More cautious amid macroeconomic uncertainty

ProCredit Holding (PCB) continues to make good progress in building the scale of its loan book, with 7.2% growth in H125 at constant currency (on track to meet management’s FY25 guidance of c 12%). In line with management’s strategic objective, growth was supported by good momentum across all client segments and a continued high contribution from lower-volume clients (micro and small enterprises, and private clients) of more than 70%. Deposit growth was more constrained though at 1.5% (fx adjusted) in H125. While private client deposits exhibited robust growth, there was a slowdown in business deposits, possibly due to macroeconomic uncertainty. This was accompanied by continued slow downward repricing across PCB’s broad deposit base and...