Mobilink Microfinance Bank profits soar 98% in H1

KARACHI: The Mobilink Microfinance Bank Limited (MMBL) posted a 98 per cent growth in total revenues with the profit-before -tax growing by 14,601 per cent compared with the first-half of 2020, a statement said on Wednesday.

The bank successfully continued its growth momentum from the corresponding year across all verticals, while acknowledging uncertainties related to the Covid-19 on customer portfolio, behaviour and recovery trends, it added.

Contrary to the industry average of Rs50,000, MMBL’s average loan ticket stood at Rs168,000 during the first-half of the year and continues to grow further.

The bank’s core banking revenue grew 80 per cent, while branchless banking revenues witnessed a growth of 27 per cent during the period.

Similarly, the profit-before-tax of core and branchless banking increased 467 per cent and 285 per cent, respectively.

Ghazanfar Azzam, president and CEO of 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. 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 among other digital banks,” he added.

MMBL chief finance and digital officer 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.”

“This has been instrumental given the uncertainties linked to the Covid-19, the impacts of which the industry as a whole will need to navigate with out-of-the-box solutions, in the coming days and months,” he added.

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 statement said.

The bank places a prime focus on the underserved segments of the population, particularly women, and SMEs through customised products and services that facilitate efficient and convenient business operations and allow greater control over financial choices to foster the socioeconomic wellbeing of the masses, it added.

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