U Microfinance Bank posts a revenue of Rs21.5 billion
U Microfinance Bank, Pakistan’s rapidly growing microfinance
institution, has disclosed its financial outcomes for the first half of 2023.
The results were unveiled during the Board of Directors’ meeting convened in
Islamabad on November 30, 2023.
For the initial half of 2023, the bank posted a revenue of
Rs21.5 billion, registering a remarkable growth of 133 percent compared to the
corresponding period last year. Additionally, it declared a profit after tax
amounting to Rs1.4 billion, reflecting a substantial increase of Rs1.6 billion
compared to the restated half-year loss of Rs175 million from the previous
year.
U
Microfinance Bank tops SBP rankings for microfinance agriculture credit
As a frontrunner in Pakistan's microfinance sector, U Bank's
Gross Loan Portfolio reached Rs65.5 billion, underscoring the robust demand for
its diverse range of financial products and services tailored to meet the
banking requirements of various population segments in Pakistan.
The enduring growth and stability of U Bank are underscored
by its A+ long-term entity ratings with a ‘Stable’ outlook, bestowed upon it by
PACRA and VIS Credit Rating agencies in Pakistan. These ratings are indicative
of U Bank's sound business strategy and robust foundation, ensuring reliability
and financial resilience.
Beyond its commendable financial performance, U Bank
continues to enjoy steadfast confidence and unwavering support from its parent
company, Pakistan Telecommunication Company Limited (PTCL), injecting Rs1.6
billion into the bank to fortify its capacity for sustained business expansion.
U
Microfinance Bank appoints Mohamed Essa Al Taheri as the Acting President &
CEO
U Bank remains committed to advancing its core mission of
financial inclusion for all of Pakistan. With an extensive network of over 350
branches spanning both rural and urban areas across the country, the bank
caters to customers from diverse socio-economic segments. It offers a diverse
portfolio of deposit and loan products, encompassing digital banking, Islamic
banking, and corporate banking services. The bank remains resolute in its
dedication to creating a positive impact in the communities it serves,
contributing to inclusive growth and economic empowerment in Pakistan.
Source: Business Recorder