Mobilink Microfinance Bank likely to surpass a profit of Rs.1 billion this year

Mobilink Microfinance Bank likely to surpass a profit of Rs. 1 billion this year

In 2019, Mobilink Microfinance Bank reported a double-digit growth of 12 percent year-on-year with a nice increase in asset, deposit, and loan portfolio values.

The bank ‘s income rose from Rs. 818 million in 2018 to Rs. 920 million in 2019, showing a 102 million Rs rise.

The microfinance bank held the highest value for income in the microfinance banking market. Because of the prevalent lockdown in connection with the COVID-19 outbreak, it is likely to reach a profit of Rs. 1 billion this year while there are difficulties as well as opportunities for the banks.

Over the past four years, the financial performance of the bank has been tremendous with consistent profitability increase.

Also Read: Ferozsons to Distribute COVID-19 Drug in Pakistan

It has played a leading role in the growth of the microfinance banking sector with a splendid contribution to lending micro-credits to clients as well as mobilizing impressive deposit values.

The bank ‘s assets rose to Rs. 33 billion, the deposit base also rose to Rs. 29 billion, and by the end of 2019 advances stood at Rs. 15 bn. It has also invested more than Rs. 5 billion in various avenues.

The bank operates 74 branches including business centers and a branchless JAZZ Cash banking operation across more than 84,000 retail outlets spread throughout the world.

Also Read: Diamer Bhasha Dam Construction Contract Awarded for Rs. 442 Billion

It received a beautiful amount of Rs. 6 billion revenue from its branchless banking services, but its dealer commission expenses and NADRA related charges resulted in a loss of Rs. 260 million from that end.

Researcher and Content Writer at e-Syndicate Network. A constant learner. Learning and growing every day. Salman has over 5 years of experience in the fields of Digital Marketing, Content Writing, Brand and Business Development.