Mobilink-Bank-witnesses-a-38-growth-in-lending-to-MSMEs

Mobilink Bank witnesses a 38% growth in lending to MSMEs

Business

Mobilink Bank performance in the first three quarters of 2023 showcased remarkable growth, emphasizing its commitment to supporting MSMEs and economic well-being.

Part of the VEON Group’s Digital Revolution

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 by creating opportunities for increased digital inclusion and by driving economic growth across countries that are home to more than 8% of the world’s population.

Impressive Financial Figures in Q3 2023

The bank’s total revenue surged by 64%, with a 299% growth in Profit Before Tax (PBT) compared to 2022.

Substantial Increase in Deposits

Mobilink Bank experienced a 16% growth in deposits, reaching PKR 75 billion. Core banking deposits grew by 12%, while JazzCash segment deposits powered by the bank increased by 19%.

Promoting MSME Financing and Gender Equality

Over PKR 11 billion, or 22% of the Gross Loan Portfolio (GLP), supports female customers nationwide. The bank disbursed PKR 26 billion in loans to MSMEs, with a significant 38% growth from 2022.

Leadership Satisfaction and Commitment

Ghazanfar Azzam, President & CEO, and Taimoor Farid, Acting CFO & Director Strategy, expressed satisfaction with Q3 2023 financial results, highlighting trust from customers and their commitment to supporting the MSME sector.

Steady Expansion Across All Verticals

Despite inflation uncertainties, Mobilink Bank saw growth across all verticals, with a 64% revenue increase compared to Q3 2022.

Robust Core and Branchless Banking Revenue

The 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 corresponding period.

High Returns and Commitment to MSMEs

Mobilink Bank’s 17.3% Return on Equity (ROE) and 1.2% Return on Assets (ROA) highlight its profitability and dedication to supporting MSMEs, especially women, for sustainable development.

Also read this: https://www.skipper.pk/2023/10/30/hbl-psha-ict-awards-2023-dr-umar-saif-chief-guest/

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