹ ͲǤ͵Ͳͺ ͲǤͳͺʹ ͲǤʹͺ͸ ͵ʹʹͳͲͷ ͷͷͶ͹͵ʹ ͵͸͹͹Ͷ͹ Ͷ͵ʹ͸ͺ͵ ͲǤͲ͸ͻ ͲǤʹͻͷ ͲǤͲͷͺ ͲǤͲͷͻ ͲǤͲͷ͵ ͲǤͳͲͲ ͲǤͲͶ͸ ͲǤͲͷʹ ͲǤͳ͵Ͳ ͲǤ͵͸ͷ ͲǤͳʹͶ ͲǤͲͺ͹ ͲǤͳͲͲ ͲǤͳʹͶ ͲǤͳͲͲ ͲǤͲ͹ͺ

  

 

ͲǤͲ͵͵ ͲǤʹͶ͵ ͲǤͳ͹ͻ ʹͺ͸ʹʹʹͲ ʹͻ͸͵ͺ͸ʹ ͲǤͲͷͻ ͲǤͲͶͲ ͲǤͲͶͳ ͲǤͲͳ͹ ͲǤͳ͹ʹ ͲǤʹ͵͸ ͲǤͳʹͳ ͲǤͳͲͳ

ͲǤͲ͵͵ ͲǤͲ͵͵ ͲǤ͵ͳ͸ ͲǤʹ͸͵ ͲǤʹͷͳ ͲǤʹͳͺ ͷͲ͵Ͳͻ͹ ͳͺʹͲʹͳ͸ ͵Ͷͺͷͻ͸Ͳ ͻʹ͹͸͵ͷ ͲǤͲͻ͵ ͲǤͳʹͲ ͲǤͳͻͷ ͲǤͲͶ͸ ͲǤͲͷͶ ͲǤͲͻ͸ ͲǤͳ͸͵ ͲǤͲͳͺ ͲǤʹʹͶ ͲǤͳ͹Ͷ ͲǤ͸ͳͻ ͲǤͳͺͷ ͲǤͳ͵Ͳ ͲǤͳ͵ͻ ͲǤͷͳ͹ ͲǤͲͷͻ

ͲǤͲ͵͵ ͲǤ͵͹Ͷ ͲǤ͵ʹͳ ͳͷʹ͹ͳ ͺʹ͹͹͹ ͲǤͳͲͺ ͲǤͲͺͻ ͲǤͲͳͳ ͲǤͲͶ͹ ͳǤ͵ͳͷ ͲǤͷ͸ͳ ͲǤͳ͵ͳ ͲǤʹͻͻ

ͲǤͲ͵͵ ͲǤ͵ͻͲ ͲǤ͵͸ͳ ͳ͵͸ͻͲ͸ ͳͳʹͷʹͳ ͲǤͳͷ͸ ͲǤͳͲͺ ͲǤͳ͵ʹ ͲǤͲ͸͹ ͲǤʹͲ͵ ͲǤͳ͹Ͷ ͲǤͳ͹ͳ ͲǤͳͲͻ

ͲǤͲͶͷ ͲǤͳͷͷ ͲǤͲ͹ʹ Ͷ͹͵͸͵Ͷ ͳͲ͹ͷͷ͹ʹ ͲǤͳ͵ʹ ͲǤͳʹ͹ ͲǤͲͺ͸ ͲǤͳͲͶ ͲǤͳ͸ͻ ͲǤʹʹʹ ͲǤͳͲͻ ͲǤͳͺ͵