Micro Finance Institution goes from strength to strength
Micro Finance Institution goes from strength to strength
Saynhaisamphanh Deposit-Taking Micro Finance Institution of Savannakhet Province is targeting to pay almost one billion kip in tax this year to the government after the business successfully achieved profit of more than two billion kip last year.
Director of Saynhaisam-phanh Deposit-Taking Micro Finance Instit ution Mr Saysamone Kuanmeuangchan said this year the institution is targeting to issue loans of more than 54.68 billion kip, and expects profit for this year to reach more than 2.74 billion kip as well as contributing almost one billion kip in tax.
The institution still has 48 billion kip available to lend, a defaulting loan rate of only of 0.30 percent, while money deposited with the institution amounted to 65 billion kip.
A handover ceremony to present tax paid of more than 553 million kip for the previous year was held Thursday last week in Kaysone Phomvihane District, Savannakhet province. The money was presented by Director General of Saynhaisamphanh Deposit-Taking Micro Finance Institution Mr Saysamone Kuanmeuangchan to Director of Tax Department, Savannakhet province Mr Phommy Nammavong, witnessed by Deputy Division Bank and Financial Institution Mr Vongphet Ngonphachan and Deputy Chief of office Ms Bounmy Khantivong.
Mr Saysamone said, since the micro finance organisation started in 2007 its two main services were accepting deposits and providing credit to low income people to create better living conditions for themselves.
The institution in 2013 continued to have a successful year from its operations and in turn paid more tax to the government than the previous year.
“Last year our institution had more than 49 billion kip in deposits, an increase of 150 percent from 2012. We lent out 47 billion kip, had assets of 54 billion kip and income in 2013 was 2.49 billion kip,” he said.
In 2012 the insti tution had a profit of 1.81 billion kip, he added. Currently the services of the institution cover 4 provinces, namely Savannakhet, Khammuan (Thakhek district), Borikhamxay and Champassak (Pakxe district) and it has 7,600 depositors and 6,836 loan customers.
The institution will continue to expand its network to provide services to low income people in various areas and provinces to help them access funds for improving their living conditions, he explained.
vientiane times
