Mobilink Microfinance Bank’s Profit Before Tax Was 146 Times Higher in H1 2020

 

Mobilink Microfinance Bank’s Profit Before Tax Was 146 Times Higher in H1 2020

Mobilink Microfinance Bank Limited (MMBL) posted a 98 percent growth in total revenue, with the Profit before Tax (PBT) growing by 14,601 percent compared to the first half of 2020.

The above figures are based on un–audited/reviewed financial statements.

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 Rs. 50,000, MMBL’s average loan ticket stood at Rs. 168,000 during the first half of the year and continues to grow further. The bank’s core banking revenue grew by 80 percent, while branchless banking revenues witnessed a growth of 27 percent during the period.


Similarly, Profit before Tax of core and branchless banking increased by 467 percent and 285 percent, respectively.


Sharing his thoughts on the bank’s performance, Ghazanfar Azzam, President & CEO MMBL, said, “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.”


He added, “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, “The current financial results are a testament to our revamped focus on strategic value creation through agile business models and differentiated customer-centric offerings.”


He added, “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 allows greater control over financial choices to foster the socio-economic well-being of the masses.


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