ISLAMABAD: U Microfinance Bank Limited, Pakistan’s fastest-growing microfinance bank, has announced financial results for the nine months ended September 30th, 2023. The announcement was made during the Board of Directors’ meeting held, here on Tuesday.
The latest financial results underscore U Bank’s continued growth trajectory and bear testament to its unwavering commitment to banking excellence and the financial empowerment of its customers.
In the first nine-months of 2023, U Bank has continued its performance and reported a total revenue of PKR 33.4 billion, with a promising growth of 135 percent as compared to the same period of last year.
The bank has reported a Profit After Tax of PKR 1.7 billion, with a remarkable growth of PKR 2.2 billion as compared to the corresponding period’s nine-month ended loss (Restated) of PKR 513 million. Total Deposits of the bank stood at PKR 103 billion with a growth of 44 percent YoY, while the Gross Loan Portfolio amounting to PKR 72.5 billion exhibited an impressive growth of 59 percent YoY.
Mohamed Essa Al Taheri, President & CEO – U Microfinance Bank Limited stated, “Our latest performance results reflect the hard work and dedication of our teams. We have always had full confidence in our institution’s ability to navigate challenges and remain profitable. U Bank remains steadfast in its core mission of promoting financial inclusion for all and contributing to the economic prosperity of the people of Pakistan.
We look forward to a future of sustained growth while we continue our endeavour to expand our outreach and make a positive impact on the lives of the communities we serve.”
Copyright Business Recorder, 2023
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