Title: Mobilink Microfinance Bank Reports Impressive Q1 2024 Financial Results, Signals Strong Start to the Year
Body:
Mobilink Microfinance Bank, Pakistan’s leading digital microfinance institution, has announced a remarkable 97% increase in revenue during the first quarter of 2024 compared to the same period last year, setting the stage for a powerful start to the year.
The bank’s Profit before Tax (PBT) also experienced significant growth, soaring by 110%. This robust financial performance underscores heightened customer and stakeholder confidence, as well as the positive momentum within Pakistan’s economic and business environment at the beginning of the year.
As part of the VEON group, a global digital operator serving nearly 160 million customers across six dynamic markets, Mobilink Microfinance Bank is committed to championing financial inclusion and supporting the growth and sustainability of micro, small, and medium enterprises (MSMEs), especially those led by women.
Leveraging microfinance and fintech, Mobilink Bank facilitates access to finance and promotes social mobility among underprivileged social segments. Its initiatives have empowered thousands of women entrepreneurs by providing essential skills and resources, while also strengthening numerous MSMEs to drive inclusive growth at the grassroots level.
The bank’s purpose-driven approach has fostered remarkable customer loyalty and goodwill, evident in the substantial surge in both revenues and deposits throughout the quarter. In Q1 2024, the bank’s revenue reached PKR 15,572 million, a significant increase from PKR 7,901 million in Q1 2023.
During the same period, Mobilink Microfinance Bank witnessed 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 experienced an 8% growth, while branchless deposits surged by 15%. Additionally, the bank’s Gross Loan Portfolio (GLP) expanded by 2% compared to the corresponding quarter, with its MSME outstanding loan portfolio accounting for 30% of the total.
Expressing his satisfaction with the bank’s exceptional performance, President and CEO of Mobilink Microfinance Bank, Ghazanfar Azzam, extended his gratitude to customers and stakeholders for their unwavering trust. He praised the team’s diligence and commitment, highlighting their role in strengthening the bank’s position and industry influence.
Looking ahead, Azzam reaffirmed the bank’s commitment to expanding its female borrowers’ base through inclusion initiatives and prioritizing green financing for sustainable development. Anticipating a year of growth for the banking and finance industry, he emphasized Mobilink Bank’s dedication to contributing to Pakistan’s overall economic progress and development.
Mobilink Microfinance Bank’s latest financial achievements build upon its perpetuating growth trajectory from previous years. Despite facing challenging macroeconomic conditions, the bank has consistently demonstrated robust financial health and resilience, attributed to its commitment to banking the unbanked and maintaining a diverse business portfolio catering to a broad spectrum of financial needs.
Furthermore, Mobilink Microfinance Bank’s digital products and services ecosystem, notably its innovative 360-degree banking app ‘Dost,’ continues to provide unparalleled convenience and enablement to users, revolutionizing their banking experience by offering access to financial products and services anytime, anywhere.
