ISLAMABAD: Mobilink Bank (MMBL) Wednesday reported its financial results for the first quarter of 2023, demonstrating strong business resilience in the face of challenging economic conditions. The bank’s unaudited financial statements indicate a remarkable 48 percent increase in its revenue.
Mobilink Bank’s strong emphasis on digital banking services enabled it to reach previously underserved communities and generate substantial revenue growth, with its Branchless Banking (BB) network also witnessing rapid growth. In the first quarter of 2023, the Bank achieved an impressive year-over-year (YoY) percentage increase of 61 percent in BB revenue.
Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8 percent of the world’s population.
In the first quarter of 2022, Mobilink Bank granted loans with an average ticket size of Rs 203,000. Moreover, in first quarter Q1 2023, the average ticket size increased significantly and reached Rs 288,000, representing a 42 percent increase from the previous year. Additionally, MMBL’s Profit Before Tax (PBT) in the first quarter of 2023 increased by 298 percent compared to the same period in the previous year.
Commenting on the bank’s performance, Ghazanfar Azzam, President & CEO MMBL said, “The remarkable revenue growth in the first quarter of this year is a testament to the Bank’s strong performance across all business verticals. We have made persistent efforts towards achieving our objectives, including providing innovative and inclusive digital financial solutions that cater to a diverse customer pool. However, it wouldn’t be possible without our customer’s unwavering support and confidence in us.
As Mobilink Bank steps into the second quarter, we remain committed to delivering innovative banking solutions to all our customers and contributing to the growth and development of the economy.”
The Bank has also posted a 31 percent YoY increase in core revenue. MMBL’s success is attributed to its customer-centric banking approach, which emphasizes seamless and user-friendly banking services. By prioritizing the growing financial needs of its customers, Mobilink Bank has not only improved its customer satisfaction index but also contributed significantly to the bank’s overall performance.
The Bank’s success serves as an inspiration to other organizations, demonstrating how undivided focus on customer satisfaction and financial inclusion can lead to sustained growth and profitability.
To advance its financial inclusion objectives, MMBL has established strategic partnerships with various stakeholders, including the Swiss Capacity Building Facility (SCBF) and CARE International in Pakistan. These strategic alliances have enabled the Bank to harness its digital banking and financial expertise to design innovative products and services that cater to the unique needs of disadvantaged and marginalized communities.
Through its easy and accessible digital and financial services portfolio, MMBL strives to provide convenient and reliable banking services to millions of unserved and underserved people across Pakistan.
Copyright Business Recorder, 2023
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