Dear friends, family and fellow Kingdom workers,
2. UOB's loan portfolio quality remained excellent with PAR>30 days at 0.86%, an improvement from November 30th (1.2%) and YE 2010 (1.3%).
3. Thanks to strong operating performance, coupled with tight operating expense control, UOB has been profitable since February 2011. We do not have the December figure yet, but we are expected to report a profit with operating sustainability in 2011. Praise the Lord! I am so glad to report that our staff has been paid 100-120% of their monthly salary as bonus in December. All our staff is appreciative and I am personally so happy for our staff, even happier than when I was paid a fat bonus in the U.S. This happiness cannot be snatched away by anyone else. It is mine to keep!
Kristin and Jeffrey received and had fellowship with several visitors. Ms. Ji-Young Rhee, a BAMer (Business As Mission implementer) and a great supporter for missionaries came to visit UOB and Rwanda with one of her associates David Kim. Ji-Young has shared a message at UOB devotion and presented BAM materials and appropriate technology items to the UOB leadership team and will present the same to Korean missionaries. She also wanted to learn more about how God is working through UOB and transformational Christian micro finance. Jeffrey met and had a fellowship with Rev. Jong Pyo Im and his wife. They have been serving Africa for the past 30 years as missionaries. It was a great blessing to fellowship with them. UOB also received a couple of Harvard College students as interns for a few weeks: Kristine and Samuel. UOB will also receive another intern (Saangkeub Lee) from S. Korea for several weeks.
The Kininya sewing project that Kristin is handling continues to progress well. Out of 20 women who have been trained for the past nine months, 10 have been selected and they will start a commercial operation from January 2012. Their skills are not quite professional yet, but we trust they will improve further. We are excited!