Vision Fund

Client outreach also recorded impressive growth from132,000 clients to 156,000 clients, bringing impactto more than 500,000 children. In the process wemanaged to contain the average loan size to a low$306, an annual increase of only 7% compared todouble-digit increase in the industry. This reaffirms ourcommitment to serve the lower income segment andthe underserved in Cambodia. In total, we served 118districts in 20 provinces throughout Cambodia as atDecember 2012.VisionFund Cambodia’s growth has been accompaniedby good loans quality, where the loan portfolio atrisk (PAR>30 days) has been maintained at a low of0.26%. Apart from exercising prudent lending policiesand credit-underwriting discipline, we have also fullysubscribed to the credit check facility provided by theCredit Bureau of Cambodia even though additionalcosts had to be incurred by us. On the field, we are wellengaged with our customers, providing them financialeducation to better manage their household incomesand expenses, including their loan repayment.2012 also saw the full launch of VisionFund Cambodia’snew logo in line with VisionFund International’s efforttowards a standard brand identity amongst its wideglobal network of MFIs in over 35 countries. The neworange-color logo clearly reflects the relationshipbetween VisionFund and its parent organization WorldVision, and serves to reinforce its common vision tosee fullness of life for every child.FINANCIAL PERFORMANCEVisionFund Cambodia’s net profit grew from US$1,78million in 2011 to US$2.41 million in 2012, maintainingfinancial self-sufficiency ratio at the rate of 112%,attributed to the quality loan growth, and propermanagement of financial cost and operating costthrough higher productivity. The return on assetsreached a healthy 4.5%. Assets grew from US$44.24million to US$55.34 million with equity amounting toUS$15.85 million in 2012. The asset growth was largelycontributed by portfolio growth of 27%, from totalloans of US$37.71 million to US$48.02 million.VISIONFUND CAMBODIA ANNUAL REPORT 2012 11