Islamabad: Mobilink Microfinance Bank Limited (MMBL), Pakistan's largest digital bank, recorded good financial performance in the first quarter of 2021, as shown by its quarterly financial statements. In Q1, 2021, MMBL saw a 70% rise in Net Revenues and a whopping 1,390 percent increase in Profit Before Tax as compared to the same quarter the previous year.
The bank maintained its strong momentum from Q4 2020 to Q1 2021, which ended on March 31st, 2021, with healthy financial performance. Despite the economic downturn triggered by the ongoing COVID-19 pandemic, it produced gross revenues and net revenues of PKR 2.295 billion and PKR 1.884 billion, respectively, and profit before tax of PKR 490 million. MMBL's Gross Loan Portfolio was worth PKR 27.4 billion at the end of Q1 2021, while the Deposits Portfolio was worth PKR 48.8 billion.
“We are on a journey to revolutionize the financial services environment in Pakistan through our digital and core microfinance financial services,” said Sardar Mohammad Abubakr, Chief Finance and Digital Officer of MMBL. Our solid financial results in Q1 2021 mirror that of Q4 2020, demonstrating our commitment to customer-centricity, portfolio diversification, and strong shareholder value creation. We are dedicated to providing our customers with the best banking experience possible by offering creative goods and services across Pakistan.”
MMBL is dedicated to promoting financial inclusion for everyone by affecting the lives of millions of people, including in the most remote parts of the world, especially women, who are often left out of the financial system. Mobilink Microfinance Bank has launched personalized digital financial products and services for businesses, families, and small and medium enterprises (SMEs), particularly those working in rural economies, in addition to its core microfinance services. These goods and services make corporate processes more efficient and easy, and they give consumers more power over their financial decisions, boosting their socio-economic well-being. In Pakistan, the bank recently celebrated 9 years of profitable operations.
With over 31 million registered users and 12 million active digital wallets, MMBL is Pakistan's largest digital bank. With over 700,000 conventional individual and micro-enterprise loans disbursed, as well as over 6,700,000 digital nano loans disbursed until April 2021, MMBL is a leading player in lending to small and medium-sized businesses. MMBL currently has 100 branches and a network of over 115,000 retail agents around the country.
CFA Society Pakistan recently named MMBL "Digital Microfinance Bank of the Year," and The Professionals Network awarded it a CSR award in the category of "Diversity & Inclusion Leader." It is the only bank in Pakistan, whether microfinance or commercial, that has recently been recognized by PACRA as having a "Positive Outlook" and is still not on the agency's Watchlist. In recent years, the Institute of Bankers Pakistan has designated MMBL as the "Bank of the Unbanked."
Visit www.mobilinkbank.com to learn more about MMBL.