ISLAMABAD: Mobilink Bank has reported significant growth in the first three quarters of 2023, as indicated by its Q3 financial statements.
This achievement underscores the bank’s unwavering commitment to supporting Micro, Small, and Medium-Sized Enterprises (MSMEs) and reflects substantial deposit growth and improved performance across multiple metrics.
Mobilink Bank’s growth trajectory in Q3 2023 demonstrates its dedication to a comprehensive approach that extends beyond profitability. It focuses on delivering innovative, value-driven solutions that contribute to economic well-being and prosperity for all, while addressing the evolving needs of its borrowers.
Mobilink Bank is a part of the VEON group, a global digital operator providing integrated connectivity and online services in seven countries. As part of VEON’s digital operator strategy, the organization is enriching lives by promoting digital inclusion and driving economic growth in countries that account for over 8% of the world’s population.
In Q3 2023, Mobilink Bank’s total revenue increased by an impressive 64%, highlighting its strong customer attraction and retention capabilities. During this period, the Bank’s Profit Before Tax (PBT) surged by 299% compared to 2022, reinforcing its position as a leading digital microfinance institution.
Mobilink Bank Witnesses Deposit Growth
Deposits at the Bank grew by 16% compared to FY 2022, reaching PKR 75 billion. Core banking deposits increased by 12% from the previous year, amounting to PKR 23 billion, while deposits in the JazzCash segment, powered by Mobilink Bank, grew by 19%, reaching PKR 52 billion in Q3 2023.
Mobilink Bank is committed to advancing MSME financing across Pakistan. Over PKR 11 billion, equivalent to 22% of its Gross Loan Portfolio (GLP), has been extended to more than 69,470 female customers nationwide, promoting gender equality and stimulating economic activity. Additionally, the Bank disbursed PKR 26 billion in loans to MSMEs, reflecting a substantial 38% growth compared to 2022.
Despite uncertainties arising from high inflation, the Bank expanded across all its business verticals. In Q3 2023, the average loan size increased by 23% to PKR 275K, resulting in a 64% revenue growth, reaching PKR 27.8 billion, compared to Q3 2022.
