List of Tables

Table 1: GDP growth…030

Table 2: Employment to population ratio…031

Table 3: Adult literacy rate…032

Table 4: Inflation (Consumer prices)…032

Table 5: Trade of GDP…033

Table 6: The number of active borrower…034

Table 7: Profit margin…034

Table 8: Portfolio at risk>30 days…035

Table 9: Cost per borrower…036

Table 10: Return on assets…037

Table 11: Gross loan portfolio…037

Table 12: Operational self-sufficiency…038

Table 13: Summary the statistics…039

Table 14: Granger causality test-The number of active borrower…052

Table 15: Granger causality test-The average loan per borrower…053

Table 16: Adult literacy and employment to population…054

Table 17: The number of active borrower…056

Table 18: Return on assets and profit margin against risks…061

Table 19: ROA and OSU…066

Table 20: Granger causality test the number of active borrower…080

Table 21: Granger causality test-Average loan per borrower…081

Table 22: Adult literacy and employment to population…082

Table 23: Number of active borrower…084

Table 24: Return on assets and profit margin against risks…088

Table 25: ROA and OSU…093

Table 26: Granger causality test-Number of active borrower…107

Table 27: Granger causality test-Average loan per borrower…107

Table 28: Adult literacy rate and employment to population ratio…108

Table 29: The number of active borrower…111

Table 30: Return on assets and profit margin against risks…115

Table 31: ROA and OSU…119

Table 32: Summary-Granger causality test…125

Table 33: Summary the regressions of employment and literacy rate…126

Table 34: Summary the regressions of the number of active borrower…127

Table 35: Summary the regressions of the risk and outreach…129