Mobilink Microfinance Bank Reports 53% Growth
Pakistan’s largest Digital Bank, Mobilink Microfinance Bank Limited (MMBL) announced unaudited financial results for the third quarter of the current financial year ended September 30th, 2021. MMBL stayed on track and powered through the third quarter reporting 53% growth in total revenue. The bank’s Profit before Tax (PBT) increased three folds in comparison to the corresponding quarter of 2020. Mobilink Microfinance Bank Reports 53% Growth.
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MMBL’s average loan ticket stood strong at PKR 177,000 during the third quarter of 2021, while the microfinance industry average remained at approximately PKR 50,000, testifying to the benefits of having a diversified business model. The core banking’s total growth in revenue increased by 35% while branchless banking revenues escalated by 40% in the third quarter. MMBL’s PBT of both core and branchless banking grew by 25% and 326% respectively.
Commenting on the bank’s performance, Ghazanfar Azzam, President & CEO MMBL said: “This has been a successful quarter for MMBL. The Bank has experienced significant growth as compared to Q3 of 2020 and all key financial indicators have trended upward during the period. The positive performance of MMBL is mirrored by significant growth in the Bank’s revenue. MMBL’s resilient performance also reflects strongly on its aims and objectives – to invest in technology and innovation and to provide opportunities to all segments of the society while focusing on making Pakistan a financially empowered country. Heading into the fourth quarter, MMBL is well-positioned to close the year with strong financials, reinforcing its firm commitment to include maximum people in the financial landscape of Pakistan.”
Chief Finance & Digital Officer, MMBL, Sardar Mohammad Abubakr expressed: “We are glad to register a steadfast performance for yet another quarter. The results are reflective of our enhanced focus on growth and sustainability across all tiers of operations. Despite the challenges generated by the pandemic, MMBL is producing year-over-year improvements in productivity and efficiency in both banking and branchless banking segments. Our unfaltering and continued commitment to digitalization and customer-centricity through empowered employees has been a consistent factor through the year, helping us to sustain the bank’s market standing and enhance financial inclusion for the masses across Pakistan.” Mobilink Microfinance Bank Reports 53% Growth.
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Strongly anchored as the country’s largest digital bank, Mobilink Microfinance Bank hosts one of the finest digital financial ecosystems to facilitate the growth of individuals, particularly women, households, and SMEs all across Pakistan.
*These figures are based on unaudited financial statements.
About MMBL
Mobilink Microfinance Bank Limited (MMBL) is Pakistan’s largest digital bank with over 34 million registered users including 14 million monthly active digital wallets. MMBL is a leading player in lending to small and medium-sized enterprises with over 800,000 traditional individual and micro-enterprise loans disbursed, alongside more than 11,000,00 digital nano loans disbursed till August 2021. MMBL is currently operating through 100 branches and a nationwide network of over 135,000 branchless banking agents.
MMBL was recently recognized as “Digital Microfinance Bank of the Year” by CFA Society Pakistan and also won a CSR award in the category of “Diversity & Inclusion Leader” by The Professionals Network. It is the only bank in Pakistan, microfinance or commercial, that was recognized by PACRA recently, as having a ‘Positive Outlook’ and continues to remain outside the agency’s Watchlist. Further, the Institute of Bankers Pakistan has also recognized MMBL as “Bank of the Unbanked” in recent years.
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