ProCredit Holding - Actively seeking to expand client base
ProCredit Holding (PCB) grew its gross loan book by 4.4% in Q220 by seizing the opportunity that arose from the more subdued activity of its competitors amid the pandemic. As a result, management now expects FY20 growth of 8–10% (we assume 9.3%). However, its net interest margin (NIM) fell to 2.9% in Q220 vs 3.1% in Q219 due to widespread rate cuts by local central banks and higher lending activity in the upper medium segment of the SME market. Cost of risk (67bp in H120) remained in line with earlier guidance, although management now expects the FY20 cost to be at the upper end of the previously guided range at 75bp (vs our unchanged forecast of c 80bp).Procredit Holding Ag & Co Kgaa. ProCredit Holding AG & Co KGaA is a Germany-based company, which is primarily engaged in the financial services industry. The Company operates as a parent for development-oriented ProCredit group, which consists of commercial banks for small and medium enterprises (SMEs) and whose operational focus is on South Eastern and Eastern Europe. In addition to this regional presence, the ProCredit group is also active in South America and Germany. The Company operates through various subsidiaries, such as ProCredit Bank SA, ProCredit Bank (Bulgaria) EAD, ProCredit Bank AG, ProCredit Academy GmbH, Quipu GmbH, ProCredit Bank SA, ProCredit Bank ShA, Banco ProCredit Colombia SA, Banco ProCredit SA, JSC ProCredit Bank, Banco Pyme Los Andes ProCredit SA, BC ProCredit Bank, JSC ProCredit Bank, as well as operates special purpose vehicles PC Finance II BV and Fideicosimo Primera Tituarizacion de Cartera Comercial Pymes ProCredit, among others.
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