Financial Results of Mobilink Bank’s H1 2023

Web DeskJuly 12, 20234735 min
Financial Results of Mobilink Bank’s H1 2023

According to the unaudited/unreviewed financial statements, Mobilink Bank demonstrated an exceptional growth trajectory in its financial performance during the first half of 2023, indicating its unwavering commitment to excellence.

With a 57% rise in total income, the Bank demonstrated its ability to recruit and keep customers while efficiently responding to the ever-changing financial market.

Profit Before Tax (PBT) of the bank increased by 232% in H1 2023 compared to the same period in 2022. Mobilink Bank’s status as a premier digital microfinance institution is further cemented by the H1 2023 performance.

Mobilink Bank is a subsidiary of the VEON group, a worldwide digital operator with operations in seven countries that offers integrated connectivity and online services.

VEON is altering people’s lives, generating opportunities for greater digital inclusion, and driving economic growth in countries that account for more than 8% of the world’s population as part of its digital operator strategy.

Mobilink Bank witnessed outstanding growth across all verticals despite the uncertainties caused by high inflation. In H1 2023, the Bank increased the average ticket size by 37%, hitting PKR 299K, compared to the same period last year.

This expansion resulted in a 57% rise in overall revenue, totaling PKR 17.3 billion. Core banking revenue climbed by 48% to PKR 8.8 billion during the same time, while branchless banking revenue increased by 66% to PKR 8.5 billion.

Read more : Alfalah Bank collaborates with Habib University on the Alfalah Scholars Programme.

Mobilink Bank also shown remarkable financial management skills during H1 2023, achieving outstanding results.

The Bank has proved its skills and strategic approach with a 22.35% Return on Equity (ROE) and a 1.6% Return on Assets (ROA). These profits demonstrate the bank’s ability to generate profits.

Ghazanfar Azzam, President & CEO of Mobilink Bank, praised the bank’s success, saying:

“The synergy within Mobilink Bank’s team has been the driving force behind its success, helping us promote our goal of promoting financial inclusion for all.

We are deeply grateful for the trust and support we receive from our customers, which fuels our motivation to continuously improve and excel. As we celebrate these achievements, we look forward to embracing new challenges and leveraging our strong teamwork to reach even greater heights in the future.”

“The Bank’s strong financial results validate our focus on agile business models and customer-centric offerings, driving strategic value creation,” said Taimoor Farid, Acting Chief Finance Officer of Mobilink Bank.

 

We have always accepted new solutions to industry difficulties, and we will continue to do so in order to empower people, digitally and financially.”

Mobilink Bank is devoted to growing its customer base and providing inclusive financial solutions.

The Bank empowers and uplifts communities while bridging the gender and financial gap across the country by addressing the financial requirements of unbanked and underbanked persons through personalised products and services.

 

 

 

 

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