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 Q1, 2021, against the corresponding quarter of the last year.
The bank continued its positive momentum from Q4, 2020, to post healthy financial results during Q1, 2021, ending on March 31st, 2021. It recorded Gross Revenues and Net Revenues of Rs. 2.295 billion and Rs. 1.884 billion, respectively.
The bank’s profit before tax peaked at Rs. 490 million despite the economic slowdown caused by the ongoing COVID-19 pandemic. As of the end of Q1, 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.”
“Q1 2021 financial performance is a continuation of our strong performance in Q4, 2020, a testament to our strong focus on customer centricity, portfolio diversification, and strong shareholder value creation”, he said. Further adding, “We are committed to providing the best banking experience to our customers through innovative products and services all across Pakistan.”
MMBL is committed to promoting 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. The bank has recently completed nine years of successful operations in Pakistan.
MMBL is Pakistan’s largest digital bank, with over 31 million registered users, including 12 million active digital wallets. It is currently operating through 100 branches and a nationwide network of over 115,000 retail agents.
