Mobilink Microfinance Bank posts strong financial results during Q1 2021
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% increase in Net Revenues and a whopping 1,390% 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 & Net Revenues of PKR 2.295b and PKR 1.884b respectively and its Profit Before Tax peaked at PKR 490m 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 PKR 27.4b while the Deposits Portfolio stood at PKR 48.8b.
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. 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. The bank has recently completed 9 years of successful operations in Pakistan.