MMBL posts 70pc rise in revenues

KARACHI: Mobilink Microfinance Bank Limited (MMBL) has recorded a 70 percent increase in revenues during the first quarter of 2021, according to its quarterly financial statement.

MMBL also recorded a whopping 1,390 percent rise in profit-before-tax during the period under review against the corresponding quarter of the last year, it added. The bank continued its positive momentum from Q4, 2020 to post healthy financial results during Q1, 2021 ended on March 31.

It recorded gross revenues and net revenues of Rs2.295 billion and Rs1.884 billion, respectively, and its profit-before-tax peaked at Rs490 million, despite the economic slowdown caused by the ongoing COVID-19 pandemic.

As of the end of Q1, 2021, MMBL’s gross loan portfolio closed at Ra27.4 billion, while the deposits portfolio stood at Rs48.8 billion. MMBL Chief Finance, and Digital Officer Sardar Mohammad Abubakr said, “We are on a journey to revolutionise the financial services landscape in Pakistan through our digital and core microfinance financial services.”