Mobilink Bank, Pakistan’s leading digital microfinance institution, reported a 97 percent year-over-year increase in revenue for the first quarter of 2024, marking a strong start to the year. The bank’s profit before tax (PBT) also increased by 110%. The significant increase in revenue and PBT reflects the Bank’s strong financial performance, increased customer and stakeholder trust, and positive development in the country’s economic and business environment at the beginning of the year.
Mobilink Bank is part of the VEON Group, a global digital operator that provides integrated connectivity and digital services to nearly 160 million customers in six dynamic markets, home to 7% of the world’s population.
Mobilink Bank supports financial inclusion and works to improve the growth and sustainability of micro, small and medium enterprises (MSMEs), especially those owned and operated by women. Banks use microfinance and fintech to increase access to finance and facilitate social mobility of disadvantaged social segments. The initiative has provided thousands of women entrepreneurs with critical skills and resources and empowered a similar number of SMEs to catalyze inclusive growth and development.
The bank’s targeted approach has increased customer loyalty and goodwill, as reflected in the significant increase in revenue and deposits in the quarter. In the first quarter of 2024, the Bank’s revenue reached PKR 15,572 million, which shows a significant increase from PKR 7,901 million in the first quarter of 2023.
In the first quarter of 2024, Mobilink Bank achieved an 11 percent increase in total deposits compared to December 2023, with deposits increasing from PKR 119.286 million to PKR 132.719 million. Fixed deposits increased by 8%, while non-branch deposits increased by 15%. In addition, the Bank’s gross loan portfolio (GLP) expanded by 2% over the quarter, and the SME loan portfolio accounted for 30% of the total.
Ghazanfar Azzam, President and CEO of Mobilink Bank, expressed his delight in the Bank’s excellent performance, saying, “I am delighted that Mobilink Bank has started the year on a very positive note. We are eternally grateful to our customers and stakeholders. Count on us for strengthening our passion and purpose, the determination and commitment of each and every member of our team. which will allow us to contribute more to the economic growth and development of the country, an important milestone for the banking and financial sector.
Mobilink Bank’s recent financial performance follows a growth trajectory that has continued over the years. Despite the challenging macroeconomic environment, the Bank has consistently demonstrated strong financial health and resilience. The bank’s viability depends on maintaining its non-banking business and maintaining a diverse business portfolio that meets the broad financial needs of its customer base. In addition, the ecosystem of digital products and services, especially Friend’s innovative 360-degree banking application, provides users with unparalleled convenience and ability to transform their experience with financial services anytime, anywhere to dramatically transform the banking experience.
