After 6 years of serving low to middle-income Cambodians, we continue our commitment to support wealth creation and stability for underserved households. By the end of 2015, our loan portfolio had grown to $21.5 million – a 38% increase from 2014. People earning fewer than $6 per day received 19% of our loans, while 57% of loans went to those earning less than $12 per day. Nonperforming loans had a negligible effect on profitability because unlike most MFIs, we hold real property as collateral.
In 2015 we continued to see strong growth in our loan portfolio and increased profitability. We expanded our active loans by 34% to 2,300. We increased the number of loans to women, who now account for 62% of our loan portfolio, up from 57% in 2014. Self-employed, small business owners account for 53% of our borrowers. The majority of these people have no access to formal financing because of their employment status.
We serve Cambodian families in major cities and provinces with branches in Phnom Penh, Siem Reap, Battambang and Kampong Cham. These branches also serve the provinces of Kandal, Kampong Speu, Pailin, Banteay Meanchey, Oddar Meanchey, Kampong Thom and Tboung Khmum. At First Finance, we continue to strive to reach our goal of effectively providing housing finance to low and middle-income Cambodians.