ISLAMABAD: Pakistan’s largest Digital Bank, Mobilink Microfinance Bank Limited (MMBL) Tuesday announced its financial results for the first half of the fiscal year ending June 30, 2021, reflecting a 98 percent growth in total revenue.
The Bank reinforced its market standing as the leading Digital Bank by posting a 98% growth in total revenue with the Profit before Tax (PBT) growing by 14601% compared to the first half of 2020. The Bank successfully continued its growth momentum from the corresponding year across all verticals, while acknowledging uncertainties related to COVID-19 on customer portfolio, behavior, and recovery trends.
Contrary to the industry average of PKR 50,000, MMBL’s average loan ticket stood at PKR 168,000 during the first half of the year and continues to grow further. The Bank’s core banking revenue grew by 80% while branchless banking revenues witnessed a growth of 27% during the period. Similarly, the Profit before Tax of core and branchless banking; increased by 467% and 285% respectively.
Sharing his thoughts on the bank’s performance, Ghazanfar Azzam, President & CEO MMBL said that we are glad to register impressive growth records across all verticals due to our strong commercial performance and commitment to maintaining the highest standards in services delivery. However, what truly fuels our efforts is our customers’ unflinching trust and loyalty in this bank. We are fortunate that the MMBL family is constantly growing nationwide to further strengthen the bank’s market standing. I would also acknowledge the hard work, commitment, and excellence of the entire MMBL team that propelled the bank to the highest pedestal amongst other digital banks.
Chief Finance & Digital Officer, MMBL, Sardar Mohammad Abubakr said that the current financial results are a testament to our revamped focus on strategic value creation through agile business models and differentiated customer-centric offerings. This has been instrumental given the uncertainties linked to COVID-19, the impacts of which the industry as a whole will need to navigate with out-of-the-box solutions, in coming days and months.
To further augment its customers’ digital experience, the Bank recently launched its complete digital banking application, ‘Dost- Powered by MMBL’ to provide convenient and hassle-free access to its expansive digital and financial ecosystem round the clock, from anywhere in the country.
MMBL is committed to promoting financial inclusion for all through its wide array of digital and financial services, made accessible through its expansive branch and branchless network spread across Pakistan, including far-flung areas. The Bank places a prime focus on the underserved segments of the population, particularly women, and SMEs through customized products and services that facilitate efficient and convenient business operations and allow greater control over financial choices to foster the socio-economic wellbeing of the masses.
Copyright Business Recorder, 2021