U Microfinance Bank announces financial results

KARACHI: U Microfinance Bank, Pakistan’s fastest-growing microfinance bank, has published its financial results for the half year ended 30th, June 2023, at its Board of Directors’ meeting held in Islamabad on November 30, 2023.

During the first half of 2023, the bank reported revenue of Rs21.5 billion with a growth of 133 percent as compared to the corresponding period of last year, and also announced a profit after tax of Rs1.4 billion with a growth of Rs1.6 billion as compared to corresponding period half-year loss (restated) of Rs175 million.

Being one of the leaders in the microfinance landscape in Pakistan, U Bank’s Gross Loan Portfolio stood at Rs65.5 billion, reflecting the high demand for its diverse portfolio of financial products and services catering to the banking needs of multiple population segments of Pakistan.

U Bank’s sustained growth and stability are proudly reaffirmed by the A+ long-term entity ratings with a ‘Stable’ outlook, as given to it by PACRA and VIS Credit Rating agencies in Pakistan. These ratings reflect U Bank’s promising business strategy and solid foundation ensuring reliability and financial strength.

In addition to its healthy banking performance, U Bank also continues to have strong confidence and unwavering support from its parent company, Pakistan Telecommunication Company Limited (PTCL) which has injected Rs1.6 billion into the bank, reinforcing its ability to uphold business growth.

U Bank continues on its journey towards its core mission of financial inclusion for all of Pakistan, with its extensive network of 350+ branches spanning rural and urban regions across the country, catering to customers of all socio-economic segments, and offering a diverse portfolio of deposit and loan products, including digital banking, Islamic banking, and corporate banking services. The bank remains steadfast in its commitment to creating a positive impact in the communities it serves, contributing to inclusive growth and economic empowerment in Pakistan.

Copyright Business Recorder, 2023