ISLAMABAD: Pakistan’s leading digital microfinance institution, Mobilink Bank, has registered a staggering 97 percent increase in revenue during Q1 2024 compared to the corresponding period last year.
The Bank’s Profit before Tax also witnessed 110 percent growth. The substantial rise in the revenue and PBT highlighted the Bank’s robust financial performance, heightened customer and stakeholder confidence, and the positive momentum within Pakistan’s economic and business environment at the outset of the year, Mobilink said in a press release.
Mobilink Bank is part of the VEON group, an international digital operator that provides converged connectivity and digital services to about 160 million customers in 6 dynamic markets that are home to 7 percent of the world’s population.
Mobilink Bank champions financial inclusion and works to advance the growth and sustainability of micro, small, and medium enterprises (MSMEs), especially those owned and run by women. The Bank leverages microfinance and fintech to increase access to finance and facilitate the social mobility of underprivileged social segments, the statement said.
Mobilink Bank Empowers Female Entrepreneurs
Its initiatives have empowered thousands of female entrepreneurs by equipping them with vital skills and resources and strengthened a nearly equal number of MSMEs to catalyze inclusive growth and progress at the grassroots level, it added.
The Bank’s purpose-driven approach has cultivated considerable customer loyalty and goodwill, as reflected in the significant rise in both revenues and deposits throughout the quarter. In Q1 2024, the Bank’s revenue went up to Rs15,572 million, reflecting a substantial increase from Rs7,901 million in Q1 2023.
During Q1 2024, Mobilink Bank achieved an 11 percent increase in total deposits compared to December last year, with deposits growing from Rs119,286 million to Rs132,719 million. Core deposits saw an 8 percent growth, while branchless deposits surged by 15 percent. Moreover, the Bank’s Gross Loan Portfolio (GLP) expanded by 2 percent compared to the same quarter, with its MSME outstanding loan portfolio standing at 30 percent of the total.
