MiRO Bank grants $45.5m loans

The volume of loans granted by the Microfinancing Bank (MiRO Bank) went up 17% in the second quarter of 2004, to $46.5 million (38.7 million euros). Compared to December 2003, the increase amounts to 65.3 percent. The bad loans accounted for 0.3% of the total at the end of June, much below the market’s average. The bank has mainly granted loans ranging between 1,000 and 10,000 dollars. The total volume of this type of loans had reached 20.9 million dollars by the end of June, accounting for 45% of the total loans. This segment, which posted a quarterly growth of 72.8%, also comprises most of the bank’s clients, namely more than 5,400. ZF