Mobilink Bank’s H1 2023 Financial Results Highlight a 232% Growth in Profit Before Tax

Islamabad –: Mobilink Bank exhibited an impressive growth trajectory in its financial performance during the first half of 2023, reflecting its unwavering dedication to excellence, as per the unaudited/unreviewed financial statements. With a 57% increase in total revenue, the Bank showcased its proficiency in both attracting and retaining customers, effectively adapting to the ever-evolving financial landscape. The Bank’s Profit Before Tax (PBT) experienced a 232% growth in H1 2023 compared to the corresponding period in 2022. The H1 2023 results further solidify Mobilink Bank’s position as a leading digital microfinance institution.

Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population.

Despite uncertainties arising from high inflation, Mobilink Bank experienced impressive growth across all verticals. In H1 2023, the Bank achieved a 37% increase in the average ticket size, reaching PKR 299K, as compared to the same period last year. This growth translated into a substantial 57% increase in total revenue, amounting to PKR 17.3 billion. The core banking revenue saw a significant boost of 48%, reaching PKR 8.8 billion, while branchless banking revenue increased by 66% to PKR 8.5 billion during the same period.

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Mobilink Bank has also showcased its exceptional prowess in financial management during H1 2023, delivering outstanding performance. With a 22.35% Return on Equity (ROE) and 1.6% Return on Assets (ROA), the Bank has demonstrated its expertise and strategic approach. These returns affirm the Bank’s ability to generate profits.

Commending the Bank’s performance, Ghazanfar Azzam, President & CEO Mobilink Bank said, “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.”

Taimoor Farid, Acting Chief Finance Officer Mobilink Bank said: “The Bank’s strong financial results validate our focus on agile business models and customer-centric offerings, driving strategic value creation. We have always embraced innovative solutions to navigate the industry’s challenges and will continue doing so to empower all, digitally and financially.”

Mobilink Bank is committed to expanding its reach and offering inclusive financial solutions to a diverse customer base. By addressing the financial needs of unbanked and underbanked individuals through tailored products and services, the Bank empowers and uplifts communities while bridging the gender and financial gap across the nation.

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