KARACHI: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has posted strong financial results during the first quarter of 2021 as showcased by its quarterly financial statements. MMBL recorded a 70 percent increase in net revenues and a whopping 1,390 percent increase in profit before tax in the first quarter of 2021 against the corresponding quarter of the last year.
The bank continued its positive momentum from fourth quarter, 2020 to post healthy financial results during the first quarter, 2021 ending on March 31, 2021. It recorded gross revenues and net revenues of Rs 2.295 billion and Rs 1.884 billion respectively and its profit before tax peaked at Rs 490 million despite the economic slowdown caused by the ongoing Covid-19 pandemic. As of the end of first quarter, 2021, MMBL’s gross loan portfolio closed at Rs 27.4 billion while the deposits portfolio stood at Rs 48.8 billion.
Commenting on the bank’s performance, Chief Finance and Digital Officer MMBL, Sardar Mohammad Abubakr said, “We are on a journey to revolutionize the financial services landscape in Pakistan through our digital and core microfinance financial services. The first quarter of 2021 financial performance is a continuation of our strong performance in fourth quarter, 2020, a testament to our strong focus on customer centricity, portfolio diversification, and strong shareholder value creation. We are committed to providing the best banking experience to our customers through innovative products and services all across Pakistan.”
“MMBL is committed to promote financial inclusion for all by touching upon the lives of millions of people, even in the remotest parts of the country, particularly women many of whom are excluded from the financial landscape. Besides its core micro-financing services, Mobilink Microfinance Bank has introduced customized digital financial products and services for businesses, households, and small and medium enterprises (SMEs) including those operating in rural economies. These products and services facilitate swift and convenient business operations and allow greater control over financial choices to catalyze the socio-economic wellbeing of the users.”—PR
Copyright Business Recorder, 2021