How were the MFI financed in 2024?

According to the results of 2024, banks remained the largest source of funding for microfinance organizations (MFIs). And if, in the whole market, the share of bank loans in the structure of borrowed funds of the MFIs has decreased slightly, then in the segment of public MFIs increased significantly. According to the market participants, bonds replace the MFIs bank loans, not wanting to record high rates for a long time.

According to the results of 2024, the profit of the microfinance industry decreased by 7% and amounted to 36 billion rubles, follows from the data of the Bank of Russia. The loan portfolio in 2024 increased by more than 40% and reached 624 billion rubles. Against the background of increased demand, the Central Bank said.

The issuance of MFI loans was funded by both bank loans and an increase in capital capital, the Central Bank is noted. The volume of MFI capital increased to 275 billion rubles. (+8% year for the year), and a portfolio of borrowed funds (excluding bonds) – up to 267 billion rubles. “At the same time, at the end of the year, the MFIs actively attracted loans from legal entities that are not founders: their share in the debt structure increased from 34 to 46%,” the Central Bank notes in the materials. “While the share of bank loans decreased from 52 to 44%.”

At the end of 2024, the MFIs increased bonds in the bond market, while more than half of all issues made paper with a floating coupon. For the fourth quarter of 2024, the volume of MFI bonds and related societies in circulation at the nominal value increased to 26.1 billion rubles. (+11% to the third quarter), since several IFCs issued bonds at once. The largest investors in the MFIs of MFIs remain individuals: their share among holders is 63%.

At the same time, as follows from the Renaissance Capital study (is at the disposal of “Kommersant”) for public MFIs (whose papers are contacted on the exchange), despite the growth of placements, more than half of their funding (taking into account bonds) are bank loans. “The number of MFI creditor banks is constantly growing, the segment is becoming more and more interesting for credit organizations,” says Dmitry Alexandrov, the managing director of the Renaissance Capital. “Now the segment is lending to more than five banks, including at least two systematically significant.” The share of banking financing in the public MFI segment increased in 2024 from 40.3% to 53.8%, from 2022 the share of banks in the funding of MFIs increased three times.

Thus, it is the banks that remain the main source of funding for microfinance. At the same time, participants in the microfinance market have become in demand for them in demand. “Banks are more actively ready to provide funding to the market for a number of reasons,” the MIR SROs noted. “Now the MFI is a recognized segment of the financial market, which is firmly on the feet and can calmly serve its obligations.” In addition, many banks now have their own MFIs, and they understand business processes from the inside, which also affects their decision, add there.

“We can say that these are one of the leading banks, that is, those that enter the top 10,” the SRO emphasized.

According to Oleg Ablev, the head of the analytical department of the RIKO-TRAST investment company, the banks are interested in lending to the MFI, but not all, but large, especially related to capital-intensive industries. “Against the backdrop of high bets, sanctions restrictions, banks are looking for new markets,” adds Leonid Kornilov, chairman of the Board of Directors of the Finbridge group. “MFI financing is interest income, as well as a very large commission by acquiring, cross-set and so on.”

According to the financial director of Webbankir Mikhail Akopov, an increase in bank lending occurs by reducing the share of bonds. “The key rate is high today, but companies are expected to reduce it in the next year and a half, so they are not ready to place issues on conditions that will be economically unprofitable after a short time,” he explains. “Reliable participants in the microfinance market have the opportunity to choose from which source it is more profitable to attract funds.”

In 2024, the peak of repayment of bond debts at a number of issuers fell out, indicates the senior director of banking ratings « Expert RA » Ivan Uklein. “The depreciation of existing issues was mainly replaced by short-term banking financing at a floating rate, since many MFI issuers basically preferred not to record high interest rates for a long time,” concludes Ivan Uklein.

Ksenia Dementiev