This report presents ACCION's analysis and findings regarding the poverty profiles of microfinance clients at Mibanco, Peru. In this first institutional analysis in ACCION's Poverty Outreach project, the authors analyze client income data to compare borrower poverty levels with urban, national and international poverty lines. The study also compares demographic and socio-economic characteristics of clients and non-clients. Finally, an on-going monitoring system is proposed to enable MFIs to better understand their clients and trends in their portfolios, quantify the fulfillment of their social missions, and develop new products and policies focused on poorer levels of clients.