ISLAMABAD: Pakistan’s leading digital microfinance institution, Mobilink Bank, has reported a staggering 97% increase in revenue during first quarter of 2024 compared to the same period last year, reflecting a positive trend during current year.
The bank’s profit before tax (PBT) also witnessed 110% growth. The substantial increase in the revenue and PBT underscore the Bank’s robust financial performance, heightened customer & stakeholder confidence, and the positive momentum within the country’s economic and business environment at the outset of the year.
Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and digital services to nearly 160 million customers in six dynamic markets that are home to 7% of world’s population.
Mobilink Bank champions financial inclusion and works to advance the growth and sustainability of micro, small, and medium enterprises (MSMEs), particularly those owned and run by women. The bank leverages microfinance and fintech to foster access to finance and facilitate the social mobility of underprivileged social segments. Its initiatives have empowered thousands of women entrepreneurs by equipping them with vital skills and resources and strengthened a nearly equal number of MSMEs to catalyze inclusive growth and progress at the grassroots level.
The bank’s purpose-driven approach has cultivated remarkable customer loyalty and goodwill, as reflected in the significant surge in both revenues and deposits throughout the quarter. In first quarter 2024, the bank’s revenue rose to Rs 15,572 million, reflecting a substantial increase from Rs 7,901 million in first quarter of 2023.
During first quarter of 2024, Mobilink Bank achieved an 11% increase in total deposits compared to December 2023, with deposits growing from PKR 119,286 million to PKR 132,719 million. Core deposits saw an 8% growth, while branchless deposits surged by 15%. Moreover, the bank’s Gross Loan Portfolio (GLP) expanded by 2% compared to the corresponding quarter, with its MSME outstanding loan portfolio standing at 30% of the total.
Expressing his delight at the Bank’s exceptional performance, President and CEO Mobilink Bank, Ghazanfar Azzam, stated, “I am happy that Mobilink Bank has begun the year on an extremely positive note.
I extend my heartfelt gratitude to our customers and stakeholders for their unwavering trust in us, which fuels our motivation and sense of purpose. I commend each member of our team for their diligence and commitment, which has strengthened our position and underscored our pivotal role in the industry.
Looking ahead, we are committed to expanding our female borrowers’ base through our inclusion initiatives and prioritizing green financing for sustainable development. We anticipate a year of growth for the banking and finance industry so that we can contribute more to the country’s overall economic progress and development.”
Copyright Business Recorder, 2024
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