Islamabad – April 18, 2024: Pakistan's leading digital microfinance institution, Mobilink Bank, has reported a staggering 97% increase in revenue during Q1 2024 compared to the same period last year, marking a powerful start to the year. The Bank's Profit before Tax (PBT) also witnessed 110% growth. The substantial increase in the revenue and PBT underscore the Bank's robust financial performance, heightened customer & stakeholder confidence, and the positive momentum within the country's economic and business environment at the outset of the year.
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Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and digital services to nearly 160 million customers in six dynamic markets that are home to 7% of world's population.
Mobilink Bank champions financial inclusion and works to advance the growth and sustainability of micro, small, and medium enterprises (MSMEs), particularly those owned and run by women. The Bank leverages microfinance and fintech to foster access to finance and facilitate the social mobility of underprivileged social segments. Its initiatives have empowered thousands of women entrepreneurs by equipping them with vital skills and resources and strengthened a nearly equal number of MSMEs to catalyze inclusive growth and progress at the grassroots level.
The Bank's purpose-driven approach has cultivated remarkable customer loyalty and goodwill, as reflected in the significant surge in both revenues and deposits throughout the quarter. In Q1 2024, the Bank’s revenue rose to PKR 15,572 million, reflecting a substantial increase from PKR 7,901 million in Q1 2023.
During Q1 2024, Mobilink Bank achieved an 11% increase in total deposits compared to December 2023, with deposits growing from PKR 119,286 million to PKR 132,719 million. Core deposits saw an 8% growth, while branchless deposits surged by 15%. Moreover, the Bank's Gross Loan Portfolio (GLP) expanded by 2% compared to the corresponding quarter, with its MSME outstanding loan portfolio standing at 30% of the total.
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Expressing his delight at the Bank’s exceptional performance, President and CEO Mobilink Bank, Ghazanfar Azzam, stated, "I am happy that Mobilink Bank has begun the year on an extremely positive note. I extend my heartfelt gratitude to our customers and stakeholders for their unwavering trust in us, which fuels our motivation and sense of purpose. I commend each member of our team for their diligence and commitment, which has strengthened our position and underscored our pivotal role in the industry. Looking ahead, we are committed to expanding our female borrowers' base through our inclusion initiatives and prioritizing green financing for sustainable development. We anticipate a year of growth for the banking and finance industry so that we can contribute more to the country's overall economic progress and development."
Mobilink Bank's latest financial achievement follows its perpetuating growth trajectory from previous years. Despite challenging macroeconomic conditions, the Bank has consistently showcased robust financial health and resilience. The Bank's resilience is attributed to its steadfast commitment to banking the unbanked and maintaining a diverse business portfolio that caters to its customer base's broad spectrum of financial needs. Furthermore, its digital products and services ecosystem, particularly its innovative 360-degree banking app 'Dost,' continues to provide unparalleled convenience and enablement to users by helping them access financial products and services anytime, anywhere to revolutionize their banking experience completely.
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