Mobilink Bank records 38% growth in MSME lending
Mobilink Bank has witnessed substantial growth in the first
three quarters of 2023, as indicated by its Q3 financial statements. This
milestone underscores the bank's commitment to supporting Micro, Small, and
Medium-Sized Enterprises (MSMEs) through substantial deposit growth and
improvements in various performance ind
icators.
Mobilink Bank's growth in Q3 2023 reflects its dedication to
adopting a comprehensive approach that goes beyond mere profitability. It
emphasizes the provision of innovative, value-driven solutions tailored to
promote economic well-being and prosperity for all while addressing the
evolving needs of its borrowers.
Mobilink
Bank wins Best Digital Banking Services Award for 2022
Mobilink Bank is a part of the VEON group, a global digital
operator offering integrated connectivity and online services across seven
countries. As part of VEON's digital operator strategy, it aims to enhance
digital inclusion and drive economic growth in countries that collectively
account for over 8% of the world's population.
During Q3 2023, Mobilink Bank reported a remarkable 64%
increase in total revenue, highlighting its strong customer attraction and
retention capabilities. The bank's Profit Before Tax (PBT) surged by 299%
compared to 2022, solidifying its position as a leading digital microfinance
institution.
The bank's deposits also showed significant growth, with a
16% increase from FY 2022, reaching PKR 75 billion. Core banking deposits grew
by 12% compared to the previous year, reaching PKR 23 billion, while JazzCash
segment deposits, powered by Mobilink Bank, increased by 19% to reach PKR 52
billion in Q3 2023.
Mobilink
Bank leads the way in empowering women entrepreneurs
Mobilink Bank is dedicated to promoting MSME financing
across Pakistan. It has extended over PKR 11 billion, equivalent to 22% of its
Gross Loan Portfolio (GLP), to more than 69,470 female customers nationwide,
championing gender equality and stimulating economic activity. Additionally,
the bank disbursed PKR 26 billion in loans to MSMEs, marking a significant 38%
growth compared to 2022.
Ghazanfar Azzam, President & CEO of Mobilink Bank, and
Taimoor Farid, Acting Chief Financial Officer and Director of Strategy at
Mobilink Bank, commended the bank's strong performance in Q3 2023. They
expressed their satisfaction with the robust financial results, emphasizing the
trust of their valued customers. Furthermore, they reiterated their commitment
to fostering future economic growth by offering continued financial support and
tailored solutions to the crucial MSME sector, with a particular focus on
engaging with MSME depositors.
Mobilink
Microfinance Bank and Avanza to develop banking portal
Despite the uncertainties stemming from high inflation, the
bank expanded across all its verticals in Q3 2023. The average ticket size
increased by 23% to PKR 275K, resulting in a 64% growth in revenue, reaching
PKR 27.8 billion, compared to Q3 2022.
Core banking revenue experienced an upswing of 54%, reaching
PKR 13.8 billion, while branchless banking revenue increased by 76%, amounting
to PKR 13.9 billion during the same period.
Mobilink Bank's success, boasting a 17.3% Return on Equity
(ROE) and a 1.2% Return on Assets (ROA), underscores its effective and
forward-thinking strategy. These returns reflect the bank's profitability and
commitment to supporting MSMEs. Looking ahead, the bank remains dedicated to
maintaining its high level of performance while providing targeted support to
empower its valued MSME borrowers, particularly women, for sustainable
development.
Source: Daily Pakistan