Mexican microfinance lender Financiera Independencia 3Q Net Income up by 11.5%

Microfinance focus, Oct 22, 2010: Mexican microfinance lender Financiera Independencia, which lends personal loans as well as working capital loans has posted a net income increase of 11.6% up to Ps. 112.9 million ($9 million) in the 3Q ended on 30^th September which is 11% more to the compared to the same period last year.

Firm’s total loan portfolio has gone up by 16.5%. Finsol the group’s lending segment has constituted a large percentage in the loan growth portfolio with the total number of loan for Finsol reaching at 973.6 million in 3Q.  The Non- Performing loan ratio has decreased by 2% from last year and has come down to 10.5% thus making a way for less default possibilities among all segments.  The Mexican group has also increased the number of individuals in each group which has resulted in better productivity and growth in assets.

The chief executive officer of the firm, Mr. Noel Gonzalez after the announcement of results said, “We continue to take the necessary action to strengthen our business and position ourselves for future growth.  Our NPLs have improved gradually and we are seeing decreasing default probabilities across all segments.”

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